Smart Lighting Market Size Worth $46.90 Billion By 2028 | CAGR 20.4%: Grand View Research, Inc.

SAN FRANCISCO, Aug. 16, 2021 /PRNewswire/ -- The global smart lighting market size is expected to reach USD 46.90 billion by 2028, registering a CAGR of 20.4%, from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The market growth is attributable to the development of smart cities, the rising trend of smart homes, intelligent street lighting systems, and the need for implementing energy-efficient lighting systems. Although smart lights are expensive compared to general lights, their advantages outweigh the overall installation cost. However, the high price of smart lights restricted market growth as the purchasing capacity of the middle-class income group declined during the COVID-19 pandemic.

Key Insights & Findings:

• The wireless segment in the market is anticipated to witness the fastest growth over the forecast period. The growth is attributed to demand for quick connectivity in the confined area using Z-wave, ZigBee, Wi-Fi, and Bluetooth
• The hardware segment is expected to attain the highest revenue contribution in 2020 as lamps and fixtures are an inseparable component of smart lighting. The lamp and luminaire are integrated with sensors, dimmers, and other electronic components to perform controllable functions such as changing hues, dimming based on outside weather, and switching on/off as per set time
• The Asia Pacific region is expected to witness the highest growth rate over the forecast period owing to the large-scale development of smart city projects in China, Japan, and South Korea. Moreover, increasing investment from India, Singapore, Thailand, and Malaysia to install energy-efficient smart lighting will bolster the market growth across Asian countries
• Some of the major players operating in the market are Acuity Brands; Signify Holding; Honeywell International Inc.; Ideal Industries, Inc.; Häfele GmbH & Co KG; Wipro Consumer Lighting; YEELIGHT; Schneider Electric SA; and Honeywell Inc. These vendors are dominant players in the market owing to their extensive product portfolio offering a smart lighting lamp and luminaires

Read 110 page research report, "Smart Lighting Market Size, Share & Trends Analysis Report By Component, By Connectivity (Wired, Wireless), By Application (Indoor, Outdoor), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The new trend of home automation is penetrating houses with middle and high-income group consumers. The trend is further fueled by constantly evolving IoT technology for smart homes; wherein smart lights can be connected to control the functions of electronic devices. Moreover, personal assistants such as Alexa, Crotona, and Siri can be synced with a smart light app to control lighting hue, brightness, on/off time, and other functions using only voice commands. Similar transformation using smart lights has also penetrated the commercial spaces. Retail has emerged as the top beneficiary of smart lighting. Apart from energy efficiency, the "smart" lighting systems installed in retail stores are leveraging Bluetooth Low Energy (BLE) and Visible Light Communication (VLC) technology which allows LED light fixtures to communicate wirelessly with the antennas and cameras in smartphones. Thus smart lighting technology helps retailers reach customers visiting the shop premises to send offers and product availability information based on their purchasing pattern. Similar add-on integrated functions are expected to augment the market growth in the upcoming years.

The residential, commercial, and industrial sector is slowly making in-roads with the integration of Artificial Intelligence (AI), Internet of Things (IoT), and other technologies to extend the capability of smart lights. With aid from AI in the local network, the smart light creates safe and sustainable lighting solutions while safeguarding users' privacy as the data is not uploaded to the cloud. Data privacy has been one of the main concerns when smart lighting is connected via Wi-Fi and other wireless methods to electronic appliances. It serves as a way for hackers to infiltrate the premise network to access personal information. Moreover, the incidence of hacking has increased during COVID-19 across the internet-connected infrastructure. Hence, building a robust security infrastructure to provide internet-free offline connectivity can restrict the hacker and improve efficiency and adoption of smart lighting over the forecast period.

Grand View Research has segmented the global smart lighting market based on component, connectivity, application, and region::

• Smart Lighting Component Outlook (Revenue, USD Million, 2017 - 2028)
• Hardware
• Lamp
• Luminaire
• Software
• Services
• Smart Lighting Connectivity Outlook (Revenue, USD Million, 2017 - 2028)
• Wired
• Wireless
• Smart Lighting Application Outlook (Revenue, USD Million, 2017 - 2028)
• Indoor
• Residential
• Commercial and Industrial
• Outdoor
• Highways and Roadways
• Architectural
• Others
• Smart Lighting Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• MEA

List of Key Players of Smart Lighting Market

• Acuity Brands
• Signify Holding
• Honeywell International Inc.
• Itron Inc (Streetlight Vision)
• Ideal Industries, Inc. 
• Hafele GmbH & Co KG
• Wipro Consumer Lighting
• YEELIGHT
• Sengled Optoelectronics Co., Ltd.
• Verizon
• Schneider Electric SA

Check out more studies related to lighting technologies, conducted by Grand View Research:

• High-end Lighting Market – Global high-end lighting market size was estimated at USD 14.43 billion in 2016. Increasing demand for connected lighting and interior designing is anticipated to be a key factor driving the industry growth.
• LED Lighting Market – Global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028. Stringent regulations to ban or limit the use of inefficient lighting technologies and government rebate and retrofit programs to encourage the deployment of LED lighting are contributing to the market growth.
• Smart LED Lighting Market – Global smart LED lighting market size was estimated at USD 7.32 billion in 2018. Rising awareness regarding the technologies such as wireless optical networking data transmission, light fidelity, and Internet of Things (IoT) is expected to positively impact the market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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