Summary:

• The global smart lighting market size reached USD 16.3 Billion in 2023.
• The market is expected to reach USD 72.6 Billion by 2032, exhibiting a growth rate (CAGR) of 17.5% during 2024-2032.
• Europe leads the market, accounting for the largest smart lighting market share.
• Hardware accounts for the majority of the market share in the offering segment due to the growing adoption of the Internet of Things (IoT)-enabled devices and light-emitting diode (LED) technology. 
• Wired technology holds the largest share in the smart lighting industry as it ensures a consistent and secure connection.
• New installation remains a dominant installation type segment in the market, as it allows for seamless integration with modern infrastructure and smart technologies.
• LED lamps represents the leading light source segment, owing to their ability to easily integrate with smart controls.
• The commercial sector represents the largest application segment, as smart lighting improves building automation.
• The rising consumer focus on energy-efficiency is a primary driver of the smart lighting market.
• Technological advancements and the integration of the internet of Things (IoT) are reshaping the smart lighting market.

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Industry Trends and Drivers:

• Rising Demand for Energy Efficiency and Sustainability:

The increasing demand for energy-efficient and sustainable solutions across the globe is one of the major factors catalyzing the market growth. Moreover, the rising focus on reducing energy waste as energy consumption surges is fueling the market growth. Besides this, the increasing awareness among governments, businesses, and consumers of the environmental impacts of excessive energy use, prompting them to seek ways to mitigate these effects is boosting the market growth. In line with this, the rising popularity of smart lighting systems that are designed to reduce energy consumption by using advanced technologies such as light-emitting diode (LED) bulbs, motion sensors, and daylight harvesting is favoring the market growth. These systems automatically adjust the lighting based on occupancy, time of day, and natural light availability, ensuring that energy is only used when necessary.

• Integration of the Internet of Things (IoT) and Smart Home Ecosystems:

The proliferation of the Internet of Things (IoT) with smart lighting systems is another major factor propelling the market growth. It allows users to control their lights through mobile devices, voice commands, and home automation systems. Additionally, the development of smart home ecosystems that seamlessly integrate with smart lighting solutions is creating a positive outlook for the market growth. Besides this, the rising adoption of IoT-enabled smart lighting that offers advanced features like remote control, scheduling, and automation based on real-time data is contributing to the market growth. Furthermore, the rise of voice-controlled systems, fueling the adoption of smart lighting, as users can control their lights hands-free, is bolstering the market growth.

• Growing Urbanization and Smart City Initiatives:

The rapid pace of urbanization and the increasing number of smart city initiatives across the globe are boosting the market growth. Along with this, the rising investment in cities in smart infrastructure to improve the quality of life for their residents and address issues like energy consumption, traffic management, and public safety is enhancing the market growth. Moreover, the growing adoption of smart lighting systems, as they offer intelligent street lighting solutions that can adapt to real-time conditions, such as traffic flow or pedestrian activity, is boosting the market growth. Furthermore, the development of smart streetlights equipped with sensors to dim or brighten based on the presence of vehicles or people, helping to reduce energy consumption and improve public safety, is fueling the market growth.

Smart Lighting Market Report Segmentation:

Our comprehensive smart lighting market outlook reflects both short-term tactical and long-term strategic planning. This analysis is essential for stakeholders aiming to navigate the complexities of the market and capitalize on emerging opportunities.

Breakup By Offering:

• Hardware
  • Lights and Luminaires
  • Lighting Controls
• Software
• Services
  • Design and Engineering
  • Installation
  • Post-Installation

Hardware account for the majority of shares as it includes essential components like smart bulbs, switches, and sensors, which are required for any smart lighting setup.

Breakup By Communication Technology:

• Wired Technology
• Wireless Technology

Wired technology dominates the market owing to its stability and reliability, especially in large-scale applications like commercial buildings and street lighting.

Breakup By Installation Type:

• New Installation
• Retrofit Installation

New installation represents the majority of shares as emerging smart city projects and new construction ventures prioritize smart lighting systems from the outset.

Breakup By Light Source:

• LED Lamps
• Fluorescent Lamps
• Compact Fluorescent Lamps
• High Intensity Discharge Lamps
• Others

LED lamps hold the majority of shares due to their high energy efficiency, longer lifespan, and lower maintenance costs compared to traditional lighting.

Breakup By Application:

• Commercial
• Residential
• Public Infrastructure
• Others

The commercial sector exhibits a clear dominance as this sector demands advanced lighting solutions to reduce operational costs and enhance energy efficiency across large office spaces, malls, and industries.

Breakup By Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Europe holds the leading position owing to a large market for smart lighting driven by stringent energy efficiency regulations, government incentives, and widespread adoption of smart city initiatives.

Top Smart Lighting Market Leaders:

The smart lighting market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• Philips Lighting
• Acuity Brands
• Osram
• Cree
• General Electric Company
• Eaton
• Honeywell
• Legrand
• Hubbell Lighting
• Zumtobel Group
• Hafele Group
• Lutron Electronics
• Wipro Consumer Care and Lighting
• Streetlight.Vision
• Virtual Extension
• Syska LED

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