Global Smart Lighting Market Size, Share - Segmented by Product Type, Light Source, Communication Technology, Application, and Region - Growth, Trends, and Forecast (2022 - 2030)

The Smart lighting market is expected to reach USD 24.02 billion in 2023 from USD 7.42 billion in 2017, witnessing a CAGR of 21.6% during the forecast period 2018 - 2023.

Smart lighting technology is designed for the efficient use of energy, which includes high-efficiency fixtures and automated controls, which make adjustments based on conditions, such as occupancy and daylight. Growing demand for Internet of Things (IoT) technology, wireless optical networking data transmission technology, growing OLEDs penetration, and the emergence of light fidelity (Li-Fi) technology is resulting in growth of adoption of smart lighting. Rapid urbanization has drawn the attention of the residential, commercial, and industrial users to adopt smart lighting.

Development of smart buildings, government initiatives in smart city projects, and increasing adoption and decreasing cost of LEDs are driving the growth of the market, while higher costs of installation and security and privacy concerns are restraining the growth of the market.

Indoor Application to Hold a Major Share over the Forecast Period
The indoor application has seen a significant growth in the smart lighting market and is estimated to have a significant growth over the forecast period. The indoor application of smart lighting includes residential, commercial, and industrial users. The high adoption of connected lighting systems for residential and commercial purposes has resulted in a major share for indoor application. Major companies, such as Philips and Amazon are entering into a strategic partnership to launch smart light bulbs that work with Alexa to leverage the opportunity. It is estimated to reduce power usage by up to 80% and can be used in the home indoor lighting, meeting room, museum, restaurants, cafe, etc. Increasing residential and commercial construction in countries, like India, China, and Japan has increased the growth of the market.

Asia-Pacific to be the Major Region over the Forecast Period in Smart Lighting Market
Asia-Pacific has seen a significant growth in smart lighting market in the recent years, and the region is expected to have the highest growth over the forecast period. Developing smart city infrastructure in the region and the large-scale installation of smart lighting system across the commercial and residential sectors and rising investments of the government on public infrastructure is increasing the growth of the market in the region. The governments of the developing countries are focusing on developing highly-connected smart city infrastructure across the region while encouraging participation from public and private stakeholders. The growing awareness regarding the efficiency of connected lighting system among the emerging countries, like China, India, Japan, and Singapore in enabling significant cost savings through optimal energy consumption is driving the market in the region.

Key Developments in the Smart Lighting Market
May 2018: Cree Expands SmartCast Intelligence Platform. The company plans to announce a new collaboration with Synapse Wireless, Inc. (“Synapse”) to deliver intuitive, intelligent lighting control designed specifically for outdoor area and high-bay applications
Jul 2018: Philips lighting planned to launch more than 20 experience centers across the country this year, to cash in on the strong demand for smart lighting products. The company has seen sales of smart lights grow three times in the consumer segment in the last one year and seeks to increase the sales five times this year

Smart Lighting Market Key Players:
Cree, Inc.
Koninklijke Philips N.V.
Wipro Limited
Eaton Corporation
General Electric Co.
Honeywell International Inc.
Syska Hennessy Group
Legrand S.A.
Lutron Electronics Inc.
Leviton Manufacturing Co., Inc.
Hubbell Lighting Inc.
Acuity Brands, Inc.

Reasons to Purchase Smart Lighting Market Report
Impact of growth of LED lighting on the market
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support, along with the Market Estimate sheet (in excel)

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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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