Increasing need for more energy-efficient lighting systems and increasing penetration and decreasing cost of LEDs are key factors driving market revenue growth
Market Size – USD 8.89 Billion in 2020, Market Growth – at a CAGR of 20.3%, Market Trends – Development of human-centric lighting solutions
The global smart lighting market size is expected to reach USD 38.87 Billion in 2028 and register a revenue CAGR of 20.3% during the forecast period, according to a latest report by Reports and Data. Increasing need for more energy efficient lighting systems and rising popularity of smart connected homes are key factors expected to drive market revenue growth to a significant extent during the forecast period. Smart LED lighting reduce energy costs by as much as 90% in industrial installations and office buildings. Governments of various countries are increasingly investing in energy-saving solutions for a variety of objectives, outcomes, and purposes. The smart lights incorporate a variety of sensors which help them in saving energy. Initiatives by the Indian government initiatives such as UJALA and Street Lighting National Program (SLNP) in order to promote energy efficiency have resulted in increased installation of smart LED streetlights and other supporting solutions and systems in the very recent past. Increasing adoption of LEDs owing to decreasing costs of these solutions is expected to boost revenue growth of the market to a significant extent during the forecast period. Smart lighting system utilizes LEDs in as a substitute to traditional fluorescent or incandescent lights and systems as these use around 75% less energy compared to that consumed by traditional bulbs and systems. Moreover, LEDs also have a longer lifespan than traditional bulbs and the awareness among consumers, building developers, and others has been increasing and cost-facts are rather high on the list to be able to buy or sell a project in the recent past. A number od home owners wishing to sell or dispose of homesteads or properties are at this moment outfitting or retrofitting the home/s the wish to sell with more efficient energy conservation models and systems in order to be able to get top price. This is a trend that has been driving increased investment among current home owners and potential first-time buyers of properties in various countries across the globe.
Development of human centric lighting is expected to support the growth of the smart lighting market during the forecast period. Lighting is a critical requirement in daily life and has positive and negative end-games. In adequate or too much of light has proven to have many effects on day to day life. According to studies the right amount of light stimulates or causes problems. Following research and outcomes of participants and their inputs and further analysis, lighting is being taken quite seriously in schools, hospitals and office spaces. Companies like Osram Licht AG and Zumtobel Group and Signify are investing in development of advanced human-centric lighting by integrating Artificial Intelligence (AI).
Major players in the market report include Signify N.V. (Philips Lighting N.V.), Legrand, Acuity Brands, Inc., Osram Licht AG, Hubbell Incorporated, Leviton Manufacturing Company, Inc., Lutron Electronics Company, Honeywell International Inc., Zumtobel Group, and Ideal Industries.
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Some Key Highlights from the Report
- In June 2021, Signify, which is a world leader in lighting, announced the launch of the fourth generation of the Philips Hue app in order to enhance the user experience of millions of Phillips Hue users. The new Philips Hue app has been designed to become the foundation in future of smart lighting. The new app enhances performance both in overall communication and functions of the smart lighting system. The app includes familiar user interface elements from the previous Philips Hue app.
- Hardware segment revenue is expected to register a rapid growth rate over the forecast period. Rising need for energy efficient lighting systems in order to minimize energy consumption and reduce energy bills is boosting the demand for smart LEDs. Increasing in government initiatives regarding the installation of LEDs and rise in usage of IoT-enabled sensors and bulbs are expected to boost growth of hardware components.
- Wireless technology segment is expected to register robust revenue growth over the forecast period. Growing popularity of smart connected home solution with the introduction of IoT solutions is supporting the growth of wireless technology.
- Indoor application segment revenue is expected to expand significantly over the forecast period. Smart lighting has proved to be an excellent resource for energy conservation because of its operational efficiency. This is increasing its usage in indoor applications such as residential, commercial, and industrial buildings.
- Retrofit installation is expected to account for a considerable revenue share in the global smart lighting market. Upgradation of existing traditional lights to smart LED lighting owing to the benefits of LED lighting such as lower heat production, improved energy efficiency, reduced maintenance, and eco-friendly nature, and this is boosting the need for retrofit installations.
- The market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Growing popularity of smart homes and increase in adoption of home automation system in order to enhance comfort, convenience and security owing to increase in disposable income of consumers and rise in their standards of living is boosting the demand for smart lighting in the region.
For the purpose of this report, Reports and Data has segmented the global smart lighting market based on offering, communication technology, application, installation type, and region:
Offering Outlook (Revenue, USD Billion; 2018-2028)
- Lights & Luminaries
- Lighting controls
- Local/Web-Based Software
- Cloud-Based Software
- Design & Engineering
- Installation Services
- Post-Installation Services
Communication Technology Outlook (Revenue, USD Billion; 2018-2028)
- Wired Technology
- Digital Addressable Lighting Interface (DALI)
- Power-Line Communication (PLC)
- Power Over Ethernet (PoE)
- Wired Hybrid Protocols
- Wireless Technology
- Bluetooth/Bluetooth Low Energy
- Wireless Hybrid Protocols
Application Outlook (Revenue, USD Billion; 2018-2028)
- Indoor Application
- Outdoor Application
- Highways & Roadways
- Public Places
Installation Type Outlook (Revenue, USD Billion; 2018-2028)
- New Installation
- Retrofit Installation
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Saudi Arabia
- South Africa
- Rest of MEA