Yahoo Finance Smart Light and Control Market Worth USD 25 Billion by 2027 at a 27% CAGR - Report by Market Research Future (MRFR)
New York, US, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smart Light and Control Market information by Application, by Product and components – forecast to 2027” the market is predicted to touch USD 25 billion at a 27% CAGR.
Dominant Key Players on Smart Light and Control Market Covered Are:
Acuity Brands
Ams Ag
Bytelight, Commscope, Inc.
Daintree Networks
Eaton’s Cooper Lighting
Enlighted, Inc
Lutron
Nxp Semiconductors
Tvilight
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Drivers
Increasing Application of Color Changing LED to Boost Market Growth
The increasing application of color changing LED in different sector such as commercial, healthcare, and industrial will boost market growth. To offer a relaxing environment to patients while performing different seminars with the assistance of soothing light effects, color changing lights, and sound, several hospitals is installing LED lighting solutions.
Opportunities
Increasing Adoption of Advanced Technologies to Offer Robust Opportunities
The increasing adoption of advanced technologies like intelligent sensing and the internet of things in lighting solutions and the burgeoning need for energy-efficient lighting solutions due to growing consumer awareness about energy conservation will offer robust opportunities for the market in the forecast period.
Restraint
Data Security to act as Market Restraint
Data security and safety concerns may act as a market restraint over the forecast period.
Challenges
Challenges of Installation Cost to act as Market Challenge
The challenges of installation cost and performance may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (155 Pages) on Smart Light and Control Market:
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Market Trends
Emergence of Li-Fi is the Latest Market Trends
The emergence of light fidelity or Li-Fi is one of the latest market trends. With wireless technology turning prominent in daily life, radio waves can cause a hindrance in data communication processes because its bandwidth gets limited support for the existence of a compact spectrum and intrusion. Thus, data transmission with visible light communication is considered an ideal solution. Li-Fi transmits data through illumination where the data is sent from the LED bulb faster compared to what a human eye can follow. Due to the emergence of new technologies in lighting, light along with being used to offer illumination yet also for the purpose of communication. With high-speed transmission and network, wireless capabilities, bidirectional and wireless capabilities, Li-Fi is expected to offer unprecedented bandwidth and data features in the coming years, further backing the growth of the market.
Segmentation of Market covered in the research:
By types, the LED segment will lead the market over the forecast period.
By components, the global smart light and control market is segmented into wireless receivers and transmitters, microprocessor and controllers, dimmers and switches, sensors, LED drivers and ballasts, and others.
By technology, the wireless connectivity technology will dominate the market over the forecast period for the elimination of wire utilization that is ultimately abolishing the need for protection and installation of cables, and the cost associated with wireless lighting is comparatively low and is flexible in nature compared to wired technology.
By application, the global smart light and control market is segmented into commercial, residential, and other.
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Regional Analysis
North America to Dominate Smart Light and Control Market
North America will dominate the smart light and control market in the forecast period. High per capita income, high standard of living, the region being the home to several key players, the increasing adoption of better lighting infrastructure, and focus on energy efficient technology are adding to the global smart light and control market growth in the region.
APAC to Have Healthy Growth in Smart Light and Control Market
The Asia Pacific region will possess healthy growth in the market over the forecast period. Massive growth perspective offered to the manufacturers, increasing adoption by the consumers to develop their household and make it digitalized, growing activities pertaining to construction, enduring construction activities in India and China, increasing use of energy-efficient lighting systems and home automation, and increasing expenditure on public infrastructure from the government organizations are adding to the global smart light and control market growth in the region.
Industry Trends
Wyze has unveiled single and multi-color smart LED light strips. These new light strips work with Google Assistant and Alexa, with the Pro version capable of displaying up to 16 colors at one go.
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COVID-19 Impact on the Global Smart Light and Control Market
The ongoing COVID-19 outbreak has affected people’s lives and the leading industries. Smart lighting & control systems market revenue generation has also created a halt. The majority of the people are not ready in investing in this field owing to the outbreak. The pandemic brought out multiple challenges- health issues, shortage of materials, shortage in labor, and other safety challenges. It affected the industrial and governmental sectors. Owing to this, manufacturers had to cut down their product output and thus the market demand is falling day by day. The market plans various ideas in lifting the industry for increasing the customer’s demand. They use amazing technology in enhancing their global report and market value generation. The outbreak situation has shown people how economic growth goes down. Because of the assistance of suitable key players, this market adopted different measures for reviving the situation for building or returning back to the normal situation.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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