Smart Lighting Market – Global Industry Analysis And Forecast (2023-2029)

Smart Lighting Market was valued at US$ 13.15 Bn. in 2022 and is expected to reach US$ 48.78 Bn. by 2029, at a CAGR of 20.6 % during a forecast period.
Smart Lighting Market Overview:
The increased use of smart technologies has improved smart lighting technology. The software-based smart lights are simple to manage from a distance. Light switches that are used now are no longer necessary thanks to this technology. These technical developments are increasing the global market for smart lighting. Sales of smart lighting are being boosted by advancements in powerful Wi-Fi connectivity modules and improved LED drivers. During the anticipated time frame, the market statistics will improve due to the rising need for smart lighting to improve building appearance.To know about the Research Methodology:-Request Free Sample Report

The report has covered the market trends from 2017 to forecast the market through 2029. 2022 is considered a base year. Special attention is given to 2022 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and a specific strategic analysis of those companies is done in the report.
Smart Lighting Market Dynamics:
Smart lighting is also known as connected lighting since it may be effortlessly incorporated into the city infrastructure or IT network of a building to transmit information about the operation's state. For instance, smart street lights that connect to IoT devices ensure safety by providing extensive coverage, environmental monitoring, information on parking and traffic management, and municipal surveillance. Smart lights frequently have sensors built-in, making them a point of intelligence for gathering data on activity patterns, sunshine levels, occupancy, temperature changes, or humidity. For government agencies to respond appropriately and keep an eye out for suspicious conduct, they need this information to monitor the city.

Lighting devices that are Internet-connected or "smart" are vulnerable to hacker attacks. Those repercussions might be very serious. For instance, a hacker can use remote access to a wireless network to control smart lighting, door unlocking, security camera, and other equipment. Similar to this, someone who gained access to a home's smart systems might take over its management, opening doors, watching cameras, and turning them off. Additionally, a burglar has the ability to remotely turn off the lights in public spaces like hospitals and other buildings, with potentially disastrous results. Therefore, the primary issues for smart lighting systems are security and privacy.

Future market growth is anticipated to be further fueled by improved IEEE standards. Emerging APAC nations like China, India, and Japan are driving demand for smart lighting solutions for commercial applications. The "US-India Climate and Clean Energy Agenda 2030 Partnership," which will be focused on advancing urgent progress in this crucial decade for climate action, will be launched by the US and India in April 2022.

India and the US have both established challenging goals for clean energy and climate action for the year 2030. The Indian market for smart lighting will benefit from this. There are numerous sizable unexplored markets in APAC that could be advantageous for the industry. In the UAE, Israel, and Qatar—all of which have experienced consistent growth in the infrastructure and real estate sectors—the market for smart lighting is currently seeing tremendous growth. The UAE has also modernised the lighting equipment in shopping malls, retail stores, and other commercial projects in addition to installing smart lighting systems in significant portions of city streets.
Smart Lighting Market segment analysis:
Based on Communication Channel, wireless connectivity segment held largest market share of xx% in 2022. Consumers who require connections within a short distance strongly choose wireless connectivity in a smart lighting environment, making it the market category with the largest growth over the forecast period. Lighting fixtures are connected with smartphone apps via wireless technology such Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee. For aesthetic reasons in a small space, the residential industry has heavily embraced wireless technology to regulate the colour and tint of luminaires.Based on End User, indoor lighting segment held largest market share of xx% in 2022. due to the growing popularity of smart lighting fixtures and bulbs that the user may regulate to create various lighting moods. The need to control lighting usage is another factor driving demand for commercial and industrial space, as offices and warehouses need to be operational around-the-clock and require consistent power both during the day and at night. Installing intelligent lighting with built-in sensors ensures that lights are only utilised where they are needed based on the movement of people that the sensors record. Additionally, depending on the outside lighting inside the building, the light setting might automatically reduce.
Smart Lighting Market Regional Insight:
The Europe region held largest market of xx% in 2022. Europe is setting the bar for developing performance and safety standards for specific indoor commercial smart lighting for parking lots, roads, and garages. In keeping with the ongoing developments in LED designs and technology, dedicated LED luminaires and LED replacement smart lamps are emerging as the important growth areas in the lighting industry. Existing manufacturers are diversifying their product lines in order to enter the market, while established smart lighting manufacturers are regularly updating their product offers. For applications including downlighting, task lighting, landscape lighting, general ambient illumination, and outdoor general area lighting, a growing excess of dedicated smart luminaire vendors can be recognised.

Due to the increasing demand from the commercial and residential application categories, Asia Pacific is expected to become a significant region. China is expected to become the country with the highest market share globally and the highest revenue contribution. Due to their growing economies and significant investments in smart city initiatives, nations like Japan, India, and South Korea are expected to be at the forefront of the adoption of smart lighting. The shifting landscape of lighting across business sectors has a significant impact on the need for smart lighting in the Asia Pacific region. An opportunity for new demand for smart lighting is being created by the growth of commercial building construction for office, retail, and entertainment purposes.

The objective of the report is to present a comprehensive analysis of Smart Lighting market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Smart Lighting market dynamics, and structure by analyzing the market segments and projects Smart Lighting market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in Smart Lighting market make the report investor’s guide.
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Global Smart Lighting Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 13.15 Bn.


Forecast Period 2023 to 2029 CAGR:
20.6 %
Market Size in 2029:
US $ 48.78 Bn.


 Segments Covered:
by Offering
Hardware
Software
Services


by Installation Type
New Installations
Retrofit Installations


by Communication Channel
Wired
Wireless


by End-User
Indoor
Outdoor



Smart Lighting Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Lighting Market Key Players
1. Philips Lighting
2. Acuity Brands
3. Osram
4. Cree
5. General Electric (GE + Current)
6. Eaton
7. Honeywell
8. Legrand
9. Hubbell Lighting
10.Zumtobel Group
11.Hafele Group
12.Lutron Electronics
13.Wipro Consumer Care and Lighting
14.Streetlight.Vision
15.Virtual Extension
16.Syska LED
17.Leviton Manufacturing
18.Switchmate, Inc.
19.Gooee
20.Lifx
21.Isotera
22.Ketra
23.Tao Light
24.Nualight Limited

Frequently Asked Questions:

1. Which region has the largest share in Smart Lighting Market?
Ans: Europe region held the highest share in 2022.

2. What is the growth rate of Smart Lighting Market?
Ans: Smart Lighting Market is growing at a CAGR of 20.6 % during the forecasting period 2023-2029.

3. What segments are covered in Smart Lighting market?
Ans: Smart Lighting Market is segmented into Offering, installation type, communication channel, End User, and region.

4. Who are the key players in Smart Lighting market?
Ans: The important key players in Smart Lighting Market are – Philips Lighting, Acuity Brands, Osram, Cree, General Electric (GE + Current), Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics

5. What is the study period of this market?
Ans: Smart Lighting Market is studied from 2018 to 2029.