| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9003 | Industry : Semiconductor & Electronics | Available Format :
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Page : 147 |
Global Smart Lighting Market – Analysis and Forecast (2025-2030)
Industry Insights by Product (Lighting Control and Luminaries), by Source (Light Emitting Diode, Fluorescent Lamp, High Intensity Discharge Lamp, and Others), by Communication (Wired and Wireless), by Application (Outdoor and Indoor)
Industry Overview
The Smart Lighting Market is projected to witness significant growth, with an estimated value of USD 12.0 billion in 2023, expected to reach USD 32.0 billion by 2030. This market is experiencing remarkable growth, driven by the widespread adoption of cutting-edge technologies such as intelligent systems, IoT, real-time illumination monitoring, and advancements in connected lighting. Additionally, the global smart lighting market is fueled by the growing awareness of energy conservation. The market is anticipated to grow at a notable CAGR of 20.4% during the period of 2025-2030.
Smart lighting has become one of the most popular solutions in the lighting industry that uses control system in order to control lights on the basis of several parameters such as occupancy, temperature, amount of natural light and movement. Energy cost associated with lighting is high as a result to which industries and government organizations are increasingly emphasizing efforts to decrease utilization of energy and thereby altering conventional lighting systems with advanced and efficient control systems in lighting.
Automated lighting enables users to monitor tasks at an efficient manner along with flexible and economical lighting. Due to all these advantages, the smart lighting market is growing at a significant rate. Moreover, it has been observed that smart lighting is excessively being adopted in industries such as government buildings, residential, automobiles and industrial.
Market Segmentation
Insight by Product
Based on the product, the global smart lighting market is categorized into the lighting control system and luminaries. Luminaries, which is further categorized into smart bulb and fixture, account for the larger share in the market, whereas smart bulb, categorized into driver & ballast, switch & relay, sensor, and gateway, exhibit the faster growth during the forecast period.
Insight by Source
Based on the source of smart light, the market is segmented into the light-emitting diode, fluorescent lamp, a high-intensity discharge lamp, and others. Among these, globally, the LED segment held the largest share in the market in 2019 and is also anticipated to witness the highest growth during the forecast period.
Insight by Communication
The smart lighting market on the basis of communication is segmented into wireless technology and wired technology. Among these two technologies, wireless technology is expected to witness the fastest growth during the forecast period owing to the elimination of wire utilization that is ultimately abolishing the requirement for protection and installation of cables. As a result, it has been observed that the cost associated with wireless lighting is relatively low and is flexible in nature as compared to wired technology.
The wireless communication technology sensors help in developing an autonomous network that makes moving, updating, replacing and adding sensors convenient after the installation. Moreover, rapid developments observed in wireless technology are expected to drive the wireless communication technology smart lighting market during the projected period.
Insight by Application
On the basis of application, the smart lighting market is segmented into the indoor application and outdoor application. Among these two segments, the indoor application held the larger share in 2019 in the global market. The indoor application is further sub-segmented into commercial, residential and others. Among these subcategories, residential applications are excessively being installed in accordance with an entire house or even for a specific room. Moreover, the market for residential indoor applications is expected to witness the fastest growth during the forecast period in the market due to the establishment of a wireless technique.
Global Smart Lighting Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
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Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. 12.0 Billion |
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Revenue Forecast in 2030 |
U.S.D. 32.0 Billion |
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Growth Rate |
20.4% |
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Segments Covered in the Report |
By Product, By Source, By Communication, By Application & By Region. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
One of the key trends prevailing in smart lighting market is the commercial usage of smart lighting systems. It encompasses the extensive implementation of these lighting systems in retail stores, hospitality, and shopping malls. Replacement of existing lights with more energy-efficient alternative lighting systems is helping to eradicate explosive consumption of energy.
Growth Drivers
The growth of the smart lighting market is being fueled by several crucial factors. These include the ongoing development of infrastructure into smart cities, the need for modernization, and the rising demand for energy-efficient lighting systems. Additionally, the decreased cost and widespread adoption of LEDs play a significant role in driving market growth. There is also a high demand for intelligent solutions for street lighting systems and an increasing emphasis on energy savings among government organizations and consumers worldwide. As a result, the smart lighting market is experiencing rapid expansion.
Challenges
The high initial cost of installation, security and privacy concerns and limited knowledge related to payback periods are the major factors hampering the growth of the smart lighting market.
Opportunities
The rapid development of smart cities is fueling the growth of the smart lighting industry due to use of embedded devices and sensor technology in various areas such as traffic signals and streets decreases the consumption of energy at the extensive rate. Smart city initiatives specifically focus upon the use of connected devices that enables streamlining the operations and conservation of energy that makes the living of individuals convenient and affordable. These lighting systems are thus helping the government organizations in reducing energy consumption, the cost associated with maintenance of smart cities and a lower rate of accidents at night with the connected street lights.
Geographic Overview
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.
The enduring construction activities in China and India are going to undertake a rapid development that is expected to generate several growth opportunities for home automation and utilization of energy-efficient lighting systems in this region. Furthermore, swelling implementation of energy-efficient systems of lighting along with increasing expenditure on public infrastructure from the government organizations is expected to further drive the growth of the smart lighting market in Asia-Pacific at a rapid pace.
Competitive Insight
The smart lighting market are highly fragmented and lead by some of the biggest lighting companies. 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.
Honeywell has made significant innovations in smart lighting and simplified lighting management as per the available space. Honeywell has innovated IoT-based, wireless LMS and has shifted to multi-sensor technology. They are redefining smart lighting in spaces to ensure occupants’ comfort, boost their productivity and reduce energy costs.
Zumtobel is a global supplier of integral lighting solutions that enhances users' experience on the interplay of light and architecture. Zumtobel provides a wide portfolio of high-quality LED luminaries and lighting management systems for interior lighting in offices, education, presentation & retail, hotel & wellness, health, art & culture, etc. The company has developed customized lighting solutions and supply the best light for people and the environment.
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.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
The Smart Lighting Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Product
- Lighting Control
- Luminaries
- By Source
- Light Emitting Diode (LED)
- Fluorescent Lamp
- High Intensity Discharge Lamp
- Others
- By Communication
- Wired
- Wireless
- By Application
- Outdoor
- Indoor
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
Source: VynZ Research
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Smart Lighting Market