Smart Lighting Market size worth over $23 Bn by 2025
Published Date: August 22, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Smart Lighting Market size is estimated to cross USD 23 billion by 2025; according to a new research report by Global Market Insights, Inc.
The energy-efficient nature and durability of the LED lamps are driving their adoption across multiple lighting applications. Currently, LED lighting accounts for more than 40% share in the general lighting market and it is predicted to cross 80% mark by 2025. Supportive government initiatives to promote the adoption of energy-efficient lighting technologies are driving the adoption of LED lamps. Moreover, the declining average selling price of the LED lamps is also serving as a major force accelerating the adoption of LED lamps.
The proliferation of IoT devices has further paved a way for the growth of the smart lighting market. Due to the advancements in the IoT technology along with wireless communication technology, the lighting component manufacturers have started focusing on enabling wireless connectivity into lighting fixtures. These manufacturers are collaborating with technology solution providers to integrate their solutions into the product. Furthermore, the advancements in IoT technology are also presenting huge opportunities for the lighting management systems to remotely control lighting fixtures and lamps.
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The luminaire market is likely to grow at 16% CAGR through 2025 driven by regulatory restrictions on the use of inefficient lighting technologies. The acceptance of energy-efficiency code and smart controls also acts as a major force driving the connected luminaire market.
Browse key industry insights spread across 435 pages with 709 market data tables & 29 figures & charts from the report, “Smart Lighting Market Size By Component (Hardware [Smart Bulb, Luminaire, Light Control], Software [On-premise, Cloud], Service [Pre-sales, Post-sales]), By Technology (Wired [PLC (Power Line Control), PoE (Power over Ethernet), DALI (Digital Addressable Lighting Interface), Hybrid], Wireless [Bluetooth, Zigbee, Wi-Fi, EnOcean, Hybrid]), By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
Wireless technology will witness a CAGR of more than 21% during the forecast period on account of the integration of advanced technologies, such as Bluetooth, ZigBee, and Wi-Fi, into the lighting solutions. This allows lamps to be controlled through mobile apps or a home/building automation hubs and individual bulbs can be programmed to change the output as per requirements. Furthermore, the lamp's internet connectivity makes it possible for vendors to use edge computing and equip smart bulbs with additional features such as built-in cameras, built-in speakers, and occupancy-sensing capability.
The outdoor lighting market to observe 21% CAGR till 2025. The outdoor lighting applications are characterized by high safety & security, low maintenance cost, and adequate lighting needs while keeping the cost low. The need to address these requirements is one of the major factors augmenting the demand for smart lighting solutions in outdoor applications.
North America accounts for over 28% of the smart lighting market share owing to the increasing smart city development projects in the region. North America dominates the global smart city market is expected to rise to USD 224.5 billion by 2021. The smart lighting industry is sized at approximately USD 13 billion, leading to infrastructural developments in the lighting sector.
The prominent vendors in the smart lighting market are Philips Lighting, Osram, GE Lighting, Cree, Schneider Electric, Echelon Corporation, Acuity Brands, Silver Spring Networks, Deako, and Tvilight.