According to report published by Grand View Research, “Smart LED Lighting Market Size, Share & Trends Analysis Report By Product (Wired, Wireless), By Technology (Hybrid, Dali, WiFi, Bluetooth, Zigbee), By Distribution Channel, And Segment Forecasts, 2019 – 2025”.
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.
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.
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Further key findings from the report suggest:
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Wired products segment generated a revenue of USD 6.02 billion in 2018
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ZigBee technology is expected to expand at a rapid CAGR of 32.3% from 2019 to 2025
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Europe led the global smart LED lighting market in 2018 with a revenue of USD 2.69 billion
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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
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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)
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Wired
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Wireless
Smart LED Lighting Technology Outlook (Revenue, USD Million, 2015 – 2025)
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Hybrid
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Dali
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Wi-Fi
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Bluetooth
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ZigBee
Smart LED Lighting Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
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Online
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Offline
Smart LED Lighting Regional Outlook (Revenue, USD Million, 2015 – 2025)
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North America
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U.S.
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
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South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 26 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 426 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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