According to the recent study the smart LED lighting market is projected to reach an estimated $9.2 billion by 2028 from $7.9 billion in 2023, at a CAGR of 3.1% from 2023 to 2028. Growth in this market is primarily driven by escalating need for LED lights with numerous integrated advanced features and presence of numerous wireless and wired-based LED alternatives to customers.
A more than 150 – page report is developed to understand trends, opportunities and forecast in smart LED lighting market by product type (wired and wireless), technology (hybrid, dali, Wi-Fi, bluetooth, and zigbee), distribution channel (online and offline), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Wired market is expected to remain the largest segment during the forecast period.”
Based on product type, the smart LED lighting market is segmented into wired and wireless. Lucintel forecasts that the wired market is expected to remain the largest segment due to its enormous demand in commercial and industrial locations for its ease of installation, low cost of maintenance, and low risk of failure.
“Within the smart LED lighting market, the offline segment is expected to remain the largest distribution channel”
Based on distribution channel the offline segment is expected to witness the highest growth over the forecast period due to the increasing preference for offline purchases since they allow for the comfort of receiving after-sale services and appropriate help while making purchases.
“Europe will dominate the smart LED lighting market in near future”
Europe will remain the largest region due to the increasing trend for the integration of luxury home decoration and rising awareness towards the aesthetic appeal of the products.
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Major players of smart LED lighting market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Wolfspeed, Eaton, Koninklijke Philips, ABB, and Wipro are among the major smart LED lighting providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/smart-led-lighting-market.aspx or [email protected]