Smart LED Lighting Market Growth Analysis | 2022-2027

"Smart LED Lighting Market will likely witness an impressive CAGR of 22.5% during the forecast period". 

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Segment Analysis

Introduction

Smart LED lighting refers to lighting systems that use light-emitting diodes (LEDs) as the light source and incorporate smart technology for control and automation. These lighting systems can be controlled remotely via smartphones, tablets, or other smart devices through wireless communication protocols such as Wi-Fi, Bluetooth, or Zigbee.

Market Drivers

Growing awareness of technologies such as light fidelity, wireless optical networking data transmission, and the Internet of Things (IoT) is primarily driving the growth of the market. The growth in demand for energy-efficient lighting systems has fostered the adoption of advanced products such as smart LED bulbs in recent years. Smart lights include Bluetooth connectivity, automatic on/off control, embedded Wi-Fi technology, and voice control options. The market is expected to be bolstered by the increasing adoption of these products as a convenient way to control home or office lighting.

Segment Analysis

By Product Type

"The wired smart LED lighting product segment is expected to grow significantly during the forecast period". 

Based on the product type, the market is segmented as wired and wireless. The wired smart LED lighting product segment is expected to grow significantly during the forecast period. Wired smart LED lighting products are used in corporations, industries, and government organizations, considering their comparatively low installation, low maintenance costs, and reduced possibility of failure. On the other hand, the wireless product segment is expected to grow on account of factors such as increasing consumer spending on trendy lifestyles as well as development in new technologies.

By Technology Type

"Hybrid technology-enabled lighting is expected to register significant growth during the forecast period". 

Based on the technology type, the market is segmented as Hybrid, Dali, Wi-Fi, Bluetooth, and ZigBee. Hybrid technology-enabled lighting is expected to register significant growth during the forecast period. These products come with automated programmed smart features which enable them to adjust the intensity of light as per the requirement. Furthermore, they are widely used in greenhouses because they assist farmers in adjusting the light and heat in the greenhouse.

By Distribution Channel Type

"The offline distribution channel leads the market and is estimated to maintain its incontestable position during the forecast period". 

Based on the distribution channel type, the market is segmented as online and offline. The offline distribution channel leads the market and is estimated to maintain its incontestable position during the forecast period. This growth can be attributed to consumers' preference for purchasing electrical products from offline stores to receive assistance with product installation and after-service support. On the other hand, the online distribution channel is expected to grow significantly due to the increasing number of online stores, providing competitive pricing and easy installation, attracting more consumers.

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By Region

"Europe dominated the smart LED lighting market in 2021".

In terms of regions, Europe dominated the smart LED lighting market in 2021, owing to the rising adoption of luxury home decoration, as well as increased awareness of the aesthetic appeal of the products, particularly in key markets such as Germany, the United Kingdom, and France. On the other hand, North America is expected to grow at the fastest CAGR over the forecast period. Factors such as the high operational cost of lighting in commercial buildings in the United States and Canada will drive the regional market growth over the forecast period.

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key Players

The following are the key players in the Smart LED Lighting Market (arranged alphabetically)

• Acuity Brands, Inc.
• ABB Ltd
• Bridgelux, Inc.
• Digital Lumens
• Eaton Corporation PLC
• Koninklijke Philips N.V.
• SSK Group
• Tvilight Projects B.V.
• Wolfspeed, Inc.
• Wipro Limited

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the global market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by technology type. 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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