New York City, NY -- (SBWIRE) -- 09/02/2020 -- Owing to the rapid adoption of smart lights, the global ambient lighting market is expected to reach $156.5 billion in 2030, from $60.8 billion in 2019, at a 9.2% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence. As a result of the Industry 4.0 revolution, advent of the internet of things (IoT) technology, and need to save energy, the usage of light-emitting diodes (LED) lights is increasing. These factors have led to the introduction of smart lights, which are energy-efficient, offer improved functionality and aesthetics, and can be connected to the internet.
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Lighting controls and lamps and luminaires are the two bifurcations of the ambient lighting market, on the basis of type. Of these, the larger share in 2019 was held by the lamps and luminaires bifurcation, on account of these products being the major ambient lighting components. In addition, as the focus on electricity conservation is rising, the sale of light-emitting diode (LED) luminaires and lamps is set to increase further.
On further segmenting the lamps and luminaires category, based on type, the LED category is set to witness the highest CAGR in the coming years. The sale of LED lamps and luminaires is growing because they are energy efficient and last longer than other variants. Similarly, under the lighting controls category, sensors will continue to dominate the ambient lighting market in the coming years, because of the rising installation rate of this components in smart homes, for lighting automation. With the increasing popularity of home automation, the requirement for sensors will keep rising.
Browse report overview with detailed TOC on "Ambient Lighting Market Research Report : By Offering (Hardware [Lamps and Luminaires { Incandescent, Halogen, Fluorescent, LED}, Lighting Controls {Sensors, Switches and Dimmers, Relay Units}], Software and Service), Type (Suspended Lights, Recessed Lights, Track Lights, Strip Lights, Surface-Mounted Lights), End User (Residential, Hospitality and Retail, Healthcare, Industrial, Corporate, Automotive) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report
Mergers and acquisitions are the strongest strategic moves among players in the ambient lighting market, who are taking concrete steps to increase their sales. For instance, Cooper Lighting Solutions was acquired from Eaton Corporation Inc. by Signify N.V., in March 2020. This $1.4-billion all-cash deal is allowing Signify N.V. to increase its share in North America. In the same vein, in July 2019, a 51% stake in Zhejiang Klite Lighting Holdings Co. Ltd., which offers LED luminaires and lamps, was acquired by Signify N.V. Signify's idea behind this move was to offers its customers a broader portfolio of connected lighting solutions.
The key companies operational in the global ambient lighting market include Signify N.V., Acuity Brands Inc., General Electric Company, Samsung Electronics Co. Ltd., Zumtobel Group AG, OSRAM Licht AG, Häfele GmbH & Co KG, Hubbell Incorporated, Wipro Enterprises (P) Ltd., and Cree Inc.
The research includes detailed analysis of;
Based on Offering
- Hardware
- Software and Service
Based on Type
- Suspended Lights
- Recessed Lights
- Track Lights
- Strip Lights
- Surface-Mounted Lights
Based on End User
- Residential
- Hospitality and Retail
- Healthcare
- Industrial
- Corporate
- Automotive
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