According to a recent report from Meticulous Research®, the global Smart Lighting Market is anticipated to expand at a robust CAGR of 12.2% from 2022 to 2029, reaching a value of $39.91 billion by 2029. This growth is being driven by rising demand for IoT-enabled lighting solutions, an increased focus on energy-efficient lighting, and greater penetration of smart home technology. Furthermore, the shift from traditional lighting setups to connected, integrated lighting solutions, along with the growing adoption of smart city infrastructure, provides ample growth opportunities. Nonetheless, high upfront costs for smart lighting components and devices may present a barrier to rapid expansion in certain markets.
The smart lighting market is categorized based on offerings, connectivity modes, and application areas. The study also examines major market players and provides regional and country-level analyses.
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Offering Analysis
The smart lighting market’s offerings are divided into hardware, software, and services. In 2022, hardware is expected to dominate, largely due to the increased penetration of smart lighting solutions and intelligent street lighting systems in developing nations. Smart lighting products that provide remote control capabilities—like changing color, dimming, and on/off switching via smartphone apps—are gaining widespread popularity.
While hardware leads the market, the software segment is predicted to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to smartphone applications that allow users to control lighting from any location, compatibility with voice assistants like Alexa and Siri, and the popularity of creating customized lighting environments. Furthermore, software is increasingly integral to data-driven applications in smart cities, adding value beyond mere lighting control.
Connectivity Mode Analysis
In terms of connectivity, the market is segmented into wired, wireless, and hybrid options. The wired segment, noted for its stability and minimal signal interference, is expected to command the largest share in 2022. However, wired systems generally lack the flexibility and ease of setup that wireless systems offer, which has led to a gradual increase in demand for wireless alternatives like Bluetooth and Wi-Fi.
The hybrid connectivity mode is poised to grow most rapidly over the forecast period, offering a balance between wired and wireless benefits. Hybrid systems provide reliable data transmission while enabling greater installation flexibility, which is likely to make them a preferred choice for both residential and commercial smart lighting installations.
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Application Analysis
Smart lighting is applied in both indoor and outdoor settings, with the outdoor segment forecasted to lead in 2022 and expected to maintain the highest CAGR throughout the period. Key drivers for outdoor applications include government-led initiatives for energy-efficient infrastructure, increased LED adoption due to falling prices, and ongoing smart city projects. Outdoor applications, such as highway lighting, public spaces, and architectural lighting, benefit from LEDs’ low energy consumption, longer lifespan, and enhanced luminosity, making them popular choices for large-scale implementations.
Geographical Insights
The smart lighting market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is set to dominate in 2022, driven by a strong emphasis on energy conservation, supportive government initiatives, and a high standard of living that encourages smart home adoption and upgrades in lighting technology.
Meanwhile, Asia-Pacific is forecasted to experience the highest CAGR. This growth is fueled by proactive government efforts to reduce energy consumption, growing smart city developments, and significant investments in public lighting infrastructure, particularly in emerging economies like India and China. As the smart lighting industry progresses, Asia-Pacific’s share of the market is expected to expand, spurred by continued urbanization and technological advancements in the region.
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Key Players:
The key players operating in the smart lighting market are Signify Holding (Netherlands) [formerly known as Philips Lighting N.V, Legrand (France)], Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), Leviton Manufacturing Co., Inc. (U.S.), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Hubbell Incorporated (U.S.), GE Current (U.S.), Dialight plc (U.K.), Cree Lighting (U.S.), [a subsidiary of Ideal Industries, Inc. (U.S.)], Enlighted Inc. (U.S.) [a subsidiary of Simens AG (Germany)], Panasonic Holdings (Japan), LightwaveRF PLC (U.K.), RAB Lighting Inc. (U.S.), Synapse Wireless (U.S.), Syska LED (India), Wipro Enterprises (India), LG Electronics (South Korea), and ABB Ltd (Switzerland).
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