Global Smart Lighting Market Garnered Revenue Worth US$ 11.34 Bn in 2022; says Absolute Markets Insights

Global Smart Lighting Market to Grow at an Estimated CAGR of 21.2% from 2023 - 2031

HOUSTON, TEXAS, UNITED STATES, July 19, 2023/EINPresswire.com/ -- Global Smart Lighting Market Introduction
Smart lighting is a cutting-edge method of illuminating the house. Smart lighting has software that links to an app, smart home assistant, or other smart device, allowing to automate or control the lights remotely, removing the need for traditional wall switches. Smart Lights are powered by the home's electricity, but each smart bulb and LED-integrated fixture may be controlled remotely using phone, tablet, or smart assistant, such as Google Assistant or Amazon Alexa. Smart lighting controls are critical in the design and construction of intelligent buildings, and they will ultimately offer the Internet of Things (IoT) backbone that will save tomorrow's smart buildings precious energy while lowering their expenses.

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Global Smart Lighting Market Growth Drivers
• Smart lighting is the future of smart building and city development, due to recent technical developments and incentives that make lighting controls more inexpensive and appealing. Smart lighting control technology is revolutionizing building design and infrastructure, paving the way for smarter, greener, and more cost-effective buildings and cities throughout the world. Smart lighting is rising in demand as it is seen as a key solution to reduce energy consumption and carbon emissions leading to the overall growth of the global smart lighting market.
• Smart lighting systems are evolving with more advanced control options. Users can now customize lighting scenes, set schedules, create automated routines, and even monitor energy consumption through intuitive mobile apps or dedicated control panels. Additionally voice control is gaining popularity as a convenient way to operate smart lighting systems. Integration with virtual assistants is allowing users to control their lights using voice commands, providing hands-free operation and enhanced accessibility. Thus with the developments and incorporation of advanced technologies the global smart lighting market will rise exponentially in the upcoming years.

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Global Smart Lighting Market Takeaways
• The growing availability of open source software, advancements in developer platforms, decreasing component costs, multi-protocol gateway and chips, IP addressability, and a plethora of WSN (wireless networking sensors) chip vendors are driving global smart lighting market. The time it takes to build IoT-based wireless goods has been reduced from years to months. Furthermore, the rising market of smart gadgets such as smart phones, smart watches, tablets, and so on is driving demand for wireless sensor-based lighting solutions. Besides, due to the increased demand for wireless smart lighting systems for home automation and industrial automation along with the rise in demand for smart lighting design have gone from about 25% to close to 75% in residential buildings is all contributing to the growth of the global smart lighting market.
• According to a survey analysis, energy expenditures account for almost one-third of corporate budgets, while energy production accounts for up to 20% of the nation’s yearly greenhouse gas emissions. Users may save up to 80% on energy expenditures by using the right smart lighting control technologies, direct-wire LEDs, sensors, and other components. People have more motivation than ever to install smart lighting control technology in the middle of current government programmes and laws that priorities green energy, making it cheaper and more efficient. Likewise a growing number of businesses are embracing a “Green” approach to promote global sustainable development. Furthermore, the corporate and governmental sectors are working together to promote numerous smart projects throughout the world wherein smart lighting is one of the primary potential in the market for smart technologies, which is continually expanding.
• Asia Pacific region is anticipated to be the fastest growing in the smart lighting market during the forecast period. Asia is experiencing rapid urbanization, with a rising number of cities and a growing population. As urban areas expand, there is a greater need for efficient and sustainable lighting solutions, making smart lighting an attractive option. Besides The rise in the disposable incomes in Asia has led to increased purchasing power and a higher standard of living. Consumers are more willing to invest in smart home technologies, including smart lighting, as they seek convenience, energy efficiency, and modernization in their homes. Moreover countries such as China, Japan, and Thailand are rapidly growing in the lighting and semiconductor industry which will support the growth of the smart lighting market.

Global Smart Lighting Market Key Developments
• In June 2023, Vivint Smart Home, a smart home business, just announced Vivint Smart Lighting, an advanced lighting system designed to make homes safer, smarter, and more sustainable.
• In November 2022, Signify (Philips Lighting) has announced the addition of two new portable smart lamps to its Smart Wi-Fi lighting portfolio in India namely the Philips Smart LED Squire and Philips Smart LED Hero. The Philips WiZ app or voice control may be used to control these smart portable table lights from anywhere. They are also compatible with any smart home solutions that operate on current wireless networks.

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Key Competitors in Global Smart Lighting Market
o ACUITY BRANDS, INC.
o Cree Lighting
o General Electric (Savant Technologies LLC.)
o Havells India Ltd.
o Helea Technology Pvt. Ltd.
o Legrand
o Lutron Electronics Co., Inc
o Nanoleaf
o OSRAM GmbH.
o Philips Lighting (Signify)
o Robustel
o Schneider Electric Inc
o Sengled
o SYSKA
o TP-Link Corporation Limited.
o Vivint Smart Home
o Wipro Consumer Lighting
o Xiaomi
o Other market participants

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Global Smart Lighting Market
By Technology
o Wired Technology
o Wireless Technology
o Bluetooth
o Wifi
o Dali
o Zigbee
o Hybrid
By Product Type
o Smart Bulbs
o Smart Fixtures
o Smart Switches and Dimmers
o Smart plugs/adapter modules
o Others
By Distribution Channel
o Online
o Offline
By Control
o Mobile Apps
o Remote System Access
o Voice control
o Others
By Application
o Residential
o Commercial
o Industrial

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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)

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About Us:
Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

Contact Us:
Contact Name: Shreyas Tanna
Company: Absolute Markets Insights
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