Smart Lighting Market

Smart Lighting Market Size

[170+ Pages Research Reports] Smart Lighting Market to surpass USD 105.6 billion by 2032 from USD 13.06 billion in 2021 at a CAGR of 21.0% in the coming years, i.e., 2022-32. 

Smart lighting is a modern way of illuminating homes. Instead of using conventional wall switches, smart LED bulbs can be automated or controlled remotely thanks to software that connects to an app, smart home assistant, or other smart accessories. Traditional light bulbs are turned on and off by flipping a switch. A dimmer switch may occasionally be hardwired into them which enabled users to dim or brighten the lights. However, the functionality of conventional home illumination is usually limited to this. On the other side, smart lighting allows users much more control over their lights. Each smart bulb and LED-integrated fixture allows users to manage it wirelessly with their phone or tablet or smart assistants even though they are still powered by the home's electrical system.

Market Highlights

The Smart Lighting Market is expected to project a notable CAGR of 21.0% in 2032.

Smart Lighting to surpass USD 105.6 billion by 2032 from USD 13.06 billion in 2021 at a CAGR of 21.0% in the coming years, i.e., 2022-32. The global Smart Lighting Market is driven by factors like the increase in demand for intelligent street lighting systems, the increase in demand for energy-efficient lighting systems, and the rising penetration of LED bulbs and lightings worldwide. Other market drivers include the expansion of smart city initiatives and improvements in wireless communication technologies.

Figure - Market Analysis of Smart Lighting Market

Smart Lighting Market: Segments

The Software segment is expected to grow with a higher CAGR during 2022-32

Smart Lighting Market is categorized on the basis of Component into Hardware, Software, and Services. The software segment is projected to hold the maximum CAGR over the estimated period. The growing usage of smart lighting for data-driven purposes in important places is driving its demand. Each company must also provide a software program to enable the control of lights using smartphones or tablets. The apps also assist in integrating smart platforms like Crotona, Alexa, and Siri with smart lights so that voice commands may be used to operate them. Over the projected period, the segment's growth is anticipated to be aided by the enormous popularity of creating ambient ambiance and assisting in data collecting in smart cities.

The Indoor Lighting segment is expected to grow with a higher CAGR during 2022-32

Smart Lighting Market is categorized on the basis of application into Indoor Lighting and Outdoor Lighting. The Indoor Lighting segment dominated the market and is expected to lead over the forecast period as well. Residential lighting is included in the indoor lighting sector, which is anticipated to increase rapidly over the forecast period as a result of the growing popularity of smart lighting fixtures and bulbs that can be controlled by the user to create various lighting moods.

Figure - Market Analysis of Global Precision Farming

Market Dynamics

Growth Drivers: High Adoption of Smart Technologies and Rising Number of Smart City Projects

Since smart technologies are currently being adopted more frequently, smart lighting technology is flourishing worldwide. In the upcoming years, there will likely be more chances for the growth of the Smart Lighting Market due to the ongoing implementation of smart city projects in developing nations and the growth of the smart office and smart retail trends. Over the projected period, all of these reasons will significantly fuel the Smart Lighting Market. Also, it is predicted that the growing demand for IoT-enabled lighting fixtures and smart lighting solutions will fuel the Smart Lighting Market.

Increasing Innovative Developments and Advancements in Integrated Lighting Control Systems

The Smart Lighting Market now has a greater path to opportunities thanks to creative advances. The development of integrated lighting control systems is causing the Smart Lighting Market to grow at a good clip. The market is expanding due to how convenient remote control operation is. The development of this technology is accelerating in line with current global trends for smart cities. The value of the Smart Lighting Market is growing due to its affordability. The method also reduces the need for electricity, which is why governments encourage it and the general public is made aware of its benefits. The demand for smart lighting is being driven by these growth reasons.

Restraint

High Installation Cost of Smart Lighting

The initial cost of smart lighting systems is high due to the cost of the equipment as well as the cost of integration and installation services, despite the fact that they are long-term cost-saving lighting solutions that use less energy. Dimmer switches, control systems, sensors, and software are just a few of the hardware parts that make up smart lighting systems. Owing to this, installing smart lighting is more expensive than installing traditional lighting systems. This is primarily since smart lighting solutions call for extremely expensive software, control systems, and LED light sources. The deployment of smart lighting control technologies is hampered by this problem.

Recent Developments

• Hubbell Control Solutions introduced the NX Distributed Intelligence Lighting Control Panel (NXP2 Series) in March 2021, an updated model that centralizes connection points in an enclosure and provides an installer-friendly solution. With this recently released version, installing lighting control that complies with codes takes less time and money.
• Hubbell Lighting and LightAZ formed a cooperation in March 2021. LightAZ is a luminaire manufacturing company in the U.S.
• Leviton introduced a new range of Decora Motion Sensors in March 2021 with the objective of providing consumers with the best possible management of lighting and motor loads with improved detection functionality for precise switching.

Smart Lighting Market:

Key Players

• General Electric Company

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Schneider Electric SA
• Verizon
• Honeywell International Inc.
• Eaton Corporation
• Wipro Consumer Lighting
• Osram Gmbh
• Signify Holding
• Acuity Brands
• Lutron Electronics Co. Inc.
• Ideal Industries Inc.
• Sengled Optoelectronics Co. Ltd.
• Itron Inc (Streetlight Vision)
• Häfele GmbH & Co KG
• YEELIGHT
• Other Prominent Players

Smart Lighting Market: Regions

Smart Lighting Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Europe area has led the Smart Lighting Market in the past and is predicted to continue to do so. The increasing usage of digital workplaces for a more cost-effective, convenient, and flexible working environment is anticipated to fuel the growth of the European Smart Lighting Market.

The sizeable European market can also be attributable to rising energy saving awareness and the execution of numerous government initiatives. The drivers fueling the growth of the Smart Lighting Market in Europe are high disposable income, a higher standard of life, and an increase in the deployment of smart lighting solutions in the residential, commercial, and public sectors.

Impact of Covid-19 on Smart Lighting Market

The COVID-19 virus has had a negative impact on the global industry for smart lighting. Lockdowns and company closures caused a disturbance in the value chain. The COVID-19 pandemic impacted various industries, including the global Smart Lighting Market. Sales and revenue fell off in the market. However, the global Smart Lighting Market is anticipated to experience a staggered recovery in the future years due to the gradual launching of enterprises. Innovative business tactics are being used by manufacturers in the global Smart Lighting Market to stay afloat financially.

Smart Lighting Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Smart Lighting Market report also contains analysis on:

Smart Lighting Market Segments:

• By Component 
  • Hardware
  • Software
  • Services
• By Technology 
  • Wired
  • Wireless
• By Application
  • Indoor Lighting
  • Outdoor Lighting
• Smart Lighting Market Dynamics
• Smart Lighting Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Smart Lighting Market Report Scope and Segmentation 

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