Smart Lighting Market size is expected to reach USD 46.90 billion by 2028

 Smart Lighting Industry Overview

The global smart lighting market size is expected to reach USD 46.90 billion by 2028, registering a CAGR of 20.4%, from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. 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.

 

Smart Lighting Market Segmentation

Grand View Research has segmented the global smart lighting market based on component, connectivity, application, and region:

Based on the Component Insights, the market is segmented into Hardware, Software and Services

  • The hardware segment led the market with a revenue share of more than 57% 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 software segment is anticipated to register the highest CAGR over the forecast period. The demand for Smart Lighting is driven by the increasing adoption of smart lighting for data-driven causes in critical areas. Also, the software application is required by each brand to facilitate the controlling of lights using smartphones or tablets.

 

Based on the Connectivity Insights, the market is segmented into Wired and Wireless

  • The wireless connectivity segment is expected to register the fastest CAGR of over 20% 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 wired connectivity segment emerged as the highest revenue contributor in 2020 and is expected to retain its dominance over the forecast period. The wired connections are required for the range above 30 feet. Ethernet as an exception can facilitate wired connection within 100 meters, while DALI, DSI, and DLVP provide connectivity above the range of 1000 feet. 

 

Based on the Application Insights, the market is segmented into Indoor and Outdoor

  • 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. 
  • The outdoor segment is expected to register the highest CAGR over the forecast period. The outdoor segment is further sub-segmented into highways & roadways, architecture, and others. The outdoor architectural application comprises lighting for patio, gardens, exterior walls, and outdoor premises of the residential or commercial space. The burgeoning demand for smart lighting in outdoor applications is fueled by the need to provide energy-efficient lights and monitor outdoor activity. 

 

Smart Lighting Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

 

Key Companies Profile & Market Share Insights

The companies are competing to capture a maximum distribution network to lead the market. The traditional manufacturers and new players in the market are aware of the importance of distribution networks. Companies are investing high in enhancing their distribution networks.

Some of the prominent players operating in the global smart lighting market are:

  • Acuity Brands
  • Signify Holding
  • Honeywell International Inc.
  • Itron Inc (Streetlight Vision)
  • Ideal Industries, Inc.
  • Häfele GmbH & Co KG
  • Wipro Consumer Lighting
  • YEELIGHT
  • Sengled Optoelectronics Co., Ltd.
  • Verizon
  • Schneider Electric SA

 

Order a free sample PDF of the Smart Lighting Market Intelligence Study, published by Grand View Research.

 

 

 

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