Smart Lighting Market Revenue, Emerging Technologies, Competitive Landscape, Key Players Analysis and Industry Outlook 2023 – Jewish Life News

Market Research Future published a research report on Smart Lighting Market Research Report Global Forecast to 2023 Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Insight

The smart lighting market is gaining substantial traction attributed to the ongoing innovations that are taking place in lighting solutions. On this note, Market Research Future has published a new report stating that the global smart lighting market can expect a hike of approximately 27% CAGR during the forecast period 2017-2027.

Market Drivers & Trends

With better technology, the trending lighting solutions are providing new opportunities to leverage new businesses across the globe, which has assisted the market in proliferating in the current time.

an add on, government organizations in various countries, around the world, are initiating in developing smart cities and installing smart lighting. These factors are augmenting the globalSmart Lighting Marketand are estimated to expand it in the foreseeable years having an increasing demand in various other fields.

In case of point, Koninklijke Philips N.V., Schiphol Group, Cofely, and Royal Philips are marvels of the market who entered with collaborating for new lighting system in the terminal buildings at Amsterdam Airport Schiphol. These lights would be responsible for optimum performance, durability as well as could be re-used and recycled anytime. The modernization in LED has also led to the global smart lighting market to expand remarkably over the years

Furthermore, growing awareness about environmental benefits is also a significant concern which is initiating the market to increase the production of smart lighting and could impact the market growth positively. Apart from this, more factors such as rising and improving wireless communication technology as well as growing investment in smart home & cities market are expected to impact the growth of the market constructively in the assessment period.

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Key Players

The prominent players in smart lighting market are Philips Lighting Holding B.V. (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Legrand S.A. (France), Schneider Electric SE (France), CREE, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.) and others.

Segmentation:

The market for smart lighting globally has been segmented on the basis of type, light source, communication technology, software & service, and application.

Regional Analysis:

Region-wise, the global color detection market, is studied in Asia Pacific, North America, Europe, and Rest of the World.

European region acknowledged as the leading global smart lighting market in 2014, whereas, it is estimated to continue its same position in the coming years as well with the increased adoption of them as an energy-efficient lighting solution. These have been prime factors to explore and initiate the expansion of the market in this region. Europe is thoroughly followed by North America that displays an analogous growth pattern. Therefore, both the regions are technologically advanced and are making progress toward energy efficiency.

Meanwhile, the Asia Pacific region is probable to grow a faster market owing to augmented usage of smart lighting, ease in the availability of raw materials, and low labor cost. These factors are drawing international players attention towards the region, which is resulting in the introduction of opportunities to this region and contributing to the market growth considerably.

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Smart Lighting Market Revenue, Emerging Technologies, Competitive Landscape, Key Players Analysis and Industry Outlook 2023 - Jewish Life News