DUBLIN, May 23, 2022--(BUSINESS WIRE)--The "ZigBee-Enabled Lighting Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The ZigBee-enabled lighting market is projected to witness a CAGR of 38.28% during the forecast period to reach a total market size of US$6,652.938 million by 2027, increasing from US$688.173 million in 2020.
The advancements in smart lighting and LED technology offer various novice options that give users complete control over their lighting needs and solutions. As such, the incorporation of modern technology is factoring the market ahead during the forecast period.
Additionally, these lighting solutions are long-lasting and energy-efficient. These lighting solutions are used in both residential and commercial centres providing automated and controlled lighting options. Thus, the market for ZigBee-enabled lighting is expected to prosper during the requisite time frame.
By geography, North America dominates the market due to the increasing use of smart lighting solutions; while the Asia-Pacific region will grow significantly as smart lighting technologies evolve, especially in Southeast Asian countries. By application, the commercial segment is expected to register the highest growth rate during the forecast period, owing to the growing installation of the ZigBee lighting system in public and commercial infrastructure.
Advancement in IoT technology
With the advancement of IoT technology, ZigBee-enabled lighting products and solutions have been revolutionised in terms of design and simulation. The concept is constantly evolving to meet the next generation of devices that work with the IoT. The usage of sensors has eased the lighting needs further with automated turning on and off options. As lighting involves a large share of the cost in commercial buildings and industrial establishments, there is a growing need for smart lighting solutions to conserve electricity.
Rising demand for automated lighting
ZigBee-enabled lighting is proving to be a worthy choice for turning a static structure into a dynamic, automated establishment. It is also believed to be less expensive than a wired system and guarantees efficiency, making it a commercially viable option. They are a well-suited lighting solution for large residential projects. The rapid course of urbanisation and infrastructural transformation around the world is furthering the growth of the market.
Even though the market for ZigBee-enabled lighting is expanding in several regions of the world, the high cost of manufacturing is containing the adoption of these solutions.
Again, the lack of awareness among the general population about the presence of such smart solutions is restricting the market from attaining its full potential. These two factors may act as restraints on the overall growth of the market during the forecast period.
COVID-19's Impact on the ZigBee-Enabled Lighting Market
he pandemic is expected to have a lasting impact on the ZigBee-enabled lighting market as the demand from the commercial and industrial sectors contracted substantially owing to the lockdowns and restrictions. The demand from the residential and health sectors has helped sustain the market.
On the supply side, the components and technologies essentially sourced from China suffered a major disruption. The lack of raw materials and intermediary components caused a ripple effect in the manufacturing units, trickling down to the slowdown in the supply of ZigBee lights. The market witnessed an overall pessimistic impact after the hit of the pandemic.
The market leaders for the ZigBee-Enabled Lighting Market are LG Electronics, OSRAM GmbH, General Electric, Belkin International, Inc., Signify Holding, XAL GmbH, and CREE.
Some key developments include:
ams AG acquired a minimum of 55% of Osram via the public stock market in 2019.
In 2018, Jasco integrated with GE's branded ZigBee product line and Amazon.
Foxconn acquired the consumer electronics vendor Belkin International for $1.1 billion (US$866 million) in 2018.
Signify expanded its comprehensive smart home lighting offering in the United States in 2019.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.4. Industry Value Chain Analysis
5. ZIGBEE-ENABLED LIGHTING MARKET, BY APPLICATION
6. ZIGBEE-ENABLED LIGHTING MARKET, BY GEOGRAPHY
6.2. North America
6.2.1. United States
6.3. South America
6.4.3. United Kingdom
6.5. Middle East and Africa
6.5.1. Saudi Arabia
6.6. Asia Pacific
6.6.4. South Korea
7. COMPETITIVE INTELLIGENCE
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisition, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
Belkin International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/huk9of
View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005685/en/
Laura Wood, Senior Press Manager
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