Smart Lighting Market size is expected to cross USD 20 billion by 2028, according to a new research report by Global Market Insights Inc.
The increasing adoption of smart lighting on account of its energy efficiency is driving the industry expansion globally. Companies operating in the wireless lighting sector are partnering with lighting manufacturers to enhance their service offerings and expand their business operations.
The smart lighting market is observing high demand due to the shifting focus of construction companies on smart buildings worldwide. Players operating in the smart building marketplace are unveiling new products for smart lighting to increase their revenue stream. The global smart lighting industry is hampered because of high capital investments required for setting up R&D centers for technical innovations. Additionally, concern regarding data security and safety is another factor, affecting intelligent lighting sales. Furthermore, increasing cyberattacks on IoT servers for data manipulation & stealing are hindering the market growth.
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Smart lighting sales were hit worst in 2020 and early 2021 owing to the spread of COVID-19 worldwide. However, considerable digitalization and disruptions in offline stores forced industry participants to opt for e-retail platforms. Industry giants, such as Signify N.V., Lutron, Osram Licht AG, Cree, Inc., and TRILUX GmbH & CO., KG, are emphasizing on online e-retail platforms to market their products and enlarge their consumer base.
Analyst view: “Shifting consumer focus toward smart home and energy-efficient electric products is creating a positive smart lighting market Outlook. Major players are highly emphasizing on new product innovations and distributor network expansion.”
Stringent government regulations to mitigate the virus effect resulted in the temporary suspension of major business operation activities, affecting the market statistics. However, from 2022, intelligent lighting is experiencing high revenue growth provided relaxations on businesses after a significant decrease in infected patients.
Intelligent lighting software is witnessing high demand for remote controlling of lighting
Europe software segment will observe prominent growth of over 12% through 2028 led by the rising popularity of intelligent lighting smartphone applications. It is further divided into on-premise and cloud. Industry players are focusing on improving their software interface & intelligent lighting offerings. Industry participants are focusing on establishing strategic partnerships with technology providers to enrich the productivity of their intelligent lighting through software.
Browse key industry insights spread across 300 pages with 572 market data tables & 23 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]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Robust efficiency and high-speed data transmission of Wi-Fi controlled lighting
The Asia Pacific wireless smart lighting market segment is set to reach over USD 2 billion by 2028 owing to shifting consumer focus toward reliable smart lighting systems. The high emphasis of market players on developing Wi-Fi-enabled intelligent lighting is creating a positive outlook. For instance, in January 2022, Sengled showcased its Wi-Fi-controlled smart lights equipped with health monitoring technology at the CES 2022 exhibition.
Supportive government initiatives for the modernization in street lighting for outdoor applications
The U.S. outdoor smart lighting segment held a market share of around 20% in 2021. Various governments are focusing on replacing their streetlights with intelligent lighting systems for reliable operations and low energy consumption.
Significant focus of key players on expanding their dealerships in North America
The North America smart lighting market valued at nearly USD 1.5 billion in 2021. Shifting consumer focus toward smart homes and the significant penetration by global players are creating a favorable environment for smart lighting in the region. Companies are focusing on expanding their dealer networks in North America to achieve higher profitability.
Emerging startups in intelligent lighting in the region, such as LiFi Labs, Nanoleaf, Deako, Ketra, Noon & MeshTek, are contributing to the North America market demand. They are focusing on raising funds to strengthen their R&D operations and brand presence in the U.S. and Canada.
Prominent players in the smart lighting market include Zumtobel Group AG, Silver Spring Networks, Schneider Electric Software LLC, OSRAM Licht Group, Legrand SA, Honeywell International Inc., Echelon Corporation, Acuity Brands Lighting Inc, Cree Inc., General Electric Company, Hubbell Incorporated, Lutron Electronics Co., Inc., Signify N.V., SELC Ireland Limited, and TVLIGHT B.V. Industry participants are highly emphasizing on propelling their smart lighting sales to stay competitive.