Market Research Future Insights

According to MRFR analysis, The smart lighting industry is projected to grow from USD 11.05 Billion in 2022 to USD 40 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.1% during the forecast period (2022 - 2030). Smart Lighting is recognized to be one of the most substantial lighting solutions for offering solutions for both indoor and outdoor drives with the latest developed technology products counting LEDs, luminaires, fluorescent bulbs, and others. Main factors that are anticipated to lift the growth of the smart lighting market in the estimated period are the constant arrival of smart city projects in advancing countries. Furthermore, the improved adoption of standard protocols for lighting control systems is further projected to propel the growth of the smart lighting market. Moreover, the increase in the need for IoT-enabled lighting fixtures and smart lighting solutions is further projected to cushion the growth of the smart lighting market. The emergence of COVID-19 caused a gap in manufacturing and a break throughout the supply chain, subsequent in weakened development of industrial output and a decrease in light-manufacturing capacity throughout substantial manufacturing centers. However, as people spent more time in their homes, the predisposition to upgrade the interiors also augmented, which functioned absolutely for the market. Moreover, the growing penetration of smart home devices and the rising usage of LEDs in households is projected to further propel the market growth in the imminent years.

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Regional Analysis

Europe dominates the smart lighting market owing to the drafting safety and uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and space. Dedicated LED luminaires and LED spare smart lamps are advancing. Furthermore, the continuous advancements will further lift the growth of the smart lighting market in the region during the forecast period. 

Asia-Pacific is expected to observe a significant amount of growth in the smart lighting market owing to the increase in demand from commercial and residential applications. Moreover, the rising countries and increasing investments in smart city projects are further expected to propel the growth of the smart lighting market in the region in the imminent years.

Key Players

Some of the key market players are Koninklijke Philips (Netherlands), Osram Gmbh (Germany), Streetlight vision (France), Zumtobel (Austria), Honeywell (US), Acuity Brands Inc. (US), General Electric Company (US), Lutron Electronics Co. Inc. (US), Legrand S.A. (France), Daintree Networks (US), Bridgelux (US), Echelon Corporation (US), and Eaton Corporation (Ireland)

Introduction:

In today's rapidly evolving world, technology continues to shape and transform various industries, and the lighting industry is no exception. Smart lighting has emerged as a revolutionary concept, offering an intelligent and energy-efficient lighting solution. In this blog, we delve into the Global Smart Lighting Market, exploring its growth prospects, key players, and the driving factors behind its increasing adoption.

Factors Driving the Adoption of Smart Lighting:

1. Energy Efficiency: One of the primary drivers for the growing adoption of smart lighting is its energy-efficient nature. Smart lighting systems use LED technology, which consumes significantly less energy compared to traditional lighting solutions. The ability to control lighting remotely and customize brightness levels and scheduling further enhances energy savings.
2. Cost Savings: Smart lighting solutions offer long-term cost savings due to their energy efficiency. By reducing energy consumption, businesses and households can significantly lower their electricity bills. Additionally, the extended lifespan of LED bulbs reduces the frequency of replacements, further reducing maintenance costs.
3. Integration with IoT: Smart lighting systems can be seamlessly integrated with the Internet of Things (IoT) ecosystem. This integration enables users to control and monitor lighting remotely through smartphones or other connected devices. The ability to synchronize lighting with other smart devices and sensors enhances convenience and opens up opportunities for innovative applications.
4. Enhanced User Experience: Smart lighting solutions provide users with a personalized and immersive lighting experience. Features such as color-changing options, dimming controls, and automated lighting schedules allow users to create different moods and settings according to their preferences. This flexibility enhances comfort and productivity in residential, commercial, and industrial settings.
5. Environmental Sustainability: With the increasing global focus on sustainability and reducing carbon footprints, smart lighting plays a vital role. By minimizing energy consumption and optimizing lighting usage, smart lighting systems contribute to environmental preservation. The use of LED technology also eliminates harmful substances like mercury, making them more environmentally friendly than traditional lighting solutions.
6. Government Initiatives: Governments around the world are implementing various initiatives and regulations to promote energy efficiency and sustainability. Subsidies, tax incentives, and stringent energy efficiency standards are encouraging the adoption of smart lighting in both residential and commercial sectors. These initiatives act as catalysts for market growth.

Conclusion:

The Global Smart Lighting Market is witnessing remarkable growth and is poised for further expansion in the coming years. With the benefits of energy efficiency, cost savings, enhanced user experience, and environmental sustainability, smart lighting solutions are increasingly becoming the lighting solution of choice. The continuous advancements in wireless communication technologies and the integration of smart lighting with the IoT ecosystem further propel the market's growth. As key players continue to innovate and develop cutting-edge solutions, the future looks bright for the global smart lighting market.