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Global Smart Lighting Market to reach USD xx billion by 2028.

Global Smart Lighting Market to reach USD xx billion by 2028.

Product Code: ECE-74935302
Publish Date: 15-02-2022
Page: 200

Global Smart Lighting Market is valued approximately USD xx billion in 2021 and is anticipated to grow with a healthy growth rate of more than xx % over the forecast period 2022-2028. Smart Lighting is an advanced solution which helps to light your home. Smart LED bulbs contain software which connects to an application, smart home assistant or other smart accessory to automate lights or control them remotely, thus, eliminates the need for traditional wall switches. The increasing government initiatives for the use of LED based smart lights is expected to boost the market growth for the smart lighting market for the forecasted period 2021 to 2027. Furthermore, new developments in the technology are also excelling the market growth for the smart lighting market. In 2021, Hubbell Control Solutions a U.S based company launched a new and improved product NX Distributed Intelligence Lighting Control Panel (NXP2 Series) which centralizes connection points in an enclosure and it provide installer a friendly solution that helps in reducing time and costs to deploy code compliant lighting control. Also, with the growing smart offices and smart retail trends lead to the adoption & demand for Smart Lighting is likely to increase the market growth during the forecast period. However, high costs of smart LED are impeding the growth of the market over the forecast period of 2022-2028.

The key regions considered for the Global Smart Lighting Market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is leading region across the world in terms of market share owing to the growing use of indoor commercial smart lighting for garages, roadways, and parking. And continuous innovation and advancement in LED designs and technology is driving the demand for smart lighting market in the Europe region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as rising disposable income, rising economies and increasing investments in smart city projects would create lucrative growth prospects for the Smart Lighting market across Asia-Pacific region.

Major market player included in this report are:
Acuity Brands
Signify Holding
Honeywell International Inc.
Itron Inc (Streetlight Vision)
Ideal Industries, Inc.
Häfele GmbH & Co KG
Wipro Consumer Lighting
Sengled Optoelectronics Co., Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component Outlook:
By Connectivity Outlook:
By Application Outlook:
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Smart Lighting Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Smart Lighting Market, by Region, 2020-2028 (USD Billion)
1.2.2. Smart Lighting Market, by Component Outlook, 2020-2028 (USD Billion)
1.2.3. Smart Lighting Market, by Connectivity Outlook, 2020-2028 (USD Billion)
1.2.4. Smart Lighting Market, by Application Outlook, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Lighting Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Lighting Market Dynamics
3.1. Smart Lighting Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Increasing government initiatives Increasing product innovation
3.1.2. Market Challenges High cost of smart LED
3.1.3. Market Opportunities Growing smart offices and smart retail
Chapter 4. Global Smart Lighting Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Smart Lighting Market, by Component Outlook
6.1. Market Snapshot
6.2. Global Smart Lighting Market by Component Outlook, Performance – Potential Analysis
6.3. Global Smart Lighting Market Estimates & Forecasts by Component Outlook 2019-2028 (USD Billion)
6.4. Smart Lighting Market, Sub Segment Analysis
6.4.1. Hardware
6.4.2. Software
6.4.3. Services
Chapter 7. Global Smart Lighting Market, by Connectivity Outlook
7.1. Market Snapshot
7.2. Global Smart Lighting Market by Connectivity Outlook, Performance – Potential Analysis
7.3. Global Smart Lighting Market Estimates & Forecasts by Connectivity Outlook 2019-2028 (USD Billion)
7.4. Smart Lighting Market, Sub Segment Analysis
7.4.1. Wired
7.4.2. Wireless
Chapter 8. Global Smart Lighting Market, by Application Outlook
8.1. Market Snapshot
8.2. Global Smart Lighting Market by Application Outlook, Performance – Potential Analysis
8.3. Global Smart Lighting Market Estimates & Forecasts by Application Outlook 2019-2028 (USD Billion)
8.4. Smart Lighting Market, Sub Segment Analysis
8.4.1. Indoor
8.4.2. Outdoor
Chapter 9. Global Smart Lighting Market, Regional Analysis
9.1. Smart Lighting Market, Regional Market Snapshot
9.2. North America Smart Lighting Market
9.2.1. U.S. Smart Lighting Market Component Outlook breakdown estimates & forecasts, 2019-2028 Connectivity Outlook breakdown estimates & forecasts, 2019-2028 Application Outlook breakdown estimates & forecasts, 2019-2028
9.2.2. Canada Smart Lighting Market
9.3. Europe Smart Lighting Market Snapshot
9.3.1. U.K. Smart Lighting Market
9.3.2. Germany Smart Lighting Market
9.3.3. France Smart Lighting Market
9.3.4. Spain Smart Lighting Market
9.3.5. Italy Smart Lighting Market
9.3.6. Rest of Europe Smart Lighting Market
9.4. Asia-Pacific Smart Lighting Market Snapshot
9.4.1. China Smart Lighting Market
9.4.2. India Smart Lighting Market
9.4.3. Japan Smart Lighting Market
9.4.4. Australia Smart Lighting Market
9.4.5. South Korea Smart Lighting Market
9.4.6. Rest of Asia Pacific Smart Lighting Market
9.5. Latin America Smart Lighting Market Snapshot
9.5.1. Brazil Smart Lighting Market
9.5.2. Mexico Smart Lighting Market
9.6. Rest of The World Smart Lighting Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Acuity Brands Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. Signify Holding
10.2.3. Honeywell International Inc.
10.2.4. Itron Inc (Streetlight Vision)
10.2.5. Ideal Industries, Inc.
10.2.6. Häfele GmbH & Co KG
10.2.7. Wipro Consumer Lighting
10.2.8. YEELIGHT
10.2.9. Sengled Optoelectronics Co., Ltd.
10.2.10. Verizon
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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