Smart Lighting Market Size, Share, And Trends Analysis By Lighting Type (LED Lamps, High-Intensity Discharge Lamp, Fluorescent Lamp), By Component (Relays, Sensors, Controllable Breakers, Dimmer Actuators, Switch Actuators), By Application (Residential, Commercial & Industrial, Public & Government Constructions), Based On Region, And Segment Forecasts, 2022 - 2028

  • Report ID: BMRC 544 | Number of pages: 193 | Published Date: Apr 2022

    Published | Category: Semiconductor | Delivery Timeline: 48 hrs

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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027

Global Smart Lighting Market is valued at USD 10,724.0 Million in 2021 and it is expected to reach USD 34,050.15 Million by 2028, with a CAGR of 17.9% during the forecast period.

Increasing demand for energy-efficient lighting solutions coupled with government initiatives to reduce energy consumption is anticipated to drive the growth of the Global Smart Lighting Market.

Market Analysis of Smart Lighting:

Smart lighting is lighting that users can control from an app, usually on their Apple or Android phones. The app enables users to change the brightness of the bulbs, and if the bulbs have colored LEDs user can change their colors too. It allows users to control light wirelessly with their phone, tablet, or smart assistant, such as Google Assistant or Amazon Alexa. For example; Smart LED bulbs contain software that connects to an app, smart home assistant, or another smart accessory so users can automate their lights or control them remotely, eliminating the need for traditional wall switches. Smart lighting solutions using networked technology represent an interesting opportunity for cities such as; huge reduction of energy and maintenance cost, increased public safety from improved lighting, safer traffic due to increased visibility of hazards, and measurable environmental impact due to reduced energy consumption. All these advantages of smart lighting increases the demand for smart lighting solutions.

Global smart lighting market report is segmented on the basis of lighting type, component, application and region & country level. Based upon lighting type, the global smart lighting market is divided into led lamps, high-intensity discharge lamps, fluorescent lamps and others. Based upon components, the global smart lighting market is classified into relays, sensors, controllable breakers, dimmer actuators, switch actuators and others. Based on application, the smart lighting market is classified into residential, commercial & industrial, public & government constructions and others.

Report Analysis Details
Historical data 2018 - 2021
Forecast Period 2022 - 2028
Market Size in 2021: USD 10,724.0 Million
Base year considered 2021
Forecast Period CAGR %:

17.9%

Market Size Expected in 2028: USD 34,050.15 Million
Tables, Charts & Figures: 175
Pages 200
Smart Lighting Companies Acuity Brands, Inc., Legrand S.A., Lutron Electronics, Co., Streetlight Vision, Encelium Technologies, Inc., Zumtobel AG, Digital Lumens, Inc., Royal Philips Electronics N.V., Honeywell International, Osram Licht AG, and others.
Segments Covered By Lighting Type, By Component, By Application
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Global Smart Lighting Market Segmentation:-

By Lighting Type

  • LED Lamps
  • High Intensity Discharge Lamp
  • Fluorescent Lamp
  • Others

By Component

  • Relays
  • Sensors
  • Controllable Breakers
  • Dimmer Actuators
  • Switch Actuators
  • Others

By Application

  • Residential
  • Commercial & Industrial
  • Public & Government Constructions
  • Others

Smart Lighting Market Key Players

Some major key players in Global Smart Lighting Market are

  • Acuity Brands, Inc.
  • Legrand S.A.
  • Lutron Electronics, Co.
  • Streetlight Vision
  • Encelium Technologies, Inc.
  • Zumtobel AG
  • Digital Lumens, Inc.
  • Royal Philips Electronics N.V.
  • Honeywell International
  • Osram Licht AG
  • others

Increasing Demand for Energy Efficient Lighting Solutions is the Key Factor Driving the Market Growth.

The major factor driving the growth of the global smart lighting market is the increasing demand for energy-efficient lighting solutions in commercial and residential construction. In addition, rising disposable income and purchasing power of consumers are also supplementing the demand for smart lighting solutions. The increasing number of smart buildings coupled with the government initiatives for smart city projects are also fostering the growth of global smart lighting market.  For example; Up until 2016, China had 542 cities under Smart City development and that number is expected to only increase (China Academy of Information and Communication Technology, 2018) with rising government investment into this industry. It is estimated that the annual amount of investment into Smart City projects will rise from 375.2 billion CNY (approximately USD 55 billion) in 2017 to 1.23 trillion CNY (approximately USD 181.7 billion) in 2021.

Furthermore, increasing adoption of LED lights owing to its various advantages over traditional lighting solutions such as; it has long lifespan, environmentally friendly, generally consumes very low amounts of power, emits almost no forward heat, LED devices are extremely small, have great color rendering index (CRI) and others are also augmenting the demand for smart lighting solutions. However, high installation cost may hamper the market growth. In spite of that, increasing advancements in the field of  more innovative and affordable smart lighting solutions can provide various opportunities for the further growth of the market.

North America is Expected to Dominate the Global Smart Lighting Market.

The global smart lighting market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global smart lighting market within the forecast period attributed to various government regulations to improve the more energy-efficient alternatives are implemented in this region and fuel the demand for smart lighting products.

The Asia Pacific is expected to witness significant growth in the global smart lighting market owing to the rapidly growing construction industry and smart city projects in the economies such as India, China, and others in this region. For example; The Indian Economic Survey 2017-18 estimated that the country will require $4.5 trillion infrastructure investment by 2040. Much of this infrastructure investment will need to be focused on urban India, as by 2030, 40% of the country’s population, or 600 million people, will reside in cities. According to the International Monetary Fund, India’s economic growth is expected to reach 7.5 percent by the year 2021. This will make India one of the fastest growing economies in the world, and India’s aspiration to be among the top could soon be realized.

In addition, rising government investments on public infrastructure is also one of the major factors fostering market growth in this region. For example; New Delhi Municipal Council, India has managed to switch its electricity meters to smart meters, a move that would save the city US$1.7 million a year by eliminating data entry errors. In China, major smart city projects such as; Hangzhou’s “City Brain”, Cloud platforms and smart parking in Shanghai, Guangzhou, Go cashless in Beijing, China’s startup capital and Managing migrations to Xi’an. In addition, rising disposable income in emerging economies of this region is also supplementing the demand for smart lighting solutions.

On Smart Lighting Market Report is also available for the below Regions and Countries:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Key Benefits for Smart Lighting Industry Report:

  • Global Smart Lighting Industry report covers in-depth historical and forecast analysis.
  • Global Smart Lighting Industry research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Smart Lighting Manufacturers, Competitive Analysis, Regional and Country levels.
  • Global Smart Lighting Industry report helps to identify opportunities in the marketplace.
  • Global Smart Lighting Industry report covers extensive analysis of emerging trends and the competitive landscape.


Frequently Asked Questions (FAQ) :
Smart Lighting Market is expected to reach USD 34,050.15 Million by 2028, with a CAGR of 17.9% during the forecast period.
Smart Lighting Market is valued at USD 10,724.0 Million in 2021.
Asia pacific is expected to witness a significant growth in the global smart lighting market.
Major factor driving the growth of global smart lighting market is increasing demand for energy efficient lighting solutions in commercial and residential construction.
Acuity Brands, Inc., Legrand S.A., Lutron Elecronics, Co., Streetlight Vision, Encelium Technologies, Inc., Zumtobel AG, Digital Lumens, Inc., Royal Philips Electronics N.V., Honeywell International, Osram Licht AG and others.



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Smart Lighting Market Size, Share, Industry Growth Analysis, And Trends By 2028

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Smart Lighting Market Size, Share, And Trends Analysis By Lighting Type (LED Lamps, High-Intensity Discharge Lamp, Fluorescent Lamp), By Component (Relays, Sensors, Controllable Breakers, Dimmer Actuators, Switch Actuators), By Application (Residential, Commercial & Industrial, Public & Government Constructions), Based On Region, And Segment Forecasts, 2022 - 2028

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