The global smart lighting market is estimated to be valued at USD 12.0 billion in 2020 and is expected to reach USD 32.0 billion by 2027, growing at a CAGR of 20.4% during 2021-2027. The key strategy adopted by the companies operating in the smart lighting ecosystem are new product launch and existing portfolio enhancement. Globally, industry players in the smart lighting industry are leveraging market growth through the establishment of growth strategies related to organic and inorganic growth mechanisms along with the incorporation of several strategic partnerships by the key players occurring in this industry.
Indoor Communication segment held the larger share in the smart lighting market in 2019
On the basis of Communication, the smart lighting market is segmented into the indoor Communication and outdoor Communication. Among these two segments, the indoor Communication held the larger share in 2019 in the global market.
The indoor Communication is further sub-segmented into commercial, residential and others. Among these subcategories, residential Communications are excessively being installed in accordance with an entire house or even for a specific room. Moreover, the market for residential indoor Communications is expected to witness the fastest growth during the forecast period in the market due to the establishment of a wireless technique.
Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period in the smart lighting market owing to massive growth perspective provided to the manufacturers by this region and these lighting systems are extensively being adopted by the consumers in developing their household and making it digitalized. Increasing activities pertaining to construction in Asia-Pacific is extensively contributing to the growth of the market in the region.
Some of the key players operating in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
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The report provides the market value for the base year 2019 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global smart lighting market on the basis of product, source, communication, Communication, and region.
Global Smart Lighting Market Coverage
Product Insight and Forecast 2015 – 2027
Source Insight and Forecast 2015 – 2027
Communication Insight and Forecast 2015 – 2027
Application Insight and Forecast 2015 – 2027
Smart Lighting Market by Region
Rest of the World (RoW)