Smart Light and Control Market Size, Share, Trends, Business Strategies, Revenue, Leading Players, Opportunities and Forecast 2030

Smart Light and Control Market Overview

Market Research Future (MRFR) perceives favorable gains for the smart light and control market 2020 as it is expected to advance at a high rate between 2015 and 2027 (evaluation period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.

COVID-19 Analysis

The COVID-19 outbreak has hit the tech world hard, but the smart light and control market harder. It is evident that the tech industry in the United States is quite disturbed, as it was quite dependent on China with respect to manufacturing. China has remained a significant supplier for numerous countries. The SARS-CoV-2 effect on tech firms has been catastrophic; with production shutting down, manufacturing plants along with offices and shops being closed off due to the lockdown induced by the pandemic. The restrictions on traveling between countries and between states in the countries have led to halting of trades. The ban on non-essential travel after the breakout of novel coronavirus has resulted in a decline in shopping and more struggles for online retailers when it comes to selling their items.

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However, with the pandemic incurring major financial loss for the smart light and control market, there is still hope since a number of key players are introducing latest products in the market and are indulging in activities like product launches, product development, and more. This is one guaranteed method being adopted by the players to ensure sustainability in the market during the COVID-19 era.

For instance, in June 2020, Xiaomi-backed smart wearable company Huami launched the latest smart watch called Amazfit Stratos 3 in India. The smart watch consists of a dual chip along with a dual operating system, and provides 14-day battery life. The product features diverse sports modes including swimming, running, as well as endurance sports like climbing, trail running, Triathlon or hiking.

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Top Boosters and Main Restraints

The accelerated adoption rate of the latest technologies such as internet of things/IoT and smart sensing in lighting solutions combined with the augmented preference for energy-efficient smart lighting solutions benefit the worldwide market for smart light and control. The market is also complemented by the mounting awareness among consumers about energy conservation, which leads to higher demand for smart lighting solutions. The increasing use of light-emitting diodes/LEDs instead of incandescent lamps along with the rising commercialization of the Wi-Fi technology can also assist in the growth of the smart light and control market.The growing prominence of light fidelity/Li-Fi happens to be a significant trend in the market. With everyday life becoming more dependent on wireless technology, radio waves act as barriers in the data communication processes, since there is less support for their bandwidth on account of the presence of a compact spectrum as well as intrusion. Therefore, data transmission using visible light communication or VLC is touted to be the best solution in this scenario.

Moving forward, the smart light and control market growth can also be boosted by the soaring demand for smart phones, declining prices of consumer electronics, surging disposable income and the robust supply chain. Increasing spending on research and development activities by leading firms along with the surge in technological innovations in smartphones can also boost the global position of the smart light and control market in the ensuing years.

Renowned Companies

Renowned companies in the industry include Nxp Semiconductors, Enlighted Inc, Tvilight, Eaton’s Cooper Lighting, Acuity Brands, Lutron, Daintree Networks, Ams Ag, Bytelight, Commscope, Inc., to mention a few.

Smart Light and Control Market Segmentation

Global market for smart light and control has been considered for type, component, connective technology and application.

The primary types studied in the report are Compact Fluorescent Light (CFL), Fluorescent Lamps, High Intensity, Light Emitting Diodes (LED), and Discharge Lamps (HID).

The key components in the market are Sensors, LED Drivers & Ballasts, Microprocessor & Controllers, Wireless Receivers & Transmitters, Dimmers & Switches, and more.

Connective technologies identified in the market study include Wireless Connectivity Technologies and Wired Connectivity Technology.

The market segmentation with respect to application are Commercial, Residential, and others.

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Regional Insight

Smart Light and Control Market is showing optimistic growth across the key regions of North America, Europe, MEA/the Middle East & Africa and APAC/Asia Pacific.

High awareness level regarding the benefits of smart light and control technology among youngsters has been a key growth booster in the North American market. North America is currently the market leader for smart light and control, owing to the sound financial conditions of the region and the impressive standard of living. The region is also houses a huge number of tech giants that boast of strong presence across the globe, and expansive product offerings for their customers.

Europe has procured the second lead in the global market, with massive revenue contribution from developed nations like France, Netherlands, Germany, U.K and Italy. These countries are increasingly making high demand for the latest technologies such as smart light and control. The rising proliferation of consumer electronics across various industries also induces substantial market growth here.

The APAC market seems to be progressing at the fastest rate, in view of the fact that the emerging countries like India and China consist of a thriving semiconductor industry. Some other prominent markets in the region include Japan, Taiwan and South Korea, where smart cities have gained high traction in the past few years.