The smart
lighting market is estimated to grow from USD 13.4 billion in 2020 and projected to
reach USD 30.6 billion by 2025, at a CAGR of 18.0%. The major factors driving
the growth of the market include the advent of integrated lighting control
systems, upcoming smart city projects in developing economies, increasing
adoption and decreasing cost of LEDs, integration of lighting solutions with
smart devices, and growing awareness about energy savings among consumers and
governments worldwide.
“Lights
& luminaires to account for larger share of smart lighting hardware market
during forecast period”
The smart lighting
hardware market for lights & luminaires is expected to hold the major share
during the forecast period, mainly due to the advent of integrated lighting
controls with lamps and luminaires. The integration of lighting control
products with luminaires enables the embedding of software on microcontrollers,
thereby adding intelligence to the entire lighting control system. Such
lighting systems offer sensing and control at a spatial resolution, which would
drive the demand for smart lights and luminaires during the forecast
period.
“PoE
protocol to exhibit highest growth in smart lighting market for wired
communication technology during forecast period”
The Power over
Ethernet (PoE) wired communication technology market is expected to grow at the
highest CAGR during the forecast period. The growth of the PoE protocol segment
is driven by factors such as increasing penetration and decreasing cost of
LEDs, growing adoption of PoE lighting solutions in commercial and healthcare
applications, and rising need for cost-effective lighting solutions.
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“Outdoor
application expected to grow at a higher CAGR in smart lighting market during
forecast period”
The smart lighting
market for outdoor end-use application is expected to grow at a higher CAGR
during the forecast period. This growth is mainly due to the increasing focus
on enhancing connectivity by constructing roads and installing smart lights for
these roads, especially in the developing countries in the APAC region. This,
in turn, would spur the growth of the outdoor market.
Key Market
Players
Some of the major
players in the smart lighting market are Signify (Philips Lighting)
(Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Eaton
Corporation (Ireland), General Electric Company (US), and OSRAM Licht
(Germany), Lutron Electronics (US), Zumtobel Group (Austria), Honeywell
International Inc. (US), Hubbell Incorporated (US), and Leviton Manufacturing
Company, Inc. (US). Other players operating in the smart lighting market
include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree
Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic
(Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska
LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB
(Switzerland), and Enlighted Inc (a Siemens company) (US).
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