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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Smart Lighting and Control Systems market. Market segmentation includes Connectivity (Wired, Wireless); Lighting Source (Light Emitting Diodes (LEDs), Fluorescent Lamps, Other Lighting Sources); Application (Commercial, Industrial, Government, Residential).

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24 November 8:34 a.m., Silicon Valley, California - According to the new market research report, the global market for Smart Lighting and Control Systems is projected to grow at a CAGR of 14.7% reach US$93.3 Billion by 2027, driven by the growing need to ensure effective use of electricity and the rising adoption of advanced and modern infrastructure in both residential and commercial buildings. The growing penetration of IoT (Internet of Things)-based infrastructure, technology advances in smart lighting systems, and efforts to reduce energy consumption are all fueling market growth. The global Smart Lighting and Control Systems market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Light Emitting Diodes (LEDs), one of the segments analyzed and sized in this study, is forecast to grow at over 17.7% and reach a market size of US$67.5 billion by the end of the analysis period. The United States is forecast to readjust to a 14.2% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$7.4 billion growing at a CAGR of 13.3% over the next couple of years. In addition, over US$5 billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Light Emitting Diodes (LEDs) segment will reach a market size of US$5.6 billion by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Light Emitting Diodes (LEDs) segment in this country against this backdrop will grow at a CAGR of 22.2% over the next couple of years to create an addressable market opportunity worth US$10.6 billion by the year 2027.

Smart lighting is an innovative concept in the world of lighting representing an environment that is controlled by intelligent luminaires and lighting control systems. Smart lighting refers to an energy efficient lighting product, wherein the light control is adjusted based on the needs of users and as per the regulations. Driven by their energy efficiency, advances in sensor and electronics segments, evolution of wireless technology, supportive government policies and the transition away from incandescent lamps, the smart lighting systems market globally is slated to post an incredible growth in the coming years. The concept of smart lighting is anticipated to also gain a significant traction owing to growing population and rapid expansion of infrastructure facilities globally. Green buildings, which are buildings with improved efficiency and effective lifecycle, are increasingly integrating smart lighting systems. The demand for smart lighting systems is also benefiting from government efforts to promote smart city projects, which focus on adoption of energy efficient and connected, or IoT based lighting systems. Furthermore, government directives regarding energy consumption and initiatives to encourage implementation of smart systems are expected to boost demand and provide lucrative revenue-generating opportunities for luminaire manufacturers. However, growth in the smart lighting and control systems market is being impeded by privacy issues and security concerns related to use of advanced technologies in lighting components.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 5099. Among this pool, 816 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 153 unique participations, a total of 69 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Honeywell International, Inc.
General Electric Company
Koninklijke Philips NV
Eaton Corporation PLC
Belkin international, Inc.
Lutron Electronics Co., Inc.
Lifi Labs, Inc.
LightwaveRF Plc

Segments Covered in the Report -
Lighting Source (Light Emitting Diodes (LEDs), Fluorescent Lamps, Other Lighting Sources)
Connectivity (Wired, Wireless)
Application (Commercial, Industrial, Government, Residential)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
Latin America
Rest of World.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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