The global smart lighting market is estimated to attain a valuation of US$ 83.52 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 20.3% during the forecast period, 2022 to 2031.
Smart lighting is an updated way to light homes. Smart LED bulbs contain software that connects to an app, smart home assistant, or smart accessory in order to automate lights or control them remotely, eliminating the need for traditional wall switches.
The global smart lighting market is projected to expand significantly during the forecast period due to the increasing penetration of smart lighting devices owing to ongoing smart city projects. Governments of developing countries are spending considerable funds on smart city developments. This offers a huge opportunity for various vendors who provide technology services, utility services, and consulting. Smart city projects are synchronous with smart lighting. One of the key aims of the smart city project development is to utilize electricity more efficiently, and smart lighting is gain popularity for its efficiency.
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Smart Lighting Market: Industry Trends and Value Chain
The study on the smart lighting market presents a granular assessment of the macroeconomic and microeconomic factors that have shaped the industry dynamics. An in-depth focus on industry value chain help companies find out effective and pertinent trends that define customer value creation in the market. The analysis presents a data-driven and industry-validated frameworks for understanding the role of government regulations and financial and monetary policies. The analysts offer a deep-dive into the how these factors will shape the value delivery network for companies and firms operating in the market.
Smart Lighting Market: Branding Strategies and Competitive Strategies
Some of the key questions scrutinized in the study are:
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Key players operating in the global smart lighting market include LG Corporation, Leviton Manufacturing Company, Inc., Hubbell Incorporated, Panasonic, Honeywell International Inc., Signify Holding, Cree, Inc., Koninklijke Philips N.V., OSRAM, and Syska LED.
Footwear Market: Assessment of Avenues and Revenue Potential in Key Geographies
Some of the key aspects that the study analyzes and sheds light are:
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IoT Connected Machines Market – https://www.globenewswire.com/en/news-release/2022/08/26/2505340/0/en/IoT-Connected-Machines-Market-to-Reach-Worth-of-US-1-10-Trillion-by-2031-TMR-Study.html
Nikhil Sawlani Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453
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