Overview and Scope
Smart lighting is defined as lighting technology for smart homes connected to the internet. The use of sensors for instances such as automatic light dimming or adjusting the brightness of light depending on the mood of the user are some of the features of smart lighting. A smart lighting system ensures high-cost savings and lower energy usage.
Sizing and Forecast
The smart lighting market size has grown rapidly in recent years. It will grow from $15.55 billion in 2023 to $18.37 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to increase in voice assistant devices, strong economic growth in emerging markets, low interest rate environment, increase in internet penetration, high investments.
The smart lighting market size is expected to see exponential growth in the next few years. It will grow to $38.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to rising investments in energy efficient infrastructure, evolving smart cities, favorable government initiatives, increasing iot. Major trends in the forecast period include manufacturing wi-fi enabled led bulbs, adopting lifi technology to employ high speed two-way wireless communications for the workplace, investing in human-centric lighting (hcl) to optimize building efficiency for resident protection and safety, adopting iot smart lighting technologies to enhance user experience and safety, adopting mergers and acquisitions to expand their existing product portfolio and geographical presence, focusing on new product launches to meet the market demand.
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Segmentation & Regional Insights
The smart lighting market covered in this report is segmented –
1) By Product: Smart Bulbs, Fixtures, Lighting Controls
2) By Light Source: LED, HID, Other Light Sources
3) By Communication Technology: Wired, Wireless
4) By Application: Commercial, Government, Residential, Other Applications
North America was the largest region in the smart lighting market in 2023. Western Europe was the second-largest region in the global smart lighting market share. The regions covered in the smart lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Government support in developed and developing economies drive the growth of the smart lighting market. The growth of the smart lighting market in emerging markets is reinforced by the increase in disposable incomes, regulatory support in using energy-efficient lights, and the incorporation of advanced technologies. A smart lighting system confirms high-cost savings and lower energy consumption. For instance, in December 2021, according to a press release issued by the Government of India, Ministry of Power, projects worth $4.12 billion (Rs. 30,904 crore) were sanctioned under the Integrated Power Development Scheme (IPDS). Therefore, supportive government plans increase the demand for smart lights thus propelling the market for smart lighting.
Key Industry Players
Major companies operating in the smart lighting market report are Schneider Electric SA, Cisco Systems Inc., Honeywell Inc., Signify Holding, Eaton, Legrand S.A, Acuity Brands Inc., Wipro, Zumtobel Group AG, OSRAM GmbH, Philips Investment Co. Ltd, Cree company china, SSK Group, Halonix, Param LED Products, MLS Lighting, NVC International Holdings Limited, OPPLE Lighting, San’an Optoelectronics Co., Ltd, Meka Electric Corporation, YEELIGHT, Odeer Lighting, Longhorn Intelligent Tech Co., LTD, Contrac Lighting, PULSAR, Apollo Lighting Ltd, LED Light Vision, FLUX LIGHTING, Eleti Lighting Germany, ELEKTRA GMBH, NEONICA POLSKA, ART META, Altavola Design, Lumines Lighting, TREVOS, Varton, GE Lighting, Acuity Brands, LSI Industries Inc., Energy Focus, Inc., Lumileds, Deco Lighting, Frederico Lopes Leal, Light Tool Industries E Comercio Ltd., Studio dois emme iluminação, Veta Energia, Idoler Iluminacion, Ledolas, Lutron, Hafele
The smart lighting market report table of contents includes:
1. Executive Summary
2. Smart Lighting Market Characteristics
3. Smart Lighting Market Trends And Strategies
4. Smart Lighting Market – Macro Economic Scenario
5. Global Smart Lighting Market Size and Growth
…
32. Global Smart Lighting Market Competitive Benchmarking
33. Global Smart Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Lighting Market
35. Smart Lighting Market Future Outlook and Potential Analysis
36. Appendix
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