The global smart LED lighting market size is expected to reach USD 34.18
million by 2025, according to a new report by Grand View Research, Inc. It is
projected to expand at a CAGR of 24.6% during the forecast period. High demand
for smart home appliances as a result of improved standard of living of working
class professionals is expected to drive the market. Furthermore, the
governments of various countries including U.S., U.K., Germany, and Spain are
encouraging corporate houses and industries to use smart LED lighting as they
can save up to 90% of energy.
Wireless product is expected to be the
fastest growing segment, at a CAGR of 26.6% from 2019 to 2025. The usage of
Internet of Things (IoT) based smart sensors for smart city applications has
been increasing as a result of the advancement of wireless communication
systems. Furthermore, product innovation in terms of introduction of voice
recognized LED lights is expected to open new market avenues in near future.
Hybrid technology is expected to remain the
leading segment in near future. The predominant use of smart LED lighting
systems with hybrid technology in corporate houses, manufacturing industries,
and government organizations on account of their easy availability from various
distribution channels is expected to have a strong impact on the market growth.
This technology is also very helpful in greenhouse farming for providing
adjustable light intensity and heat.
Online channel is projected to remain the
key distribution channel over the next few years. Amazon, Flipkart, and
AliExpress are some of the e-commerce portals offering a wide range of
products. Various value-added services including cash-on-delivery, discounted
prices, and coupon benefits offered by e-commerce portals are expected to
prompt the buyers to use offline channels as selling medium over the next eight
years.
North America is anticipated to register
the fastest CAGR of 28.4% from 2019 to 2025. Supportive government policies for
energy conservation coupled with increasing per unit electricity cost in U.S.
and Canada is expected to promote the product sales in the region over the
forecast period.
To request a sample copy
or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-led-lighting-market
https://www.grandviewresearch.com/industry-analysis/smart-led-lighting-market
Further key findings from the report suggest:
· Wired products segment generated a revenue
of USD 6.02 billion in 2018
· ZigBee technology is expected to expand at
a rapid CAGR of 32.3% from 2019 to 2025
· Europe led the global smart LED lighting
market in 2018 with a revenue of USD 2.69 billion
· Some of the key players operating in smart
LED lighting market are Cree Inc.; Eaton Corporation; Koninklijke Philips NV;
ABB Limited; Wipro Limited; TVILIGHT B.V.; The SSK Group; Digital Lumens, Inc.;
Acuity Brands Inc.; Bridgelux, Inc.; and OSRAM Licht Group. Product innovation
is expected to remain the key competitive strategy for the industry
participants
Grand View Research has segmented the
global smart LED lighting market on the basis of product, technology,
distribution channel, and region:
Smart LED Lighting Product Outlook
(Revenue, USD Million, 2015 - 2025)
·
Wired
·
Wireless
Smart LED Lighting Technology Outlook
(Revenue, USD Million, 2015 - 2025)
·
Hybrid
·
Dali
·
Wi-Fi
·
Bluetooth
·
ZigBee
Smart LED Lighting Distribution Channel
Outlook (Revenue, USD Million, 2015 - 2025)
·
Online
·
Offline
Smart LED Lighting Regional Outlook
(Revenue, USD Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
