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Selbyville, Delaware, April 12, 2022 (GLOBE NEWSWIRE) --
The smart lighting market is expected to surpass USD 20 billion by 2028, as reported in a research study by Global Market Insights Inc . The market growth can be attributed to the increasing popularity of smart homes and supportive government initiatives for energy-efficient lighting adoption. The smart lighting market was negatively impacted in 2020 & 2021 due to considerable transmission of COVID-19 worldwide. However, smart lighting sales were propelled significantly in 2021 owing to a massive decrease in infected patients and the resumption of various business operations.
Based on component type, the market is segmented into hardware, software, and services. Hardware is further divided into smart bulb, luminaire, and light control. Light controls can provide enough light as per user requirements with minimum energy consumption, thus accelerating their adoption across the globe.
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The Asia Pacific smart lighting market is experiencing significant growth owing to the proliferation of smart lighting service providers in the region. For instance, in December 2020, VIO, a startup, launched the first smart lighting services on a subscription basis for the residential sector in Singapore.
Smart lighting market leaders are highly emphasizing on expanding their dealer networks to improve their brand presence and customer base. For instance, in May 2021, Cree, Inc. expanded its connected smart home LED light bulbs at Lowe's stores in the U.S. Lowe's is a hardware store chain in North America. The availability of Cree products in this store will assist Cree, Inc. to increase its consumer base in North America.
Some major findings in the smart lighting market report include:
- The rising consumer disposable income is encouraging customers to opt for smart home solutions in North America, driving market growth.
- The presence of key market players and their robust focus on new technological innovations in Europe are creating a positive market outlook.
- Supportive government regulations on energy-efficient lighting and the availability of various smart lighting distributors are creating robust market opportunities in Asia Pacific.
- Significant penetration by global market players and the focus of construction companies on integrating smart lighting solutions in their properties are accelerating the sales of smart lighting in Latin America.
- Rising government investments in smart cities are creating a favorable environment for smart lighting in the MEA region.
- Market players are focusing on integrating advanced technologies in smart lightings, such as AI, HCl & automation, to improve their efficiency, thus enhancing the market statistics.
- Key players operating in the smart lighting market include Acuity Brands Lighting Inc., Hubbell Incorporated, Zumtobel Group AG, Bridgelux Inc., Legrand SA, TVLIGHT B.V., Cooper Industries Inc. (Eaton), Lutron Electronics Co., Inc., Honeywell International Inc., Silver Spring Networks, Cree, Inc., OSRAM Licht Group, SELC Ireland Limited, Echelon Corporation, Signify N.V., and General Electric Company.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart lighting industry 360° synopsis, 2018 – 2028
2.2 Business trends
2.3 Component trends
2.4 Technology trends
2.5 Application trends
2.6 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on smart lighting industry landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Investment landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Shifting consumer focus towards energy efficient lighting
3.7.1.2 Proliferation of smart city projects across the globe
3.7.1.3 Increasing demand for Li-Fi technology equipped products
3.7.1.4 Considerable government investments in smart street lighting system
3.7.2 Industry pitfalls & challenges
3.7.2.1 Challenges related to thermal design, performance, and cost
3.7.2.2 Data security and safety concerns
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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