A report on Smart Commercial Lighting Market was added by Kenneth Research which covers the market size and growth over the forecast period 2022-2031. The market study involves analysis of the product demand and market on the basis of various factors and through a number of analytical tools.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Commercial Lighting market products.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
The Smart Commercial Lighting market is a multibillion market which started witnessing growth from the beginning of the current decade. The Smart Commercial Lighting market is witnessing growth mainly due to the growing demand for the environment friendly and energy saving solutions from different industry verticals.
The smart commercial lighting solutions available today can automatically adjust themselves according to the time of the day (i.e. daylight simulation lighting) while for traditional lighting systems manually settings are need to be done.
The smart commercial lighting is gaining popularity as it helps in dealing with the seasonal depressions and reducing electricity bills such as in hospitals and offices and educational institutes.
The Smart Commercial Lighting market is expected to grow at a CAGR of 20.8% during the forecasted period 2016–2022. The energy saving lighting solutions, government support and growing demand for the IOT based solutions are supporting the growth of the smart commercial lighting market.
The demand for the smart energy infrastructure and green buildings is helping the commercial smart lighting market to expand in the developed geographies such as in Americas and Europe. Despite, certain factors like high cost, cyber threat and lack of awareness may still impact the growth of the smart commercial lighting market.
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The wireless technologies and smart network components such as sensors are supporting the growth of this market. These network components help in secure and reliable transfer of data between the connected devices. Few of the smart lighting lamps available today are bluetooth enabled Compact Fluorescent Lights (CFL),Wi-Fi enabled Light-Emitting Diode (LED) and ZigBee enabled lighting systems. Some of the key vendors present in the market are Philips Lighting, GE lighting, Acuity Brands Inc. and Google Inc.
The report also talks about companies to watch for such as Smart Lighting Engineering (SLE), LED Roadways Lighting Ltd. (LRL), LIFX, Digital Lumens and Enlighted Inc.
This study covers and analyses “Smart Commercial market” globally. Bringing out the complete key insights of this industry, this reports aims to provide opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
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