Smart Lighting Market Size

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.