At 20.4% CAGR, Smart Lighting Market Size to hit USD 68.53 Billion in 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Apr 25, 2022, 07:30 ET

LONDON, April 25, 2022 /PRNewswire/ -- The Smart Lighting Market size is expected to Reach USD 68.53 Billion by 2028, Registering to Accelerate at a 20.4% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global Smart Lighting Market size was Valued at USD 15.52 Billion in 2021. Increasing demand for energy-efficient lighting solutions coupled with government initiatives to reduce energy consumption is anticipated to drive the growth of the Global Market. "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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Smart Lighting Market Scope

The global smart lighting market has been expected to show a growth in the coming years and that growth is going to be really significant. The smart lighting is a design which is particularly for managing the luminance remotely. It has ensured the energy efficiency and it induces the automated controls and the highly efficient fixtures which may be adjusted with the dependence on conditions like external lighting and occupancy. Lighting can be said to be the intentional use of light for adding aesthetic effect and practical effect to any space. Moreover, the systems include accent, general and task lighting. The smart lighting energy systems also ensure the lower use of energy and the higher savings of cost.

Smart Lighting Market Key Drivers

Factors like the rising demand for the intelligent systems of street lighting, rising need for the energy-efficient systems of lighting and the higher penetration of the LED lightings and bulbs will drive the global smart lighting market locally. But it is the higher cost of installation and maintenance of the smart lighting systems will be hampering the growth of the global smart lighting market. Moreover, the advancements in the wireless technology and the development of projects such as the smart city projects which exist particularly in the developing countries and the emerging IOT technologies. This is providing the lucrative opportunities for the global growth of the smart lighting market.

There are dynamics like the rising demand for the intelligent systems for street lighting in the developed and developing nations, growing need for the energy-efficient systems and the sustainable development is driving the global smart lighting market. A big factor that pegs the market though is the higher cost and maintenance cost for the smart lighting. The development of the technologies which operate on the lesser power see a higher amount of demand in the modern-day market. The systems like the electrical and electronic systems are operating on the energy and power sources. The depleted energy sources have increased the development of the energy efficient systems. There is considerably lesser power consumption in smart lighting than there is in traditional lighting and that provides great marketing opportunity for the smart lighting market.

A factor here is the advancement in wireless technology and the surging IoT technology for connectivity in the smart infrastructure market has been said to increase demands for the smart lighting all over the world. Integrating the AI and IoT in these systems is providing the operational efficiencies like the intelligent illumination and auto-dimming as per requirement in the many applications like the automotive interiors, vertical farming as well as smart homes.

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

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Smart Lighting Market Segmentation Analysis

Segmentation of the global smart lighting market can be done into offering, lighting technology, connectivity technology, industrial vertical and application. Depending upon the offering, the global market has been bifurcated into software and hardware. In terms of the connectivity technology, it has been categorized into Wi-Fi, Bluetooth, Zigbee and DALI. In terms of the lighting technology, the global smart lighting market has been classified into the halogen, fluorescent, CFL, LED and incandescent

In terms of the connectivity technology, the DALI segment has dominated the smart lighting market has been globally gaining the biggest share of the market as a revenue and has been expected to secure the biggest position in the coming years. On the basis of industry vertical, the market of smart lighting has been segmented into the residential, commercial, automotive, industrial and other segments. It is expected that the commercial segment is going to witness the biggest smart lighting market growth.

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 Trends

The smart LED lighting system has been used for the residential applications and have ben used by the remotely controlled applications and the single handled device and may enable the self-learning mode via the self-learning mode via the WiFi transmission mode. The smart signal processing may be hand held or automatic and can collect data by the ASIC inside it or an MCU. In the number of these modules, the wireless communication modules, WiFi is going to gain a market traction as it can be integrated in a smart LED system through a remote control and increase the efficiency.

In the diverse interfaces of digital communication which is intended for the smart lighting, WiFi is suitable for programming of the areas and spaces that are predefined. In the systems, usually, the areas can be segmented on events or people. This allows this systems for calculating the light levels needed for accurately calculating the levels for illuminance suitable for the different tasks of many users with the advantages for calculating the real-time power consumption.

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Reginal Analysis:

In the last few years, the region of Asia Pacific has been seeing a decent amount of growth in the smart lighting market. It is also the highest market right now and will maintain the highest growth. The developing smart infrastructure and creation of lighting infrastructure has been driving growth in the region. There are commercial and private sectors which are increasing their investments on the public infrastructure and that is going to increase the market growth in the region.

China is going to be accounting for the biggest growth in the Internet of Thing connections which is going to be almost one -third of the global IoT connections. The systems have ben expected to see the biggest beneficiary of this trend in the coming years. There are tech companies which are working hard to build an infrastructure of solutions. Most in the Chinese lighting market share has been shared by the top players in the market

On Special Requirement Smart Lighting Market Report is also available for below region:

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 Latin America

Middle East and Africa

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

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