The Global Smart Lighting Market to Reach $47.6 Billion in 2030: LEDs to Experience Fastest Growth

DUBLIN, March 2, 2023 /PRNewswire/ -- The "Global Smart Lighting Market Analysis by Installation Type, Component, Source, Connectivity, Application - Industry Growth and Demand Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

As per the market research study, the smart lighting market garnered $10,600.8 million in 2021, and it is projected to generate $47,674.3 million in 2030, rising at a rate of 18.2% from 2021 to 2030. It is ascribed to the surging demand for energy-efficient lighting, especially LEDs, and the development of smart cities.

Companies Mentioned

• Signify N.V.
• Acuity Brands Inc.
• Sengled Optoelectronics Co. Ltd.
• Honeywell International Inc.
• Schneider Electric
• Osram Licht AG

LEDs Can Save $225 in Electricity Bills

In an average house, lighting consumes around 15% of the total electricity, and the usage of LEDs can save $225 in energy bills. The availability of a wide range of features, including energy usage monitoring, automatic on/off, and Bluetooth, Wi-Fi, and ZigBee connectivity, along with the rising adoption of IoT devices and smart assistant platforms, propels the smart lighting demand.

The new installation category captures an approximately 60% industry share, led by the strong focus on removing conventional lighting systems from the mainstream and installing novel lamps and associated controls in their stead. This trend is easily visible in the newly constructed industrial, commercial, and residential spaces.

Lighting Control Holds Largest Industry Share

Among all kinds of hardware, lighting control captures the largest industry share, led by the rising count of technological advancements and transformations in smart lighting system controls.

LEDs To Experience Fastest Growth

LEDs will continue to experience the fastest growth in the smart lighting industry, driven by the technological advancements in LED lighting. The industry is also propelled by the rising consumer awareness of the advantages of more-energy-efficient and reliable lighting sources over the conventional incandescent lamps.

Rising Popularity of Wireless Connectivity

Wireless connectivity is massively preferred among consumers who need small-range connections; thus, its usage will continue to be higher in the coming years. Wireless technologies, including SmartThings, ZigBee, Wi-Fi, Bluetooth, and Z-Wave, connect lighting fixtures with smartphone apps, to provide remote control.

Increasing Indoor and Outdoor Smart Lighting Applications

Smart lighting is utilized in both indoor and outdoor applications, of which indoor application dominates the industry. Further, among the three major sectors, the usage of smart lighting for interior applications in the residential sector is projected to experience a high growth rate in the coming years. This would be due to the increasing popularity of fixtures and smart bulbs that can be controlled by users with a smartphone.

Europe Is Strongest Catalyst for Global Smart Lighting Revolution

• Europe holds the largest industry share, and it is projected to generate approximately $18 billion in 2030.
• This is credited to the growing tech-enabled workspace adoption and acceptance of standard protocols for lighting control systems.
• North America captures the next-significant industry share, ascribed to the rising adoption of smart and energy-efficient solutions to resolve the lighting and high energy bill issues.
• APAC is projected to experience massive development in the market because of the growing residential and commercial illumination demand. The surging investments in smart city projects are also expected to boost the industry growth.

Key Topics Covered:

Chapter 1. Research Scope

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Industry Outlook
4.1. Market Dynamics
4.1.1. Trends
4.1.2. Drivers
4.1.3. Restraints/challenges
4.1.4. Impact analysis of drivers/restraints
4.2. Impact of COVID-19
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining power of buyers
4.3.2. Bargaining power of suppliers
4.3.3. Threat of new entrants
4.3.4. Intensity of rivalry
4.3.5. Threat of substitutes

Chapter 5. Global Market
5.1. Overview
5.2. Market Revenue, by Component (2017-2030)
5.3. Market Revenue, by Application (2017-2030)
5.4. Market Revenue, by Connectivity (2017-2030)
5.5. Market Revenue, by Source (2017-2030)
5.6. Market Revenue, by Installation Type (2017-2030)
5.7. Market Revenue, by Region (2017-2030)

Chapter 6. North America Market
6.1. Overview
6.2. Market Revenue, by Component (2017-2030)
6.3. Market Revenue, by Application (2017-2030)
6.4. Market Revenue, by Connectivity (2017-2030)
6.5. Market Revenue, by Source (2017-2030)
6.6. Market Revenue, by Installation Type (2017-2030)
6.7. Market Revenue, by Country (2017-2030)

Chapter 7. Europe Market
7.1. Overview
7.2. Market Revenue, by Component (2017-2030)
7.3. Market Revenue, by Application (2017-2030)
7.4. Market Revenue, by Connectivity (2017-2030)
7.5. Market Revenue, by Source (2017-2030)
7.6. Market Revenue, by Installation Type (2017-2030)
7.7. Market Revenue, by Country (2017-2030)

Chapter 8. APAC Market
8.1. Overview
8.2. Market Revenue, by Component (2017-2030)
8.3. Market Revenue, by Application (2017-2030)
8.4. Market Revenue, by Connectivity (2017-2030)
8.5. Market Revenue, by Source (2017-2030)
8.6. Market Revenue, by Installation Type (2017-2030)
8.7. Market Revenue, by Country (2017-2030)

Chapter 9. LATAM Market
9.1. Overview
9.2. Market Revenue, by Component (2017-2030)
9.3. Market Revenue, by Application (2017-2030)
9.4. Market Revenue, by Connectivity (2017-2030)
9.5. Market Revenue, by Source (2017-2030)
9.6. Market Revenue, by Installation Type (2017-2030)
9.7. Market Revenue, by Country (2017-2030)

Chapter 10. MEA Market
10.1. Overview
10.2. Market Revenue, by Component (2017-2030)
10.3. Market Revenue, by Application (2017-2030)
10.4. Market Revenue, by Connectivity (2017-2030)
10.5. Market Revenue, by Source (2017-2030)
10.6. Market Revenue, by Installation Type (2017-2030)
10.7. Market Revenue, by Country (2017-2030)

Chapter 11. Competitive Landscape
11.1. List of Market Players and Their Offerings
11.2. Competitive Benchmarking of Key Players
11.3. Product Benchmarking of Key Players
11.4. Recent Strategic Developments

Chapter 12. Company Profiles

Chapter 13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/54qfw8-smart?w=5

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