Research Nester has released a report titled “Smart Lighting Market - Global Demand Analysis Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
International Energy Association (IEA), in one of its statistics, stated that power sector CO2 emissions reached 13.93 GtCO2 in the year 2018 from 12.41 GtCO2 in the year 2010. Additionally, global power investment for renewable energy sources reached 317 USD (2018) Billion in the year 2016 from 294 USD (2018) Billion in the year 2013, and fossil fuel power investment reached to a low of 140 USD (2018) Billion in the year 2016 from 157 USD (2018) Billion in the year 2013. Furthermore, carbon intensity of electric generation reached to 478 gCO2/kWh in the year 2018 from 534 gCO2/kWh in the year 2011.
The statistics portray the growing concerns for the increasing CO2 emissions from the power sector and the actions taken by the government in reducing the investments for traditional sources of energy and investing more on renewable energy sources. The resulting action has also affected positively in reducing the carbon intensity at a fast pace. All of these statistics also do sum up to the increasing focus of the governments of various nations around the globe for their requirement of energy efficient systems which contribute significantly to meet the targets aligned to the Sustainable Development Scenario (SDS) of the IEA.
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The global smart lighting market is thriving on the back of rise in the development of infrastructure and the need for modernization across nations, which is raising the need for implementation of intelligent solutions that are energy efficient and act significantly towards the minimization of energy waste. Growing awareness for energy savings among consumers coupled with rising interests of both public and private enterprises to contribute to the energy savings, all of these factors together are contributing significantly towards the growth of the global smart lighting market.
The global smart lighting market is anticipated to record a CAGR of around 19.81% during the forecast period, i.e. 2019-2027. The market is segmented by offering into hardware, software and services, out of which, the hardware segment is further sub-segmented into lights luminaries and lighting controls. Rise in the adoption of smart bulbs owing to its greater energy efficiency and increasing life as compared to other incandescent lights are some of the factors contributing to the growth of the smart bulb sub-segment of the lights luminaries segment.
Geographically, the global smart lighting market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East Africa region, out of which, Asia-Pacific is anticipated to hold largest market share owing to increasing investments for technology infrastructure and rising adoption of smart cities by various nations in the region. Additionally, growing IoT devices in the region is also anticipated to contribute significantly towards the growth of the global smart lighting market in the region.
However, concerns for LED module burning out when lit up in high temperatures and high initial deployment costs associate with smart lighting are some of the factors estimated to act as a barrier to the growth of the global smart lighting market.
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This report also studies existing competitive scenario of some of the key players of the global smart lighting market, which includes profiling of Signify Holding AMS: PHIA, General Electric Company (NYSE: GE), Eaton (NYSE: ETN), Acuity Brands Lighting, Inc., OSRAM GmbH (ETR: OSR), Ideal Industries, Inc., Hubbell (NYSE: HUBB), Zumtobel Lighting GmbH, Honeywell International Inc. (NYSE: HON), and Hafele America Co.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Smart Lighting Market - Global Demand Analysis Opportunity Outlook 2027”, analyses the overall global smart lighting industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global smart lighting market in the near future.
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