Smart Lighting Market 2021 – Opportunities And Strategies – Global Forecast To 2030

The Business Research Company’s Smart Lighting Market 2021 – Opportunities And Strategies – Global Forecast To 2030

LONDON, GREATER LONDON, UK, November 24, 2021 /EINPresswire.com/ -- The increasing use of Li-Fi (Light Fidelity) networks is the latest trend in the smart lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-Fi bulbs are equipped with a small chip that modulates the light used for data transmission. Common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second. Trulifi employs light waves to allow highly efficient, stable two-way wireless communications at speeds well beyond the majority of traditional wireless devices in the workplace.

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Rapid growth in investments for energy efficient solutions in the infrastructure industry is expected to drive the smart lighting market in the forecast period. A large number of companies are investing in energy efficient infrastructural methods especially in the USA and European countries. For instance, in 2020, the European Investment Bank (EIB) approved €4.9 billion in investments for clean energy, sustainable transport, high-speed communications and social housing, as well as health and education infrastructure across the world with a focus on projects such as energy in Serbia, Spain and Romania. Such investments are expected to boost the development and sale of energy efficient products such as smart bulbs and lamps, thereby driving the smart lighting market during the forecast period.

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The global smart lighting market reached a value of nearly $11.06 billion in 2020, having increased at a compound annual growth rate (CAGR) of 12.1% since 2015. The market is expected to grow from $11.06 billion in 2020 to $22.57 billion in 2025 at a rate of 15.3%. The smart lighting market is then expected to grow at a CAGR of 14.3% from 2025 and reach $43.98 billion in 2030.

Major players covered in the global smart lighting industry are Schneider Electric SA, Cisco Systems Inc., Honeywell Inc., Signify Holding (Philips), Eaton.

North America was the largest region in the global smart lighting market, accounting for 36.7% of the total in 2020. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the smart lighting market will be Eastern Europe and Africa, where growth will be at CAGRs of 29.1% and 27.1% respectively. These will be followed by South America and the Middle East where the markets are expected to grow at CAGRs of 25.9% and 21.7% respectively.

TBRC’s global smart lighting market report is segmented by product into smart bulbs, fixtures, lighting controls, by application into commercial, government, residential, others, by light source into LED, HID, others, by communication technology into wired, wireless.

The LED market was the largest segment of the smart lighting market segmented by light source, accounting for 76.5% of the total in 2020. Going forward, the LED segment is expected to be the fastest growing segment in the smart lighting market segmented by light source, at a CAGR of 17.2% during 2020-2025.

Smart Lighting Market 2021 - By Product (Smart Bulbs, Fixtures, Lighting Controls), By Light Source (LED, HID), By Communication Technology (Wired, Wireless), By Application (Commercial, Governmental, Residential) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides smart lighting global market overview, forecast smart lighting global market size and growth for the whole market, smart lighting market segments, and geographies, smart lighting market trends, smart lighting market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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