Categories: Market Research

Smart Lighting Market Size, Opportunities, Trends, and Demand 2024-2033

The Smart Lighting by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Lighting, 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.

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.

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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

The use of Li-fi (Light Fidelity) network is the latest trend in the smart lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission. The common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second. Keeping up with the trend, in February 2023, PureLiFi launched Light Antenna ONE, a LiFi module that is ready for mass integration into billions of devices. It is the first-of-its-kind wireless communications antenna that enables LiFi to connect devices at scale. The device is smaller than a dime and is ready to enable LiFi on connected devices.

The smart lighting market report table of contents includes: