According to Meticulous Research®, the smart lighting market is projected to achieve a CAGR of 12.2% from 2022 to 2029, reaching $39.91 billion by the end of the forecast period. This growth is largely attributed to the increasing adoption of IoT-enabled lighting, the need for energy-efficient lighting solutions, and the expansion of smart homes. Additionally, the transition from traditional to connected lighting and the development of smart cities are expected to present significant growth opportunities. However, the high initial investment required for smart lighting systems may restrain market growth.
Market Breakdown
The smart lighting market is segmented by offerings, connectivity modes, and applications, with competitive analysis provided at regional and national levels.
Offering Segmentation
The market segments into hardware, software, and services. Hardware is expected to hold the largest share in 2022 due to rising adoption rates of smart lights and intelligent streetlights in developing regions. The popularity of smart lighting solutions with adjustable features such as color and remote control functionalities also supports this segment’s leading position.