The smart
lighting market is projected to reach USD 27.7 billion by 2026 from USD
10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to
2026. Europe has the largest market share for smart lighting. Whereas, APAC has
the highest growth rate and is expected to grow at the highest CAGR during the
forecast period owing to the rapidly changing face of technology and customer
needs in high-potential markets such as China, Japan, South Korea, and
Australia.
Due to advancements
in technology and the emergence of new business models as well as new
constructions in the developing cities of the region, the smart lighting market
is exhibiting an upbeat outlook. The booming commercial and industrial sectors
would further fuel the adoption of smart lightings in APAC. Furthermore, growth
in end-use sectors and mounting investments from government bodies are also
favoring the growth of the smart lighting market in the region. The most
significant factor driving the growth of this market is the requirement of
energy-efficient connected lighting controls and ongoing and upcoming smart
city projects in developing economies. This requirement is attributed to the
increased awareness toward reducing energy consumption.
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 are the major factors
contributing to the growth of the smart lighting market. On the other hand,
factors such as the high initial cost of deployment, and security and
reliability issues of smart with IoT-based lighting systems are restraining the
growth of the smart lighting market. Growing smart office and smart retail
trends, geographical opportunities in APAC and RoW regions, development of
human-centric lighting solutions, growing demand for PoE-based lighting
solutions in commercial and healthcare applications, the rapid transition from
traditional lighting to connected lighting, and the growing inclination toward
energy-efficient lighting solutions are the major opportunities for the smart
lighting market.
In
applications, the indoor segment is projected to hold the largest share of the
smart lighting market
The indoor segment
accounted for the largest share of the smart lighting market in 2020. Growing
affordability and higher efficiencies are driving the use of smart lighting in
commercial, industrial, and residential buildings. The dominance is attributed
to the growing consumer awareness about smart lighting and the adoption of
energy-efficient products in the smart lighting market. However, the high
implementation cost of these solutions is one of the major factors inhibiting
the growth of the market in the residential segment. APAC accounts for a large
share of global construction investments, in which a significant portion is
invested in the lighting industry, especially for the indoor segment. This
factor is expected to drive the smart lighting market for indoor end-use
application in APAC at the highest CAGR during the forecast period.
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The lights
and luminaires segment, in market by hardware, of the smart lighting market is
projected to hold a larger share during the forecast period
The market for
lights and luminaires accounted for a larger share of in 2020. Improved smart
standards coupled with the growing demand for high input-powered devices for
lighting are driving the said market. OEMs are coming up with integrated
solutions in luminaires, which require more input power. Lights and luminaires
broadly include smart bulbs, lamps, and luminaires such as fluorescent lights,
light-emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). The
performance and characteristics of the light source used in lamps depend on the
lighting task being performed. Choosing the right lamp type helps save energy
to a great extent. Smart LED luminaires are cost-effective and offer a high
return on investment. They reduce installation costs and are safer since
conduits and metal cladding are not required. The benefits provided by smart
technology make LED lighting systems a very attractive option for property
owners. LED lighting is one of the mainstream technologies offering competitive
cost and energy efficiency benefits.
Key Players
of Smart lighting Market:
Signify (Philips
Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US),
Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel
Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US),
and GE Current (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), Savant Systems Inc. (GE Lighting) (US), and Enlighted Inc (a
Siemens company).
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