Summary
A New Market Study, titled “Smart Light Fixture and Control Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Analysis
The global Smart Light Fixture and Control Market is predicted to grow at a favorable CAGR between 2015- 2027, reveals the latest Market Research Future (MRFR) report. The smart light and control system, simply put, is an advanced electronic system that is based on a network having the ability to manage or improve quality, the trend of lightings as needed by the user, or the level of lights. It is an intelligent lighting control program that allows people to control light in the given space. The Smart Light Fixture and Control Market is composed of several sensors, communications networks, instruments for output and input, and one or above operating systems.
Several factors are adding to the Smart Light Fixture and Control Market growth. Some of these factors as per the MRFR report include constantly declining ASP of LED bulbs, the influx of IoT, smart apps, and remote access and control by software providers, rising initiatives for smart cities, rising use of LED bulbs and lights in outdoor lighting, initiatives by the government for the energy-saving program, increasing supply for energy-efficient lighting systems, infrastructural and transformation growth, and the growing awareness about the benefits of smart light and control over conventional switch-operated lighting systems. Besides, smart light and control are economically and environmentally efficient, high residential customer demand, increasing use in commercial step-ups, and increasing implementation of innovative lighting options are also adding market growth.
On the flip side, high installation and maintenance costs, growing safety-related risks, and lack of knowledge and information about smart light and control may hamper the market growth over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has impacted the demand for services and products across the globe. The government-imposed lockdowns and trends of physical distancing have resulted in the shutting down of manufacturing facilities. The crisis has slowed down the lighting components’ production that has impacted the market growth drastically. Companies are focussing on reducing operational investments to maximize profits. Key manufactures have suspended operations, especially in emerging countries. Besides, the delay or halt to launch new lighting control systems and decreasing use of LEDs are also affecting the market growth.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global Smart Light Fixture and Control Market based on application, connective technology, components, and types.
By application, the Smart Light Fixture and Control Market is segmented into commercial, residential, and others.
By connectivity technology, the Smart Light Fixture and Control Market is segmented into wireless connectivity technologies and wired connectivity technology. Of these, wireless connectivity technology will lead the market over the forecast period.
By components, the Smart Light Fixture and Control Market is segmented into wireless receivers and transmitters, microprocessors, and controllers, dimmers and switches, sensors, and LED drivers and ballasts.
By types, the Smart Light Fixture and Control Market is segmented into high-intensity discharge lamps (HID), light-emitting diodes (LED), compact fluorescent light (CFL), fluorescent lamps, and others. Of these, the LED lights will dominate the market over the forecast period.
Regional Analysis
By region, the global Smart Light Fixture and Control Market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will steer the market over the forecast period. Increasing awareness about the perks of smart light and control, high living standards, high per capita income, and the presence of several key players are adding to the global Smart Light Fixture and Control Market growth in the region.
In Europe, the global Smart Light Fixture and Control Market will have the second-largest share over the forecast period. The presence of developed countries, growing demand for smart light and control, and rapid proliferation of technologies are adding to the Smart Light Fixture and Control Market growth in the region.
In the APAC region, the Smart Light Fixture and Control Market will grow at a quick pace over the forecast period. The presence of growing countries like India and China and rich semiconductor industry in China, South Korea, Japan, and Taiwan are adding to the global Smart Light Fixture and Control Market growth in the region.
In the MEA, the Smart Light Fixture and Control Market will have sound growth over the forecast period for the growing infrastructural development.
Key Players
The prominent players profiled in the Smart Light Fixture and Control Market report include Tvilight, Nxp Semiconductors, Lutron, Enlighted, Inc, Eaton’s Cooper Lighting, Daintree Networks, Commscope, Inc., Bytelight, Ams Ag, and Acuity Brands, among others.
Industry Updates
February 2021- Orient Electric has launched a new range of emergency LED lights.
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