by The global Smart Light or Lightning Control Market is estimated to be valued at US$ 21.03 Bn or billion in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart lights or lightning control systems enable remote on/off control and dimming of lighting systems through wireless technologies such as Bluetooth, Wi-Fi, infrared etc. These systems offer advantages such as energy saving, ease of use through smartphones or tablets, enhanced security by remotely switching lights On/Off, etc. Growing adoption of Internet of Things devices across sectors is driving demand for smart lightning control systems for residential as well as commercial applications.
Market key trends:
One of the key trends in the market is growing adoption of smartphones and tablets coupled with increasing penetration of high speed internet. This has made remote monitoring and control of home appliances including lights very easy. Smartphone control of lights allows switching them on/off from any location as per requirement through apps. Another major trend is rising consumer preference for energy efficient lighting solutions to reduce electricity bills. Smart lighting systems integrate sensors and control units to automatically switch lights on/off based on presence detection or daylight levels, minimizing wastage of energy. This is expected to drive their higher adoption across both residential and commercial sectors over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial investment costs to manufacture advanced lighting control systems. The market also has strong competitive rivalry making it difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternative solutions from many established vendors. They can negotiate on price and demand customized solutions.
Bargaining power of suppliers: A few large technology companies dominate the supply market. However, suppliers have low to moderate bargaining power as there exist many alternatives.
Threat of new substitutes: Technologies like voice control and IoT present potential substitutes. However, widespread adoption may take time requiring significant R&D investments from substitutes.
Competitive rivalry: The market has strong rivalry among leading players focusing on new product launches and partnerships. This intense competition keeps pricing pressures and costs high.
Key Takeaways
The Global Smart Light Or Lightning Control Market Demand is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing demand for energy efficient lighting solutions.
Regionally, the North American region currently dominates the market while Asia Pacific is expected to grow at the fastest pace during the forecast period. This is owing to rapid infrastructure growth and urbanization in countries like China and India.
Key players operating in the Smart Light or Lightning Control Market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V., Legrand, Jaquar India. Focus is on introducing new technologies like AI and predictive analytics for advanced lighting controls. The market is fragmented in nature with collaborations and partnerships among vendors common.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
