Smart Lighting Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: May 2020
  • Pages: 120
  • SKU: IRTNTR43717

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The smart lighting market size has the potential to grow by USD 11.29 billion during 2020-2024. The market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (commercial, public infrastructure, residential, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Acuity Brands Inc., Bridgelux Inc., Eaton Corp. Plc, Electricite de France SA, General Electric Co., IDEAL INDUSTRIES Inc., OSRAM Licht AG, Signify NV, TVILIGHT Projects BV, and Zumtobel Group AG.

Market Overview

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Market Competitive Analysis

The smart lighting market is fragmented. A majority of vendors in the market are industry-focused and, thus, provide several lighting-related solutions. Acuity Brands Inc., Bridgelux Inc., and Eaton Corp. Plc are some of the major market participants. Although the increasing adoption of LEDs will offer immense growth opportunities, the power, space, and cost constraints associated with integrating LED drivers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this smart lighting market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this smart lighting market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Acuity Brands Inc.
  • Bridgelux Inc.
  • Eaton Corp. Plc
  • Electricite de France SA
  • General Electric Co.
  • OSRAM Licht AG
  • Signify NV
  • TVILIGHT Projects BV
  • Zumtobel Group AG

Smart Lighting Market: Segmentation by Geography

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Europe was the largest smart lighting market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The ban on inefficient lighting sources, availability of government subsidies to manufacture LEDs, and the presence of several vendors will significantly drive smart lighting market growth in this region over the forecast period.

34% of the market’s growth will originate from Europe during the forecast period. Germany and the UK are the key markets for smart lighting in Europe. Market growth in this region will be faster than the growth of the market in North America.

Smart Lighting Market: Segmentation by Application

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Commercial establishments such as restaurants, bars, hotels, industrial facilities, offices, and malls use smart lighting. The commercial segment dominates the market due to the implementation of stringent government regulations related to energy usage and CO2 emissions. Commercial establishments are incorporating smart lighting systems to reduce energy consumption and integrate their ecosystem with IoT. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart lighting market size.

Smart Lighting Market: Key Drivers and Trends

A key factor driving the growth of the smart lighting market is the increasing adoption of LEDs. Smart lighting systems, which integrate LED lamps and luminaires, save energy and offer information that can be used for energy analysis and maintenance. The longer lifespan of LEDs plays a vital role in infrastructure, such as airports, as it reduces power consumption by 80%. The increasing cost of energy and the focus on energy efficiency will increase the adoption of LEDs, especially in public infrastructures such as airports, offices, railway stations, etc.

The advent of IoT, one of the critical smart lighting market trends, will also drive market growth. The adoption of IoT in smart lighting solutions has increased owing to developments in wired and wireless technologies and sensor technologies. Smart lighting solutions such as smart bulbs and luminaires provide a better degree of control and interactivity when compared with traditional lighting solutions. IoT facilitates smart lighting fixtures to generate data that can be used to minimize energy consumption. The development of smart device applications and cloud-connected lighting systems is accelerated because of the presence of IoT architectures. This is utilized by the vendors to develop next-generation IoT smart lighting solutions for homes and offices. Such factors will drive the global smart lighting market growth at a CAGR of almost 16% during the forecast period.

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Smart Lighting Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive smart lighting market growth during the next five years
  • Precise estimation of the smart lighting market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart lighting industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart lighting market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart lighting market growth will increase by $11290.32 million during 2019-2024.
The smart lighting market is expected to grow at a CAGR of 15.86% during 2019-2024.
Technavio has segmented the smart lighting market by application (Commercial, Public infrastructure, Residential, and Others) and geographic (Europe, North America, APAC, South America, and MEA).
Acuity Brands Inc., Bridgelux Inc., Eaton Corp. Plc, Electricite de France SA, General Electric Co., IDEAL INDUSTRIES Inc., OSRAM Licht AG, Signify NV, TVILIGHT Projects BV, Zumtobel Group AG are a few of the key vendors in the smart lighting market.
Europe will register the highest growth rate of 34.37% among the other regions. Therefore, the smart lighting market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the smart lighting market growth are:
  • Development of smart cities
The smart lighting market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.

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