As per the Published Report, the size for the Smart Lighting Market is expected to grow from USD 8.41 billion in 2020 to USD 24.76 billion in 2026, with a CAGR of 21% between 2022 - 2027.
Smart lighting is an evolved version of traditional lighting; it is a design which is completely automated to integrate settings in lighting for controlled and energy-saving lighting, smart lighting adjusts itself based on the occupancy number and natural light availability. Smart lighting enables control of lighting, heating, cooling, and other appliances, the ability to reduce human-made brightness by utilizing light from natural resources like the sun; it allows turning on and off effect according to the presence of people in the room which eventually saves energy.
Smart lighting can be connected to the networks by assigning an IP address to light bulbs to achieve controllability in adjusting brightness. Also, the effect can be achieved by an alternative method which is designing Zigbee, or Bluetooth low energy mesh networks by integrating smart light bulbs.
A smart lighting system potentially can save up to 32% amount of energy compared to traditional lighting systems by integrating personal controls and occupancy sensors. The major components of the sensor are electronic control unit, motion detector, timer, and a controllable relay. Different sensors are used based on the required type of smart lighting applications, but there are three major types which are ultrasonic, infrared and hybrid type.
Recent Developments:
May 2018: Cree expands the Smart Cast intelligence platform. The company plans to announce a new collaboration with Synapse Wireless, Inc. ("Synapse") to provide an intelligent and intuitive lighting control system designed specifically for outdoor applications and high-rise warehouses.
July 2018: Philips Lighting plans to open more than 20 experience centers across the country this year to meet the strong demand for intelligent lighting products. The company saw triple growth in sales of smart luminaires in the consumer segment last year and intends to increase sales five times this year.
Key Market Growth Drivers
LED lighting devices' popularity has contributed to the smart lighting market's expansion. The worldwide market is driven by growing demand for smart street lighting solutions. Other factors, including the development of new wireless technology and the growing need for energy efficiency, have also contributed to market growth.
Industry Challenges
However, as compared to conventional lighting alternatives, the huge cost of smart lighting solutions acts as a major constraint in the growth of the smart lighting market. In addition, security issues related to the use of wired lighting and intelligent lighting systems will also impede market growth.
Potential Opportunities
Gradually demand for smart lighting applications is increasing by growing awareness among people regarding the environmental concerns, level of comfort and intelligent way of living, leading to a rising number of investors. With the investments in research and developments, growing ecological and energy-saving concerns, an increasing number of construction and infrastructure development projects technological advancements in photonics, smart lighting market is supposed to witness lucrative growth opportunities over the forecast period.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2020-2026 |
Base Year |
2020 |
Forecast Period |
2022 - 2027 |
Segments Covered |
By Offering, Application Type, Communication Technology & Installation Type & Regional |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities. |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa. |
Market Leaders Profiled |
Philips Lighting (The Netherlands), Hafele Group (Germany), Acuity Brands (USA), OSRAM (Germany), Cree (USA), Hubbell (USA). USA), Zumtobel Group (Austria). Honeywell (USA), Legrand (France), Eaton (Ireland), Lutron Electronics (USA) and General Electric (USA). |
This Research Report Includes the below segmentation for Global Smart Lighting Market and evaluated market size & forecast Until 2026.
On the basis of Offering, the hardware segment is dominating the market and is likely to continue the trend during the forecast period as it is a vital element of smart lighting systems. This segment is further divided into lighting control, and luminaries and lights. Relay units, switches, and dimmers, LED drivers and ballasts, gateways and sensors are part of lighting controls. Fixtures and smart bulbs like high-intensity discharge lamps, light-emitting diodes, and fluorescent lights are categorized under the luminaries and lights. The energy-saving ability mainly depends on the installation of a suitable smart bulb.
On the basis of Communication Technology, Wired technology is dominating the smart lighting market with a high CAGR owing to low costs compared to wireless technology. However, wireless technology is continuously growing at a high rate and is likely to contribute high revenue over the estimated forecast period.
Indoor Application
Outdoor Application
On the basis of Application, the Indoor applications dominate the market and are anticipated to contribute a significant share to the smart lighting market within the forecast period. The integration of wireless technology with smart lightings is likely to boost the growth of the market at a high rate in residential applications. Shopping malls, hospitality infrastructure, offices, cinema halls, amusement parks, and retail shops are listed under the commercial uses of smart lighting. To reduce the consumption of energy, there has been increasing demand for intelligent light applications in commercial space and also by government bodies which is boosting the growth of the smart lighting market.
Architectural, public places, highways, and roadways are the major outdoor applications. The outdoor smart lighting segment is expected to grow at a significant CAGR over the forecast period due to the increase in construction and smart city projects in developing economies like India and China.
Geographically, the Asia Pacific is growing at a brisk pace and is expected to be dominant over the forecast period owing to the escalation of digitalization in the region. India and China are going to portray a major impact on the smart lighting market among the Asia Pacific nations as a result of emerging economies and a high number of construction and developmental projects. Governments in the Asia Pacific are keen on investing in public infrastructure, leading to the adaptation of smart lighting systems in the region.
Some of the key players listed in the smart lighting market as per the research report are:
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