The Smart Indoor Lighting market in Europe is Expected to Witness Significant Growth at a CAGR of 18.75% During the Forecast Period (2024–2032): MRFR

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Smart Indoor Lighting Market.Overview

The global Smart Indoor Lighting market is projected to grow at a 18.75% CAGR during the forecast period, 2024–2032.

Regional Analysis

The geographic analysis of the Smart Indoor Lighting market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe dominates the Smart Indoor Lighting market. The existing infrastructure and major players in the region provide the regional market with ample opportunities for significant growth during the study period. The European smart indoor lighting industry is steadily rising, supported by low interest rates and stable economic growth. Economic stability has, in turn, resulted in a decrease in unemployment, thus boosting consumer and business confidence that the future is better. Steady growth in the industry in Europe has recorded an increased inflow of public and private investment. The European market is also likely to witness a shift in its growth engine from indoor lighting to the lighting sector. As a result, there are medium to large scale business opportunities in the region.

The rest of Europe comprises Spain, Denmark, Russia, the Netherlands, and other neighboring countries. The rest of Europe has a major market share in the region due to the high adoption of smart lighting among indoor market in the region to increase the efficiency of smart homes. Furthermore, a growing focus on developing personal and commercial infrastructure is further boosting the growth of the market significantly. The Asia-Pacific Smart Indoor Lighting market, based on country, has been segmented into China, Japan, India, and the rest of Asia-Pacific.

The North America Smart Indoor Lighting market, based on country, has been segmented into US, Canada, and Mexico. North America is expected to be the fastest-growing region for the global Smart Indoor Lighting market due to a growing focus on digitalization, increasing investments, and rapid development of infrastructure for smart home purposes, and increasing adoption of smart lighting platforms in the region. US is expected to account for the largest market share in the region during the forecast period. The country is witnessing rapid growth in the smart home industry owing to investments in smart lighting infrastructure projects.

Competitive Analysis

The key players of the Smart Indoor Lighting market include Signify N.V., Acuity Brands Lighting Inc., General Electric Company, Osram Licht AG, Legrand SA, Hubbell Incorporated, Ideal Industries (CREE), Syska LED, Lifx, Sengled, Lutron Electronics Co., Inc, TCP Lighting, Levitron Manufacturing Co. Inc., Wipro Lighting, and Zumtobel Lighting.

Segmental Analysis

The Smart Indoor Lighting Market has been segmented based on Component, Communication Technology, Light Source, Application, and region.

Based on component, the global Smart Indoor Lighting market has been segmented into Hardware, Software, and Services.

By communication technology, the Smart Indoor Lighting market has been segmented into Wired Communication Technology and Wireless Communication Technology.

Based on light source, the Smart Indoor Lighting market has been segmented into Fluroscent Lamps, Light Emitting Diodes (LED), and High Density Discharge Lamps.

By application, the Smart Indoor Lighting market has been segmented into Residential, Commercial, and Industrial.