Smart LED Lighting Market Set to Witness an Uptick during 2019 to 2025




The global smart LED lighting market size is expected to reach USD 34.18 million by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 24.6% during the forecast period. High demand for smart home appliances as a result of improved standard of living of working class professionals is expected to drive the market. Furthermore, the governments of various countries including U.S., U.K., Germany, and Spain are encouraging corporate houses and industries to use smart LED lighting as they can save up to 90% of energy.
Covid 19's rapid development worldwide has led to serious implications for most suppliers of electronics and electrical products, in the form of supply chain disruptions. While the pandemic crisis has decreased the frequency of purchase of consumer appliances, the lead time for delivery of orders has also increased significantly. Limited availability of components, restricted labor supply, and other supply chain related costs are some of the major challenges that most industry players are focusing on at present. The end of the lockdown is expected to bring this industry significantly higher consumer traffic, most notably through the online channels, and the manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Wireless product is expected to be the fastest growing segment, at a CAGR of 26.6% from 2019 to 2025. The usage of Internet of Things (IoT) based smart sensors for smart city applications has been increasing as a result of the advancement of wireless communication systems. Furthermore, product innovation in terms of introduction of voice recognized LED lights is expected to open new market avenues in near future.
Hybrid technology is expected to remain the leading segment in near future. The predominant use of smart LED lighting systems with hybrid technology in corporate houses, manufacturing industries, and government organizations on account of their easy availability from various distribution channels is expected to have a strong impact on the market growth. This technology is also very helpful in greenhouse farming for providing adjustable light intensity and heat.
Online channel is projected to remain the key distribution channel over the next few years. Amazon, Flipkart, and AliExpress are some of the e-commerce portals offering a wide range of products. Various value-added services including cash-on-delivery, discounted prices, and coupon benefits offered by e-commerce portals are expected to prompt the buyers to use offline channels as selling medium over the next eight years.
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North America is anticipated to register the fastest CAGR of 28.4% from 2019 to 2025. Supportive government policies for energy conservation coupled with increasing per unit electricity cost in U.S. and Canada is expected to promote the product sales in the region over the forecast period.
Further key findings from the report suggest:
·         Wired products segment generated a revenue of USD 6.02 billion in 2018
·         ZigBee technology is expected to expand at a rapid CAGR of 32.3% from 2019 to 2025
·         Europe led the global smart LED lighting market in 2018 with a revenue of USD 2.69 billion
·         Some of the key players operating in smart LED lighting market are Cree Inc.; Eaton Corporation; Koninklijke Philips NV; ABB Limited; Wipro Limited; TVILIGHT B.V.; The SSK Group; Digital Lumens, Inc.; Acuity Brands Inc.; Bridgelux, Inc.; and OSRAM Licht Group. Product innovation is expected to remain the key competitive strategy for the industry participants
The global smart LED lighting market size was estimated at USD 7.32 billion in 2018. Rising awareness regarding the technologies such as wireless optical networking data transmission, light fidelity, and Internet of Things (IoT) is expected positively impact the market. Over the past few years, growing demand of energy efficient lighting systems has been promoting the adoption of advanced products including smart LED bulbs.
Smart lights are available in the range of 0.1 to 100 watts capacity. These products provide features including automatic on/off control, Bluetooth connectivity, embedded WiFi technology, and voice control options. Rising adoption of these products as a hassle free solution to control home or organization lighting is projected to drive the market. Furthermore, rising consumer awareness regarding the importance of energy conservation is encouraging the adoption of smart LED lights.
Governments are adopting smart city lighting projects to save energy and money. As per a report by the U.S. Energy Information Administration, around 39% of total energy cost is incurred through lighting. It has been observed that smart LED lighting has the ability to reduce energy costs in office buildings and industrial installations by 90%. A large number of cities have started investing in this energy saving solution as it is considered safe, environment friendly, and helpful for daily data monitoring.
In August 2018, the Chicago Department of Transportation announced the implementation of Streetlight Modernizing Program with the aim to replace 270,000 conventional street lights with LED bulbs in next four years. Since 2013, the governing body of Barcelona installed various smart LED lampposts across the city. These lights contain motion sensors which detect vehicles on the road and automatically go off when the roads are empty.
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Wired smart LED lighting generated a revenue of USD 6.02 billion in 2018. These products are predominantly used in corporates, industries and government organizations as a result of their low installation as well as the low maintenance costs as compared to the wireless counterparts. Furthermore, reduced possibility of failure issues associated with these products is projected to bode well for the product demand in near future.
Wireless product segment is expected to expand at a CAGR of 26.6% from 2019 to 2025. People can access the operations of smart lights remotely with the help of handsets. Majority of these products are connected through Bluetooth and WiFi. Growing consumer spending on trendy lifestyle is driving them to use wireless voice recognized smart electronics gadgets. Furthermore, product innovation and development in new technologies including Bluetooth is expected to open new avenues over the next few years.
Grand View Research has segmented the global smart LED lighting market on the basis of product, technology, distribution channel:
Smart LED Lighting Product Outlook (Revenue, USD Million, 2015 - 2025)
·         Wired
·         Wireless
Smart LED Lighting Technology Outlook (Revenue, USD Million, 2015 - 2025)
·         Hybrid
·         Dali
·         Wi-Fi
·         Bluetooth
·         ZigBee
Smart LED Lighting Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Online
·         Offline
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.





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