The ongoing transition from traditional lighting infrastructure to connected lighting and the continuous development of advanced technologies such as Internet of Things (IoT) technology in the field of lighting is playing a crucial role in the growth of Bluetooth Low Energy-based smart lighting market. In last few years, lighting solution providers has offered varied and intelligent lighting solutions to deliver advanced and better services to customers. Considering this scenario, government, real-estate players, and builders are innovating new ways of deploying advanced lighting solutions, owing to which, the demand for better lighting infrastructure is projected to increase during the forthcoming years. Moreover, the growing demand for smart lights that can be controlled by smartphones and can be accessible away from the home is creating the lucrative growth opportunities for Bluetooth Low Energy--based smart lighting market.
In last few years, there has been an immense rise in demand of Bluetooth Low Energy-based smart lighting that are compatible with smart home products and can be coordinated through personal assist solutions such as Amazon Alexa and Google Home. Furthermore, the growing trend in the smart lighting concept and increasing number of enterprises adopting smart lighting solutions is playing a crucial role in the growth of Bluetooth Low Energy-based smart lighting market.
Impact of COVID-19 on Bluetooth Low Energy-based Smart Lighting Market
The outbreak of COVID-19 is directly impacting the demand and production of lighting companies. Also, with disruptions in supply chain, falling business confidence, and financial impact on firms, the demand for Bluetooth Low Energy-based smart lighting is expected to slow down in first half of 2020. Moreover, due to coronavirus pandemic, the business development efforts by manufacturing industries are hampered to great extent and therefore, due to this factor, the demand for Bluetooth Low Energy-based Smart Lighting is expected to decline in the next 1-2 years. Also, the year 2020 is expected to witness a drop in consumer spending worldwide, which is expected to impact the Bluetooth low energy-based smart lighting market. In a Pre-COVID-19 market scenario, the smart lighting market value was around USD 10 billion in 2019, and the market was projected to witness a growth rate of around 20% during 2019-2025. However, as COVID-19 crisis accelerates, the growth of smart lighting is expected drop to 14% during the 2020-2022. This drop in sales of smart lighting market is also expected to impact the growth of Bluetooth low-energy-based smart lighting market.
Bluetooth Low Energy-based Smart Lighting Market: Market Dynamics
The rapid technological advancements in lighting solutions and continuous development of smart lighting infrastructure is one of the key factors driving the growth of Bluetooth low-energy-based smart lighting market. Moreover, with the rising focusing on developing smart cities by changing the existing legacy infrastructure with the smart infrastructure and government spending on smart city management services such as road monitoring applications, environment, light sensing, and advanced energy saving are also among the key factors fueling the growth of Bluetooth low energy-based smart lighting market.
Apart from this, countries such as India and China are witnessing a drift towards rapid urbanization, and an increase in penetration towards the adoption of smart and intelligent technology solutions, especially in metro cities and retail sectors, therefore, due to these factors, the demand for Bluetooth low energy-based smart lighting is expected to increase in rapidly in coming years. Also, the adoption of smart and intelligent technology solutions has increased the demand for better and advanced lighting infrastructure which further is contributing in the growth of Bluetooth low energy-based smart lighting market.
Bluetooth Low Energy-based Smart Lighting Market: Segmentation
The Bluetooth Low Energy-based Smart Lighting market is segmented on the basis of Products:
The Bluetooth Low Energy-based Smart Lighting market is segmented on the basis of End User:
Bluetooth Low Energy-based Smart Lighting Market: Competition Landscape
Most of the leading players in the Bluetooth Low Energy-based Smart Lighting market are focusing on entering into partnerships and collaborations to offer smart lighting solutions with advanced technologies such as machine learning, IoT, artificial intelligence. Some of the key players in the Bluetooth Low Energy-based Smart Lighting market are Philips, OSRAM, Acuity Brands, Inc., General Electric, Legrand, and Hubbell Incorporated.
Bluetooth Low Energy-based Smart Lighting Market: Regional overview
On the basis of regions, Asia Pacific is expected to be one of the key market for Bluetooth low energy-based smart lighting market owing to the rising demand for smart solutions and growing popularity of modern lighting solutions in Asian countries. Furthermore, North America and Europe are also expected to create significant growth opportunities, owing to the rising adoption of digital technologies and growing focus on energy-efficiency building infrastructure.
The Bluetooth Low Energy-based Smart Lighting market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: