The global Smart Lighting market size is expected to be worth around US$ 56.90 billion by 2030, according to a new report by Vision Research Reports.
The global Smart Lighting market size was valued at US$ 15.85 billion in 2020 and is anticipated to grow at a CAGR of 22.4% during forecast period 2021 to 2030.
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Smart Lighting Market (By Component: Hardware, Software, Services; By Connectivity: Wired, Wireless; By Application: Indoor, Outdoor) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
The market growth is attributable to the development of smart cities, the rising trend of smart homes, intelligent street lighting systems, and the need for implementing energy-efficient lighting systems. Although smart lights are expensive compared to general lights, their advantages outweigh the overall installation cost. However, the high price of smart lights restricted market growth as the purchasing capacity of the middle-class income group declined during the COVID-19 pandemic.
The new trend of home automation is penetrating houses with middle and high-income group consumers. The trend is further fueled by constantly evolving technology for smart homes; wherein smart lights can be connected to control the functions of electronic devices. Moreover, personal assistants such as Alexa, Crotona, and Siri can be synced with a smart light app to control lighting hue, brightness, on/off time, and other functions using only voice commands. Similar transformation using smart lights has also penetrated the commercial space.
The smart lighting market is segmented into three components, namely hardware, software, and services. The hardware segment led the market with a revenue share of more than 67% in 2020. Smart lighting hardware has been further categorized into lamps and luminaires, wherein the smart lamp segment is exhibiting high growth potential during the period 2021 to 2028. The hardware segment demand is attributed to the popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.
The wireless connectivity segment is expected to register the fastest CAGR of over 30% over the forecast period. Wireless connectivity in a smart lighting environment is highly preferred among consumers that need connections within a small range, making it the highest growing segment over the forecast period. Wireless technology such as Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee connects lighting fixtures with smartphone apps to control the light bulb’s functions. The residential sector has majorly adopted wireless technology to control the luminaire hues and color for aesthetic purposes within a confined space.
The indoor lighting application segment dominated the market and emerged as the highest revenue contributor compared to outdoor lighting applications. The indoor application is further sub-segmented into residential, commercial and industrial. The residential segment is expected to attain a high growth rate over the forecast period due to the rising popularity of smart lighting bulbs and fixtures that can be controlled by the user for setting different lighting moods.
Europe is leading the way in drafting safety and uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and parking. Dedicated LED luminaires and LED replacement smart lamps are emerging as the key growth areas in the lighting industry in line with the continued advancements in LED designs and technology. While incumbent smart lighting manufacturers continuously update their product offerings, existing manufacturers are expanding their product portfolio to foray into the market.
- Acuity Brands
- Signify Holding
- Honeywell International Inc.
- Itron Inc (Streetlight Vision)
- Ideal Industries, Inc.
- Häfele GmbH & Co KG
- Wipro Consumer Lighting
- Sengled Optoelectronics Co., Ltd.
- Schneider Electric SA
|Market Size||US$ 56.90 billion by 2030|
|Growth Rate||CAGR of 22.4% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Connectivity, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Acuity Brands; Signify Holding; Honeywell International Inc.; Ideal Industries, Inc.; Häfele GmbH & Co KG; Wipro Consumer Lighting; YEELIGHT; Sengled Optoelectronics Co., Ltd.; Verizon|
- Commercial and Industrial
- Highways and Roadways
- North America
- Asia Pacific
- Latin America
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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