Press Release

According to the latest report by IMARC Group titled, “North America Smart Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The North America smart lighting market reached a value of US$ 2.4 Billion in 2018. Smart lighting is an intelligent, energy-efficient lighting solution, which is designed with power-saving and automated fixtures. This technology helps in eliminating the usage of traditional wall switches as it consists of software that can be connected to an application, or smart home assistants, like Google Assistant and Amazon Alexa. Generally fitted with light-emitting diodes (LEDs), smart lighting systems gather data and utilize it to improve the security, automate ambient control and optimize the space of a building. These lighting systems include smart switches and bulb sockets, and Bluetooth- and internet-enabled bulbs. Other than this, they comprise actuators drivers, digital sensors and communication interfaces, which are designed using control algorithms. IMARC Group expects the market to reach a value of US$ 7.4 Billion by 2024, registering a CAGR of 19.6% during 2019-2024.

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At present, governments of countries in the North American region are undertaking multiple development projects and initiatives to promote connected lighting systems in their respective countries to curb on the rising carbon emissions. For instance, the city of Montreal started the LED streetlight conversion project, which aims to transform the entire streetlight infrastructure from standard high-pressure sodium (HPS) fixtures into remote-controlled and connected LEDs. The conversion began in December 2017 and is expected to be finished by 2022. Other than this, the industry growth can be attributed to the escalating demand for smart household appliances as they offer the convenience of reducing electricity bills and remote operability.

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Key Market Segmentation:

Breakup by Region:

1. United States
2. Canada
3. Mexico

Breakup by Offering:

1. Hardware
2. Software
3. Services

Breakup by Communication Technology:

1. Wired Technology
2. Wireless Technology

Breakup by Installation Type:

1. New Installation
2. Retrofit Installation

Breakup by Light Source:

1. LED Lamps
2. Fluorescent Lamps
3. Compact Fluorescent Lamps
4. High Intensity Discharge Lamps
5. Others

Breakup by Application:

1. Commercial
2. Residential
3. Public Infrastructure
4. Others

Competitive Landscape:

1. Key Players
2. Profiles of Key Player

The report has also examined the competitive landscape of North America Smart Lighting Market.

Key highlights of the report:

1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.