Smart Lighting Market Growth, Size, Share, Trends, and Forecast 2030

Smart Lighting Market

Smart Lighting Market by Product (Fixtures, Smart bulbs, Lighting control and others), by Light Source (LED, Fluorescent, HD and Others), by Technology (Wired and Wireless Communication), by Applications (Indoor lights and Outdoor lighting), by End-user (Residential, Commercial, Government, Industrial and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Category: Semiconductor & Electronics Report Format : PDF Pages: 150 Report Code: ZMR-1095 Published Date: Jun-2021 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 5,426.7 million USD 20,106.4 million 18% 2023

 

Smart Lighting Market: Industry Prospective

The global Smart Lighting Market accounted for USD 5,426.7 Million in 2020 and is expected to reach USD 20,106.4 Million by 2028, growing at a CAGR of 18% from 2021 to 2028.

Smart lighting was a revolution in the lighting industry that uses the control system which intelligently controls light, based on parameters such as temperature, movement, occupancy, amount of natural light, etc. Traditional lighting consumes a high energy cost, thus Industries, government departments are focusing on reducing energy utilization by substituting traditional lighting systems with efficient and advanced lighting control systems. Alongside, providing with providing economical and flexible lighting, automated lighting control also monitors the tasks carried out by the users. 

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COVID-19 Impact Analysis

Covid-19 has eternally impacted a lot of industries and it has become difficult for each business to increase sales and production. Although, the smart lighting market is expected to recover its business in the first quarter of the coming year. The smart lighting industry is trying to take stock of the situation and take necessary measures to ensure cost-effectiveness and increase the overall demand for the product. It is expected to grow tremendously in the forecasted period.

Smart Lighting Market: Growth Factors

Upcoming smart city projects, the advent of integrated lighting control systems, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide are some of the major reasons to drive the market growth of smart lighting systems. It is forecasted that it will show tremendous growth in the coming years. Also, with the expected increase in high-speed wireless technology, indoor lighting infrastructure is becoming more prominent, as it is cost-effective and hence foresees a lot of opportunities for smart lighting applications. The shift in consumer lifestyle due to the increasing youth population, and demand for interior lighting especially in hotels and offices are sure to create a surge for the market. The consumption of global energy in buildings is one-third, and smart lighting offers various opportunities for reducing emission activities.

Report Scope:

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Technology Segment Analysis Preview

By technology, the segment is bifurcated into wired and wireless communications. Wireless technology is to experience significant growth in the forecasted period owing to the fact that consumers are demanding more smart LED lighting systems for residential end-use applications which can be remotely controlled, and single-handedly enable self-learning mode via WIFI transmission. Also, in the diverse digital communication interfaces planned for smart lighting, Wi-Fi is suitable for the programming of predefined areas and spaces.

Applications Segment Analysis Preview

On the basis of applications, the market is sub-segmented into indoor lighting and outdoor lighting. The market for outdoor lighting is expected to grow at a higher rate owing to the factors like increasing focus on improving connectivity by constructing roads and installing smart lights for roads, especially in the developing countries in the APAC region, which would spur the growth for the outdoor market.

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Smart Lighting Market: Regional Analysis Preview

The European region held a share of 55% in 2020. This is attributable to the presence of top companies. Moreover, the increasing usage of IoT and usage mainly in commercial buildings, automobile applications, and outdoor lighting are expected to generate huge demand for the market in this region.

The Asia Pacific region is projected to grow over the forecast period. This surge is due to the increasing adoption and creation of smart infrastructure in the region, scaled establishment of smart lighting framework over the private and commercial sectors, and increasing investments by the government in public infrastructure.

Smart Lighting Market: Key Players & Competitive Landscape

Some of the key players in the Smart Lighting Market are Philips Lighting, Legrand S.A., Acuity Brands Inc., Eaton Corporation, General Electric Company, OSRAM Licht, Lutron Electronics, Zumtobel Group, Honeywell International Inc., Hubbell Incorporate, and Leviton Manufacturing Company, Inc., Panasonic, LightwaveRF PLC, RAB Lighting, Synapse Wireless, Syska LED, Wipro Enterprise Ltd, and LG Electronics, among others.

Companies are also focusing on launching new products to enhance their product offerings and focusing on mergers and acquisitions to gain a competitive advantage in the market. For instance, in October 2019, Signify acquired Cooper Lighting Solutions from Eaton. 

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The global Smart lighting market is segmented as follows:

By Product

  • Fixtures
  • Smart bulbs
  • Lighting control
  • Others

By Light source

  • LED
  • Fluorescent
  • HD
  • Others

By Technology

  • Wired
  • Wireless

By Applications

  • Indoor lighting
  • Outdoor Lighting

By End User

  • Residential
  • Commercial
  • Government
  • Industrial
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The global Smart lighting market was valued at USD 5,426.7 Million in 2020.

The global Smart lighting market is expected to reach USD 20,106.4 Million by 2028, growing at a CAGR of 18% between 2021 to 2028.

Some of the key factors driving the global Smart lighting market growth are advent of integrated lighting control systems, increasing adoption and decreasing cost of LEDSs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments.

North America region held a substantial share of the Smart lighting market in 2020. This is attributable to the presence of major players such as General Electric Company, LightwaveRF PLC and RAB Lighting, among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for smart lighting in developing economies such as China and India.

Some of the major companies operating in the Smart lighting market are Philips Lighting, Legrand S.A., Acuity Brands Inc., Eaton Corporation, General Electric Company, and OSRAM Licht, Lutron Electronics, Zumtobel Group, Honeywell International Inc., Hubbell Incorporate, and Leviton Manufacturing Company, Inc., Panasonic, LightwaveRF PLC, RAB Lighting, Synapse Wireless, Syska LED, Wipro Enterprise Ltd, and LG Electronics, among others.

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