Smart Lighting Market Analysis

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.

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.