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The smart lighting market size is forecast to increase by USD 17.20 billion between 2022 and 2027, accelerating at a CAGR of 16.88%. In 2017, the US held the largest share, projecting an annual revenue of USD 2.20 billion.
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The emergence of smart lighting is a key driver boosting the growth. It optimizes electricity usage by controlling lighting, heating, and cooling, including remote appliance management. It curtails electricity costs by judiciously scheduling light activation. The networks offer diverse features like automatic room entry activation and color adjustments. These systems operate autonomously and can be programmed to respond to user commands. Equipped with sensors, smart lights adapt to people and objects, ensuring appropriate illumination.
LED adoption promises energy savings and integration with smart and IoT technologies. Manufacturers frequently upgrade LED technologies to align with IoT advancements. Rising global interest fosters company partnerships and a global ecosystem. Efficient LED lighting and potential applications in commercial and urban settings are poised to drive the global market.
The commercial is the leading segment to dominate the market- The commercial segment will account for a major share during the forecast period and was valued at USD 4,900.54 Billion in 2017. Commercial establishments such as restaurants, bars, hotels, industrial facilities, offices, and malls use smart lighting. Due to the implementation of strict government rules on energy use and CO2 emissions, it is dominated by the market. Commercial establishments are incorporating these systems to reduce energy consumption and integrate their ecosystem with IoT. To set up a network of connected bulbs that can be controlled with one system, businesses have taken the initiative to install intelligent systems. The data generated by the system can provide insights to optimize service delivery and operations, which will enable the efficient utilization of energy and reduce costs.
Europe is estimated to contribute 34% to the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe accounted for a significant share of the global market in 2022, owing to the awareness among end-users to enhance the energy efficiency, comfort, and operational capability of buildings. The European market has been maturing, and with the replacement of decades-old intelligent building systems, there will be an acceleration in growth. There is growing awareness about the need for secure access control to authenticate the entry of only authorized persons into buildings and facilities. IBMS provides all these benefits, including energy efficiency and better control and monitoring, along with safety.
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The market is fragmented in nature. The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Eaton Corp. Plc, Helvar Merca Oy Ab, Honeywell International Inc., Hubbell Inc., Legrand SA, Leviton Manufacturing Co. Inc., Lightwaverf Technology Ltd., Lutron Electronics Co. Inc., OSRAM Licht AG, RAB lighting Inc., Savant Systems Inc., Siemens AG, Signify NV, Synapse Wireless Inc., Wipro Ltd., Zumtobel Group AG, Acuity Brands Inc., Dialight Plc, and IDEAL INDUSTRIES Inc.
The report forecasts growth by revenue at global, regional & country levels and provides research and analysis of the latest trends and opportunities from 2017 - 2027.
The Market is experiencing substantial growth, driven by advancements in LED technology, compact fluorescent, and halogen technologies. Integration with IoT devices, such as smartphones and tablets, through platforms like SmartThings, has revolutionized lighting in office spaces and industrial settings, contributing to increased industrial output.
LEDs, being at the forefront of smart home technology, are shaping the landscape. Government regulations, focusing on lumens per watt and phasing out traditional bulbs like incandescent and CFL, propel the adoption of energy-efficient LED lighting. Compliance with directives like the Restriction of Hazardous Substances (RoHS) and the integration of AI-empowered products, featuring voice recognition and remote operation, further drive smart home automation. The is not limited to residential applications; it finds extensive use in healthcare and commercial spaces, enhancing workspaces and contributing to energy efficiency. As the market continues to evolve, the intersection of technology with IoT and AI promises innovative solutions for efficient and intelligent illumination systems.
Smart Lighting Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.88% |
Market growth 2023-2027 |
USD 17.20 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.64 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Current Lighting Solutions LLC., Eaton Corp. Plc, Helvar Merca Oy Ab, Honeywell International Inc., Hubbell Inc., Legrand SA, Leviton Manufacturing Co. Inc., Lightwaverf Technology Ltd., Lutron Electronics Co. Inc., OSRAM Licht AG, RAB lighting Inc., Savant Systems Inc., Siemens AG, Signify NV, Synapse Wireless Inc., Wipro Ltd., Zumtobel Group AG, Acuity Brands Inc., Dialight Plc, and IDEAL INDUSTRIES Inc. |
Market dynamics |
Parent market analysis,market report, market research and growth Market Forecasting, Market growth analysis, market trends and analysis, inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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