The latest market report published by Credence Research, Inc. “Global Smart Lighting Market: Growth, Prospects, and Competitive Analysis, 2016 – 2030“. The global smart lighting market generated revenue of around USD 11.5 billion in 2022 and is anticipated to grow a CAGR of over 20.90% during the forecast period from 2018 to 2030 to reach around USD 43.4 billion in 2030.
The steady influx of smart city initiatives in developing nations is one of the key factors anticipated to fuel the growth of the smart lighting market during the forecast period. Further predicted development drivers for the smart lighting market include the increased adoption of standard protocols for lighting control systems. Additionally, it is predicted that the surge in demand for IoT- enabled lighting fixtures and smart lighting solutions will restrain the growth of the market for smart lighting. On the other hand, it is anticipated that the expansion of the smart lighting market in the timeframe period would be hampered by the increase in the initial costs of smart lighting equipment and accessories.
The global smart lighting market is bifurcated into component, connectivity, application, and geography. Based on component, the market is categorized into Hardware (Lamp, Luminaire), Software and Services. Based on connectivity, the global market is segmented into Wired and Wireless. Based on application, the market is categorized into Indoor (Residential, Commercial and Industrial), Outdoor (Highways and Roadways, Architectural) and Others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2022, the Asia Pacific is expected to occupy the largest smart lighting market share in revenue and sales owing to the rise in demand from the business and residential application sectors. In addition to holding the greatest market share globally, China is predicted to provide the most significant amount of money to global revenue. As economies continue to grow and expenditures in smart city projects increase, it is expected that nations like Japan, India, and South Korea will lead the way in adopting smart lighting. The need for smart lighting in the business sectors of Asia-Pacific is greatly influenced by the evolving lighting environment.
Smart Lighting Market Key Growth Trends are constantly evolving as technology advances. The market has seen significant growth over the past few years due to the increasing demand for energy-efficient lighting solutions and smart home automation systems. The integration of sensors, wireless connectivity, and data analytics in smart lighting systems is driving the market forward. Moreover, advancements in LED technology have made it possible to offer more energy-efficient solutions that last longer than traditional incandescent bulbs. Another key trend in this market is the growing popularity of connected devices such as smartphones and voice assistants which enable users to control their smart lights remotely via mobile applications or voice commands.
The smart lighting market is expected to experience significant growth worldwide due to several factors:
- Increasing demand for energy-efficient lighting solutions: Energy efficiency is becoming more important worldwide, as organizations seek to reduce their carbon footprint and lower their energy bills. Smart lighting solutions are highly energy-efficient, as they use LED bulbs and can be programmed to turn on and off automatically, based on occupancy or daylight levels.
- Growing adoption of smart home technology: Smart home technology is becoming more popular worldwide, and smart lighting is a key component of this technology. Smart lighting solutions can be controlled via smartphone apps, voice assistants, and other connected devices, making them a convenient and flexible option for homeowners.
- Emphasis on building automation: Building automation is becoming more important in commercial and industrial settings, as it can help improve energy efficiency, reduce costs, and increase productivity. Smart lighting solutions are a key component of building automation, as they can be integrated with other building systems such as HVAC and security.
- Increasing government initiatives and regulations: Governments around the world are introducing initiatives and regulations aimed at promoting energy efficiency and reducing carbon emissions. Smart lighting solutions are often eligible for incentives and rebates, making them an attractive option for organizations looking to reduce their energy use.
- Growing awareness of the benefits of smart lighting: As organizations become more aware of the benefits of smart lighting, demand for these solutions is increasing. Smart lighting can help improve energy efficiency, reduce costs, and enhance the user experience in both residential and commercial settings.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global smart lighting by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global smart lighting segmentation based on component, connectivity, application and regional integration.
- The global smart lighting report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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