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New Delhi, Feb. 02, 2023 (GLOBE NEWSWIRE) — The Asia Pacific region has been identified as the fastest-growing region for the Smart Lighting Market. This is the result of increasing consumer demand for energy-efficient lighting solutions for households, commercial establishments, and industrial applications. As per Astute Analytica, the region is expected to witness a significant growth owing to the increasing adoption of LED lighting products, rising awareness of energy efficiency, and the proliferation of IoT technologies. The increasing demand for smart lighting solutions in the region is further fueled by the rising urbanization, and advancements in the internet connected devices.
The Asia pacific smart lighting market is projected to reach USD 11,159.4 million by 2030, growing at a CAGR of 12.6% from 2023-2030. This impressive growth is attributed to the increasing use of smart lighting in commercial and industrial settings, which in turn has resulted in high demand for wired connectivity in this market. Furthermore, the market is expected to witness higher adoption of smart technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML) in the coming years.
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Smart lighting technologies offer numerous benefits such as energy efficiency, cost savings, improved safety and convenience, and enhanced lighting control. Moreover, advancements in the LED technology have provided an impetus to the growth of the Asia Pacific smart lighting market. The proliferation of connected devices, such as smartphones and tablets, has further contributed to the growth of this market. Additionally, the increasing penetration of smart homes, offices, and commercial establishments has further bolstered the market for smart lighting in this region.
Wired Smart Lighting Market Generated Over 59% Market Revenue
Wired smart lighting generated over 59% of the revenue in the smart lighting market in 2022. The reason behind its success can be attributed to several factors such as stability, reliability, and established infrastructure. From a business point of view, wired smart lighting provides several advantages. Firstly, wired lighting systems are known for their stability and reliability compared to wireless systems, making them a popular choice for large-scale installations like commercial buildings and industrial facilities.
Another advantage of wired smart lighting is that the existing infrastructure for wired lighting systems provides a foundation for companies to upgrade to smart lighting. The infrastructure can be easily upgraded to include smart features like remote control and automation without significant changes to the wiring.
The trend towards energy-efficient lighting solutions is also driving demand for wired smart lighting market. Wired smart lighting systems provide more efficient lighting compared to traditional lighting systems and offer features that allow for greater energy savings like scheduling and occupancy detection. Finally, the trend towards smart buildings and the Internet of Things (IoT) is driving demand for integrated and automated systems that can be controlled and monitored from a central location. Wired smart lighting systems offer the stability and reliability needed to support these large-scale, integrated systems.
Compact Fluorescent Lamps to Offer Revenue Opportunity Worth $42.92 Billion in Asia Pacific Smart Lighting Market
The smart compact fluorescent lamp market is poised for substantial growth, with our analysts projecting a revenue opportunity worth $42.92 billion by 2030. The increasing demand for energy-efficient lighting solutions, along with the growing adoption of smart home technology, is driving the growth of this market.
Smart compact fluorescent lamps are energy-efficient lighting solutions that offer features such as remote control, voice control, and scheduling options. These features make them an attractive option for consumers looking to reduce their energy consumption and costs.
The growth of the smart home industry is also playing a significant role in the growth of the smart compact fluorescent lamp market. The integration of smart lighting with other smart home devices, such as thermostats and security systems, is making it easier for consumers to manage and control their home lighting. Additionally, the increasing awareness of the environmental impact of energy consumption is driving the adoption of energy-efficient lighting solutions, such as smart compact fluorescent lamps. The demand for these products is also being driven by government incentives and regulations aimed at reducing energy consumption.
China is at the Forefront of Asia Pacific Smart Lighting Market and is Projected to Grow at the Highest CAGR of 14.5%
In terms of countries, China and India will be the major contributors to the growth of the Asia Pacific smart lighting market. China is likely to remain the leader in the Asia Pacific region, with its continuous advancements in the Internet of Things technology and its growing urban population. Additionally, the country is witnessing significant investments in the Smart Lighting sector for efficient use of energy and improved safety standards.
Other key markets in the Asia Pacific smart lighting market include Japan, Australia, South Korea, and the Southeast Asian countries, with high demand for smart home, commercial, and industrial applications. These countries are also focusing on creating an efficient lighting infrastructure. For instance, South Korea is investing in energy-efficient lighting solutions that can improve lighting quality and reduce energy consumption.
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Competitive Landscape: Top 5 Players Generates Over 60% Revenue Share of Asia Pacific Smart Lighting Market
The market is dominated by key players like Syska, Philips (Signify), Crompton, Halonix, Havells, Bajaj, Orient, and GE Lighting, among others. According to our analysis, the top five players hold over 60% of the market share. Leading players in the market offer a variety of products including LEDs, smart bulbs, and sensors. They have deployed their products in countries like China, Japan, and Australia.
These companies are focused on providing innovative and efficient smart lighting solutions that meet the needs and expectations of consumers. They aim to offer products that improve energy efficiency and convenience.
Philips, Halonix, Havells, and Bajaj are some of the leading companies in the Asia Pacific smart lighting market. All of these companies offer a wide range of products and services for the smart lighting sector. Philips is one of the top players in the industry, with a wide range of products including LED fixtures, connected lighting solutions, and networked dimming systems. Their products have high energy efficiency and are designed to integrate easily into any home or business environment.
Halonix provides a variety of high-quality lighting products that are designed to meet the lighting needs of businesses and homes. They offer LED products, connected lighting solutions, and intelligent dimming solutions. Their products are designed to provide energy efficiency and sustainability.
Havells is another leading player in the Asia Pacific smart lighting market. They provide a wide range of lighting solutions including LED fixtures, connected lighting solutions, and dimming solutions. Their products offer high energy efficiency and are designed for easy integration into any environment.
Some of the Top Market Players Are:
- Lightning Fixtures
- Other Prominent Players
- Software and System Provider
- Street Light Vision (SLV)
- Virtual Extension
- Ayla Netwoks
- Dhyan (The device monitoring & Management)
- Other Prominent Players
- Devices, Hardware Installer, System Installer
- Honeywell International
- Eaton Corporation
- Schneider Electric SA
- Other Prominent Players
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About Astute Analytica
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