The commercial smart lighting market is projected to reach USD 21.8 billion by 2025 from USD 8.2 billion in 2020; it is expected to grow at a CAGR of 21.5% from 2020 to 2025. The commercial smart lighting market in APAC is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid infrastructure development activities being undertaken in APAC, mainly in China, where smart lighting solutions pave the way for the modernization of infrastructure. Projects related to infrastructure modernization and development, such as smart cities, across the region would also drive the demand for smart street lights, thereby propelling the growth of the market for commercial smart lighting in this region.
Key players in the commercial smart lighting market include Signify (Philips Lighting) (Netherlands); Legrand S.A. (France); Acuity Brands, Inc. (US); GE Current, a Daintree Company (US); OSRAM Licht AG (Germany); Leviton Manufacturing Company, Inc. (US); Lutron Electronics (US); Hubbell Incorporated (US); LEDVANCE GmbH (Germany); Schneider Electric SE (France); Ideal Industries, Inc. (Cree Lighting) (US); and Zumtobel Group (Austria)
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Top 2 Players in Commercial Smart Lighting Market:
SIGNIFY HOLDING (PHILIPS LIGHTING N.V.) (Netherlands)
Signify is an established brand in the global lighting market. The company’s market experience and brand name allow it to capitalize on the fundamental market dynamics in the lighting industry and deliver innovative solutions that create value and ensure its growth. The company aims to further invest in connected lighting systems to win contracts related to the supply of connected lighting systems and other lighting control equipment. It also adopts the acquisitions strategy. For instance, in October 2019, Signify announced the acquisition of Cooper Lighting Solutions from Eaton. This acquisition is expected to strengthen its position in the North American lighting market. Also, in April 2019, it acquired WiZ Connected—a developer of the WiZ Wi-Fi-based connected lighting ecosystem. This acquisition is expected to allow Signify to extend its leadership position in the Wi-Fi-based smart lighting market.
Legrand S.A. (France)
Legrand is a global specialist in electrical and digital building infrastructure. The company has a strong product portfolio pertaining to the commercial smart lighting market. This enables the company to maintain its leading position in this market. Legrand focuses on growth strategies such as acquisitions, partnerships, and product launches. For instance, in February 2020, Legrand acquired Focal Point, a Chicago-based privately held manufacturer of architectural lighting products. This acquisition is Legrand’s fifth addition to its lighting sector and marks the company’s elevation to a full solutions provider in the architectural lighting space. To gain a competitive edge in the commercial smart lighting market, Legrand could focus on building partnerships with regional distributors and resellers. Rapid infrastructure growth in the Americas and the Asia Pacific and improved lifestyle could create ample opportunities for Legrand to expand its business in emerging countries, and hence, it can consider offering cost-efficient smart lighting solutions in this region.
Commercial Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software, and Services), Installation Type (New and Retrofit), End-use Application (Indoor and Outdoor), Communication Technology, and Region - Global Forecast to 2025
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