Smart Light or Lightning Control Market Estimated to Reach US$ 21.03 Billion by 2023
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| Smart Light or Lighting Control Market |
Market Overview:
The global Smart Light or Lighting Control Market is estimated to be valued at US$ 21.03 billion in 2023 and is expected to exhibit a CAGR of 22.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart light or lightning control systems enable users to control and monitor the lighting fixtures remotely to improve energy efficiency and convenience. These systems offer advantages such as reduced energy consumption, improved security, customizable lighting solutions, and enhanced ambiance. The growing need for energy-efficient lighting solutions, especially in commercial buildings, residential spaces, and industrial sectors, is driving the demand for smart light or lightning control systems.
Market Key Trends:
One key trend observed in the Smart Light or Lightning Control Market is the increasing integration of artificial intelligence (AI) and Internet of Things (IoT) technologies. AI-powered smart light or lightning control systems can automatically adjust the lighting levels based on occupancy, natural light, and time of the day. IoT connectivity enables these systems to be controlled and monitored remotely through smartphones or other smart devices. This integration of AI and IoT technologies enhances the overall efficiency and functionality of smart light or lightning control systems, providing users with more personalized and energy-efficient lighting experiences.
Segment Analysis:
The smart light or lighting control market can be segmented based on technology, component, application, and region. In terms of technology, the market can be further divided into wired and wireless solutions. The wireless segment is expected to dominate the market during the forecast period. This can be attributed to the increasing adoption of Internet of Things (IoT) and the growing popularity of smart homes. Wireless solutions offer convenience, flexibility, and scalability for lighting control systems, driving their demand in various residential and commercial applications.
Based on components, the market can be categorized into hardware and software. The hardware segment is projected to dominate the market owing to the need for smart devices and equipment such as sensors, switches, and controllers for lighting control. The demand for software solutions, which enable intelligent lighting control and automation, is also expected to grow significantly.
In terms of applications, the market can be segmented into residential, commercial, and industrial sectors. The residential segment is anticipated to witness high growth due to the increasing demand for energy-efficient lighting solutions, comfort, and convenience in households. The commercial sector, which includes offices, retail stores, hotels, and restaurants, is also expected to contribute significantly to the market growth.
Key Takeaways:
The global Smart Light or Lightning Control Market Trend is expected to witness high growth, exhibiting a CAGR of 22.2% over the forecast period. This growth can be attributed to several factors, including the increasing adoption of smart home technologies, the need for energy-efficient lighting solutions, and the growing focus on sustainability.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the smart light or lighting control market. This can be attributed to the presence of major market players, increased investments in smart home technologies, and the rising demand for energy-efficient lighting solutions in residential and commercial sectors.
Key players operating in the smart light or lighting control market include Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V. (Signify Holding), Legrand, and Jaquar India. These key players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.
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