LONDON — Technavio has been monitoring the smart lighting market and it is poised to grow by USD 11.29 billion during 2020-2024, progressing at a CAGR of 16% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acuity Brands Inc., Bridgelux Inc., Eaton Corp. Plc, Electricite de France SA, General Electric Co., IDEAL INDUSTRIES Inc., OSRAM Licht AG, Signify NV, TVILIGHT Projects BV, and Zumtobel Group AG are some of the major market participants. The development of smart cities will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The development of smart cities has been instrumental in driving the growth of the market.
Smart Lighting Market 2020-2024: Segmentation
Smart Lighting Market is segmented as below:
- Application
- Commercial
- Public Infrastructure
- Residential
- Others
- Geographic
- Europe
- North America
- APAC
- South America
- MEA
Smart Lighting Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our smart lighting market report covers the following areas:
- Smart Lighting Market size
- Smart Lighting Market trends
- Smart Lighting Market industry analysis
This study identifies increasing adoption of LEDs as one of the prime reasons driving the smart lighting market growth during the next few years.
Smart Lighting Market 2020-2024: Vendor Analysis
We provide a detailed analysis of vendors operating in the smart lighting market, including some of the vendors such as Acuity Brands Inc., Bridgelux Inc., Eaton Corp. Plc, Electricite de France SA, General Electric Co., IDEAL INDUSTRIES Inc., OSRAM Licht AG, Signify NV, TVILIGHT Projects BV, and Zumtobel Group AG. Backed with competitive intelligence and benchmarking, our research reports on the smart lighting market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
Smart Lighting Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart lighting market growth during the next five years
- Estimation of the smart lighting market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart lighting market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart lighting market vendors