It is anticipated that the wireless lighting market would be worth USD 1,31,896 million in 2022. Sales of wireless lighting, also referred to as smart lighting, are expected to increase at a compound annual growth rate (CAGR) of 3.48% over the projected period.
Because of this, the wireless lighting industry is expected to reach a value of US$1,85,672 million by 2032. Manufacturers may now more effectively promote lighting solutions without being influenced by the steep decline in prices that traditional LED lighting markets have seen since the introduction of wireless lighting. As a result, manufacturers are free to charge customers more for wireless lighting.
Wireless lighting is becoming more prevalent due to factors like controlled power consumption and longer life. Additionally, it grows because a variety of decorative lighting products are also readily available.
Wireless Lighting Market: Drivers and Restraints
The surge in demand for better and more advance lighting infrastructure to save energy is the major factor driving the growth of the wireless lighting market during the forthcoming years.
Owing to various benefits associated with wireless lighting solutions such as non-destructive installation, mobility, ease of use and others are promoting adoption better lighting infrastructure and thus, act as a major factor spurring the growth of the wireless lighting market. However, the high price of wireless lighting product is the major factor hampering the growth of wireless lighting markets in forthcoming years.
What is the Competition Landscape in the Wireless Lighting Market?
Leading wireless lighting manufacturers are investing in research and development to launch IoT-enabled wireless lighting systems for smart cities and homes. They are also launching application-specific wireless lighting for industries such as media and entertainment, agriculture and horticulture, and healthcare.
Some of the prominent players operating in the wireless lighting market include Panasonic Corporation, Schneider Electric S.E., Eaton Corporation, and Hubble Lighting Inc. Recent developments in the market include:
In March 2021, Hubble launched a new and improved NX Distributed Intelligence Lighting Control Panel (NXP2) Series. It centralizes connection points in an enclosure and reduces the time required to deploy compliant lighting control systems.
Global Wireless Lighting Market: Regional Trend
Due to increasing inclination towards the adoption of better lighting products in emerging economies such as China, India is the major reason, significantly promoting the growth of the wireless lighting market. Further, increase in demand for energy efficient lighting solution is the other the key reason driving the adoption of the wireless lighting market during the forecast period.
Wireless lighting products can be installed in those areas, where providing wiring infrastructure is difficult, owing to which the demand for wireless lighting solution is projected to increase in developed regions such as North America and Western Europe.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Key Segments Profiled in the Wireless Lighting Industry Survey
By Product:
- Wi-Fi
- Z-Wave
- ZigBee
- Bluetooth
- Enocean
By Application:
- Residential
- Commercial Buildings
- Government offices and building
- Street Lighting
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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