Smart Lighting Market - By Component (Hardware, Software, Service), By Technology (Wired, Wireless), By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]) & Forecast, 2022-2028

Smart Lighting Market Size

Smart Lighting Market size exceeded USD 7 billion in 2021 and is anticipated to grow at a CAGR of over 14% from 2022 to 2028. Innovations in advanced LED drivers and integration of robust Wi-Fi communications modules in lighting are propelling smart lighting sales. The growing demand for smart lighting to enhance the building appearance will improve the market statistics during the forecast timeline.
 

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The proliferation of smart city projects across the globe is creating a significant market demand for smart lighting solutions in highway & roadway applications. Government authorities across serval countries including, India, Italy, Germany, and China are focusing on strategic partnerships with each other to develop smart cities, thus improving the market representation. Furthermore, leaders operating in the smart city sector will receive grants from their respective governments for the upgrade of their R&D centers.
 

The rising demand for smart lighting across the globe is encouraging industry players to invest in their R&D activities and launch new product innovations. Companies, such as Signify N.V., Osman Licht AG, and Zumtobel Group AG, are unveiling new Wi-Fi integrated lightings to stay competitive in the market, thus expanding the market growth.
 

Vital factors affecting the smart lighting market expansion are the high initial cost and limited availability of skilled technicians. The initial cost of smart lighting is high compared to traditional lighting systems, hampering the industry growth. Smart lighting sales are adversely impacted majorly in rural areas owing to limited familiarity with technical products. Moreover, the lack of intelligent lighting awareness and the limited availability of technical sales executives for guidance are affecting the industry demand.
 

The smart lighting market was hit worst in 2020 and 2021 impelled by the outbreak of novel COVID-19 & its variants. Due to this, industry participants operating in the smart lighting industry, such as GE Lighting, Acuity Brands, and Silver Spring Networks, incurred significant financial losses. However, the market is experiencing significant growth credited to the new product launches by OEMs from early 2022. OEMs are emphasizing on expanding their dealer networks in untapped regions to increase their net sales, thus accelerating the market progression.
 

Smart Lighting Market Analysis

In North America, hardware segment in the smart lighting market is expected to witness 15% growth rare through 2028. The integration of advanced technologies, such as Zig-bee, Wi-Fi, and Bluetooth, in luminaires is predicted to foster the industry expansion during the forecast timeframe. The increasing popularity of smart luminaires is encouraging industry leaders to adopt various business strategies to improve their luminaire product portfolio.
 

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The APAC wired smart lighting market valued at USD 1.5 billion in 2021. DALI systems are showcasing an upward market trend owing to their reduced maintenance costs, flexible design for easy installation, and advanced dimming systems. DALI technology integrated with smart lighting is used in various sectors, such as residential, commercial, and industrial, stimulating the industry progression. Market participants are emphasizing on establishing strategic partnerships & collaborations to improve their consumer base and achieve higher profitability in the market.
 

North America indoor smart lighting market dominated more than 75% of revenue share in 2021. The increasing acceptance of LEDs and the development of LED drivers are creating robust market opportunities for indoor lighting in the commercial sector. The integration of Li-Fi technology in intelligent lighting plays a vital role in fueling the industry value.
 

Industry participants are focusing on new product innovations in intelligent lighting systems for indoor commercial usage, enhancing the industry statistics. Players are focusing on developing smart lighting systems that are ideal for various commercial buildings such as offices, research labs & others.
 

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Europe smart lighting market size accounted for USD 2 billion in 2021 led by the presence of key players, such as Osram Licht AG, Signifiy N.V., Acuity Brands Lighting Inc. & Zumtobel Group AG, and their initiatives to spur smart lighting sales. For instance, in March 2022, Zumtobel Group AG participated in the Data Centre World 2022 exhibition in the UK. The company presented its outdoor lighting solutions for data centers and upcoming innovations in intelligent lighting, thus contributing to the industry demand.
 

Smart Lighting Market Share

Prominent companies operating in the smart lighting market include

• Acuity Brands Lighting Inc.
• Bridgelux Inc.
• Cooper Industries Inc. (Eaton)
• Cree, Inc.
• Echelon Corporation
• General Electric Company
• Honeywell International Inc.
• Hubbell Incorporated
• Legrand SA
• Lutron Electronics Co., Inc.
• OSRAM Licht Group
• Signify N.V.
• Schneider Electric Software LLC
• SELC Ireland Limited
• Silver Spring Networks
• TVLIGHT B.V.
• Zumtobel Group AG

Industry leaders are adopting unique business strategies to increase their customer base, thereby influencing the market expansion. Industry players are consistently investing in R&D to bring innovation to the intelligent lighting portfolio.
 

The smart lighting market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:

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Market, By Component:

• Hardware
  • Smart bulb
  • Luminaire
  • Light control
• Software
  • On-premises
  • Cloud
• Services
  • Pre-sales
  • Post-sales

Market, By Technology

• Wired
  • PLC (Power Line Control)
  • PoE (Power over Ethernet)
  • DALI (Digital Addressable Lighting Interface)
  • Hybrid
• Wireless
  • Bluetooth
  • Zigbee
  • Wi-Fi
  • EnOcean
  • Hybrid

Market, By Application:

• Indoor lighting
  • Residential
  • Commercial
  • Industrial
• Outdoor lighting
  • Highways & roadways
  • Public places
  • Bridges & tunnels

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Netherlands
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa