Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless [Bluetooth, Wi-Fi, Other], Hybrid), Application (Indoor [Residential, Commercial and Industrial], Outdoor) and Geography- Global Forecast to 2029’.
According to this latest publication from Meticulous Research®, the smart Lighting market is expected to register a CAGR of 12.2% from 2022–2029, to reach $39.91 billion by 2029. The rapid growth of this market is attributed to the rising demand for IoT-enabled lighting fixtures and smart lighting solutions, the growing need for energy-efficient lighting systems, and increasing smart home penetration. In addition, the rapid transition from traditional lighting to connected lighting solutions and the growing proliferation of smart cities are expected to offer significant opportunities for the growth of this market. However, the high initial costs of smart lighting equipment and accessories can somewhat restrain the market growth.
The smart lighting market is segmented by offering, connectivity mode, and application. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the smart lighting market is segmented into hardware, software, and services. In 2022, the hardware segment is expected to account for the largest share of the global smart lighting market. The large market share of this segment is mainly attributed to factors such as rising penetration of smart lights, rising demand for intelligent streetlights in developing countries, and rising popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.
However, the software segment is expected to register the highest CAGR during the forecast period. Software applications are required to facilitate the control of lights on smartphones or tablets. These apps also help connect smart lights with smart platforms such as Alexa, Crotona, and Siri to control through voice commands. The immense popularity of creating an ambient atmosphere and aiding in data collection in smart cities is expected to boost segment growth over the forecast period.
Based on connectivity mode, the smart lighting market is segmented into wired, wireless, and hybrid. The wireless segment is further segmented into Bluetooth, Wi-Fi, and other wireless connectivity modes. In 2022, the wired segment is expected to account for the largest share of the global smart lighting market. The wired connectivity mode is more reliable than other modes as such standards have minimal signal distortion. Although, the system offers two-channel communication, wired protocol & standards lack the flexibility and connectivity convenience offered by wireless protocols & standards.
Consequently, consumers are gradually shifting toward wireless connectivity mode. However, hybrid protocols & standards are expected to register the fastest growth during the forecast period. The hybrid connectivity mode provides wired protocols reliability and ample wireless protocol flexibility. Due to the convenience offered, the hybrid connectivity mode is expected to gain significant momentum in the coming years.
Based on application, the smart lighting market is segmented into indoor and outdoor. In 2022, the outdoor segment is expected to account for the largest share of the global smart lighting market and register the highest CAGR during the forecast period. The large market share of this segment is attributed to factors such as increasing adoption of energy-efficient lighting solutions, growing government initiatives toward energy efficiency, modernization and development of infrastructures such as smart cities that lead to the implementation of lighting systems, reduction in the prices of LEDs, and penetration of LEDs as a light source in outdoor lighting applications, such as architectural, highways & roadways, and public places.
Based on geography, the smart lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. In 2022, Europe is expected to account for the largest share of the smart lighting market. Factors such as increasing awareness about energy conservation, government policies encouraging energy conservation and environment protection, high disposable income, improved standard of living, and increased deployment of smart lighting solutions in residential, commercial, and government sectors are accelerating the growth of the smart lighting market in Europe.
However, Asia-Pacific saw significant growth in the smart lighting market in recent years and is expected to register the highest CAGR during the forecast period. A surge in government initiatives to promote energy-efficient lighting systems, an increasing number of smart city projects, and rising investments by the government in public infrastructure are increasing the market growth in the region.
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The key players operating in the smart lighting market are Signify Holding (Netherlands) [formerly known as Philips Lighting N.V, Legrand (France)], Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), Leviton Manufacturing Co., Inc. (U.S.), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Hubbell Incorporated (U.S.), GE Current (U.S.), Dialight plc (U.K.), Cree Lighting (U.S.), [a subsidiary of Ideal Industries, Inc. (U.S.)], Enlighted Inc. (U.S.) [a subsidiary of Simens AG (Germany)], Panasonic Holdings (Japan), LightwaveRF PLC (U.K.), RAB Lighting Inc. (U.S.), Synapse Wireless (U.S.), Syska LED (India), Wipro Enterprises (India), LG Electronics (South Korea), and ABB Ltd (Switzerland).
Key questions answered in the report-
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