Business Intelligence Lighting Market Size, Share, Growth, and Industry Analysis, By Type (Sensors, Ballasts & LED drivers, Dimmers & switch actuators, Microcontrollers, Transmitters & receivers, Intelligent luminaries), By Application (Commercial buildings, Residential buildings, Public utilities), Regional Forecast By 2031

Updated On: 15 April 2024

Business Intelligence Lighting Market Report Overview

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The global business intelligence lighting market size was USD 6.525 billion in 2021, as per our research, the market is projected to touch USD 21.622 billion by 2031, exhibiting a CAGR of 12.76% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Lighting technique known as "business intelligence lighting"  made sure to save a lot of money and use less energy with the use of smart lighting technology. Business intelligence lighting is becoming more and more popular as a result of rising environmental consciousness among consumers, the robustness of these lights, and government energy efficiency regulations.

COVID-19 Impact: The COVID-19 Underlying Condition Pauperize the Market Growth

Beginning in 2021, the COVID-19 disease spread rapidly over the globe, infecting untold numbers of people and adversely affecting the aviation sectors. Globally, the government ordered work stoppages and foot restrictions in the impacted areas. The COVID-19 pandemic also had a significant effect on the market. Manufacturers of business intelligence lighting products, the initial or starting node of the market value chain, reported seeing its effects. Additionally, the market experienced a stop in production and a disturbance in the supply chain, which had a negative impact on light manufacturing output across important manufacturing hubs and hindered industrial output growth. ​

LATEST TRENDS

"The Growing R&D and Robust Evolution and Transformation to Augment the Market Demand"

The expanding demand for lighting from end-use industries and the growing consumer awareness of resource sustainability are driving the global lighting industry. The industry has undergone a substantial change, and the switch from incandescent to light-emitting diodes (LED) has had a major impact on the expansion of the sector. According to their needs, end customers can now select from a variety of solutions thanks to evolution, including FTLs, CFLs, LEDs, and others. Due to its lower energy usage, longer lifespan, and lower cost as compared to conventional lighting technologies, LEDs have emerged as the most preferred lighting technology. Furthermore, unlike fluorescent or incandescent lamps, they have no negative environmental effects.

Due to expanding access to and awareness of the product, the business intelligence lighting market share is predicted to grow more quickly in developing nations. It is anticipated that further R&D efforts to develop improved lighting technologies would further fuel market expansion. As the industry expands, product innovation by various businesses also keeps rising. Realme India introduced Realme Smart LED bulbs in India in July 2022. The product has an input voltage range of AC 120–250V and a rated power rating of 9W. The Realme Link app, Google Home, or Amazon Alexa can be used to control the lights.

Business Intelligence Lighting Market Segmentation

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• By Type

Based on type the market is classified into sensors, ballasts & LED drivers, dimmers & switch actuators, microcontrollers, transmitters & receivers, intelligent luminaries.

• By Application

Based on application the market is classified as commercial buildings, residential buildings, public utilities.

DRIVING FACTORS

"Rapid Urbanization and Increasing Construction Activities to Stimulate the Market Growth"

During the projected period, rapid urbanisation and rising construction activity in various nations' commercial sectors are anticipated to drive market demand. For instance, Wipro Lighting announced the launch of a new business unit in June 2022 that will combine seating and commercial lighting solutions. It seeks to provide more comprehensive solutions and greater value to its B2B (business-to-business) clients. These new developments will fuel the business intelligence market growth.

"Favourable Government Initiatives and Environmental Concerns to Multiply the Market Share"

Based on technology,business intelligence lighting has emerged as one of the most popular options for customers, and it is also predicted to increase at the fastest rate during the projected period. LED demand has increased as a result of favourable government efforts and growing environmental concern. LEDs are now the preferred choice for customers all over the world as energy costs rise and resource shortages worsen.

The government's encouragement of investments in energy-efficient lighting technologies through various legislation has increased the applications of LED lights throughout various industrial, commercial, and residential sectors. Additionally, lighting consumes 18 to 40 percent of electricity in commercial buildings and about 10% of electricity in homes. The market is expanding due to the rising global demand for energy conservation. The switch to energy-efficient lighting is anticipated to decrease the world's need for electricity for lighting by 30 to 40% by 2030.

RESTRAINING FACTORS

"The High Cost Limitations Can Alter the Market Size"

It should be noted, however, that business intelligence lighting do have constraint when it comes to installing and adoption. Business intelligence lighting is too expensive and difficult to justify. Lack of adoption at all levels of the company. Hence the installing and cost limitations can hamper the business intelligence lighting market growth significantly.

Business Intelligence Lighting Market Regional Insights

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"Asia-Pacific To Dominate With Presence of Key Players and Rising Corporate Infrastructure"

The Asia-Pacific region dominated the business intelligence lighting market share and will continue to dominate in the forecasted period. The region is anticipated to witness a substantial growth rate over the forecaster period. In terms of geography, the market is expanding quickly, especially in the growing areas of Asia Pacific, the Middle East, and Africa. The need for lighting systems is increasing in the Asia Pacific region as a result of significant infrastructure investments, population growth, and future mega-events. Due to the Gulf Co-operation Council's (GCC) aim to lowering electricity usage and carbon footprints, which is further backed by favourable government regulations, the GCC lighting market is anticipated to grow significantly over the next few years.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Hubbell Incorporated (U.S.A)
• Eaton Corporation Plc (U.S.A.)
• Philips Lighting (Netherlands)
• General Electric Company (U.S.A)
• LSI Industries Inc. (U.S.A)
• Cree Inc. (U.S.A)
• Honeywell International Inc. (U.S.A)
• Control4 Corporation (U.S.A)
• Lutron Electronics Co. Inc. (U.S.A)
• Schneider Electric (France)
• Legrand (France)
• Enlighted Inc. (U.S.A)
• Leviton Manufacturing Co. Inc. (U.S.A)
• Acuity Brands Inc. (U.S.A)
• OSRAM GmbH (Germany).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.