Home System concept Global Smart Lighting and Control Systems Market to Reach $78.8 Billion by 2026

Global Smart Lighting and Control Systems Market to Reach $78.8 Billion by 2026

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SAN FRANCISCO, March 11, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Intelligent Lighting and Control Systems – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.

Intelligent Lighting and Control Systems – February 2022 Report

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Editing: 8; Published: February 2022
Executive commitments: 5099
Companies: 63 – Players covered include ABB; Acuity brands; Belkin International, Inc.; scream lighting; Dialight API; Eaton Corporation plc; Elgato systems; Enlighted, Inc; General electricity company; Helvar; Honeywell International Inc; Hubbell Incorporated; Koninklijke Philips NV; Legrand SA; Leviton Manufacturing Company, Inc.; LG Electronics Inc; LightwaveRF Plc; Lutron Electronics Co., Inc.; OSRAM Licht AG; RAB Lighting, Inc.; Schneider Electric SE; Synapse Wireless, Inc; Wipro Enterprises (P) Limited; Zumtobel Group AG and others.
Blanket: All major geographies and key segments
segments: Lighting source (light emitting diodes (LEDs), fluorescent lamps, other lighting sources); Connectivity (wired, wireless); Application (Commercial, Industrial, Governmental, Residential)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Latin America; Rest of the world.

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ABSTRACT-

Global Smart Lighting and Control Systems Market to Reach $78.8 billion by 2026
Smart lighting refers to an energy-efficient lighting product, in which light control is adjusted according to user needs and in accordance with regulations. The smart lighting system and control systems provide many benefits, including the ability to access the lighting system remotely, improved energy efficiency, lower power consumption, easy installation and a solution for economical lighting compared to conventional lighting system. Smart lighting products also reduce greenhouse gas emissions, helping to maintain a sustainable atmosphere. Driven by the continued focus on sustainable green building initiatives to address growing environmental concerns, the adoption of smart lighting products is on the rise. The demand for smart lighting systems is also benefiting from government efforts to promote smart city projects, which focus on the adoption of energy-efficient and connected, or IoT-based lighting systems. Advancements in sensor and electronics segments, advancement in wireless technology, and the move away from incandescent lamps are also expected to support the expansion of the market. The concept of smart lighting is also expected to gain traction due to population growth and rapid infrastructure expansion globally. In addition, government directives regarding energy consumption and initiatives to encourage the implementation of smart systems are expected to drive demand and provide lucrative revenue generation opportunities for luminaire manufacturers.

Amid COVID-19 Crisis, Global Smart Lighting and Control Systems Market Estimated at US$40.5 billion in 2022, is expected to reach a revised size of US$78.8 billion by 2026, growing at a CAGR of 14.7% over the analysis period. Light Emitting Diode (LED), one of the segments analyzed in the report, is expected to register a CAGR of 17.7% and reach US$67.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the economic crisis it induces, the growth of the fluorescent lamps segment is readjusted to a revised CAGR of 6.1% for the next 7-year period. Market growth is led by the light-emitting diode (LED) segment, owing to its widespread and increasing use in various lighting applications. The LED segment benefits from characteristics such as high energy savings and low carbon emissions. The falling cost of LEDs and their superior performance are making them very popular and increasing their adoption.

The US market is estimated at $9.8 billion in 2022, when China is expected to reach $11.8 billion by 2026
The market for intelligent lighting and control systems in the United States is estimated at US$9.8 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$11.8 billion by 2026 with a CAGR of 18.4% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 12.6% and 13.6% respectively over the analysis period. In Europe, Germany is expected to grow at around 13.3% CAGR. The developed economies of North America and Europe leading the growth of the market, driven by government support and increasing implementation of advanced LED lighting solutions. Growing awareness of energy conservation is a key factor driving the adoption of smart lighting systems in developed economies. The rapid pace of industrialization and the need for energy-optimized infrastructure in the residential and commercial sectors will drive the market prospects in developing economies.

By connectivity, wired segment to reach $52.3 billion by 2026
As LEDs become ubiquitous in commercial spaces, wired smart lighting controls, as systems integrated into luminaires, are expected to increase in number, offering strong growth opportunities. Wired controls are connected using standard Ethernet patch cables. In the Wireline (Connectivity) global segment, United States, Canada, Japan, China and Europe will drive the CAGR of 13.5% estimated for this segment. These regional markets representing a combined market size of US$20.2 billion will reach a projected size of US$48.7 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$4.3 billion by 2026. Continued

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