Smart Lighting Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2029

The smart lighting market is anticipated to grow at a considerable CAGR of 20.6% during the forecast period. Factors such as government policies encouraging the use of LED lights and stringent regulations discouraging the usage of incandescent lamps are anticipated to bolster the demand for LED smart lighting. LED lights offer benefits such as energy efficiency, cost-effectiveness, and a longer lifespan as compared to another lighting. These lights are highly efficient as they consume almost 75% lesser energy and last up to 25 times longer than incandescent lighting. Additionally, LED lights are free from any mercury content with no harmful greenhouse gas emissions. Resultantly, LED technology has potentially changed the entire lighting industry and penetrated the smart lighting segment wherein LED is a preferable choice among vendors and consumers. Hence, several government initiatives have been promoting the use of smart LED lights which is ultimately affecting the growth of the smart lighting market. 

 For instance, in January 2019, Governor Andrew M. Cuomo funded $7.5 million for municipalities across the State intended for the installation of new SMART LED street lights as part of the Governor's Smart Street Lighting NY program. Moreover, countries including the US and China have imposed a complete ban on the sale of incandescent lamps to encourage the adoption of LED lights. For instance, in November 2019, the California Energy Commission (CEC) voted to move forward with further restrictions on the sale of general service lamps. China has also banned the production of all incandescent light bulbs to encourage the use of alternative lighting sources such as LEDs  

The major reasons for installing LEDs over conventional lights include energy and cost savings and they are increasingly replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. According to the US DOE, by 2035, the majority of lighting installations are anticipated to use LED technology, and energy savings from LED lighting might top 569 TWh annually. LED lighting solutions outfitted with a dynamic lighting control system would lower the amount of lighting energy consumed. These advantages have supported construction enterprises associated with building highways and stadiums to deploy smart LED lighting systems. 

To Request a Sample of our Report on Smart Lighting Market: https://www.omrglobal.com/request-sample/smart-lighting-market

Market Coverage

•             The market number available for – 2021-2030

•             Base year- 2022

•             Forecast period- 2022-2030

Segment Covered- 

·                  By Offering

·                  By End Use Application

·                  By Communication Technology

Regions Covered-

·                  North America

·                  Europe

·                  Asia-Pacific

·                  Rest of the World

•                 Competitive Landscape- Honeywell International Inc., Hubbell Inc., Lutron Electronics Co., Inc., Sengled Optoelectronics Co., Ltd., Signify Holding (Philips Hue), and others.

Smart Lighting Market Report Segment

By Offering

·                  Hardware

·                  Software & Services

By End Use Application

·                  Indoor

·                  Outdoor

By Communication Technology

·                  Wired

·                  Wireless

A full Report of Smart Lighting Market is Available @  https://www.omrglobal.com/industry-reports/smart-lighting-market

Smart Lighting Market Report Segment by Region

North America                                                                                                                                                                            

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•       Latin America

•       Middle East and Africa 

Company Profiles 

·        Acuity Brands, Inc.

·        Cooper Lighting, LLC

·        Govee Moments Trading Ltd.

·        Legrand Group

·        Lifi Labs, Inc.

·        Lucidity Lights, Inc. 

·        Nanoleaf Canada Ltd.

·        Nooie

·        OSRAM GmbH

·        Savant Technologies LLC

·        Smartlabs Inc.

·        TP-Link Corporation Ltd.

·        .Wyze Labs, Inc.

·        Yeelight

·        Zumtobel Group AG 

Reasons to buy from us –

1.  We cover more than 15 major industries, further segmented into more than 90 sectors.

2.  More than 120 countries are for analysis.

3.  Over 100+ paid data sources mined for investigation.

4.  Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/smart-lighting-market

About Orion Market Research 

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no:  +91 7803040404

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