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.
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.
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.
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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
Grand View Research has segmented the global smart LED lighting market on the basis of product, technology, distribution channel, and region:
Smart LED Lighting Product Outlook (Revenue, USD Million, 2015 - 2025)
Smart LED Lighting Technology Outlook (Revenue, USD Million, 2015 - 2025)
Smart LED Lighting Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Smart LED Lighting Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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