smart lighting market

Smart Lighting Market Share, Size, Trends, Industry Analysis Report, By Type, By Communication Technology, By Application, By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 119
  • Format: PDF
  • Report ID: PM1996
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global smart lighting market was valued at USD 10.79 billion in 2020 and is expected to grow at a CAGR of 20.6% during the forecast period. The rapid rise in smart cities projects in developed and developing nations and the increasing adoption and government subsidies on LEDs technology and advanced lighting systems are the significant factors driving the market demand for the smart lighting market.

The strong growth in commercial and industrial infrastructure projects would further fuel the market demand for intelligent lighting worldwide. Moreover, the growth in end-use segments and rising investments from government authorities also support the growth of the intelligent lighting market over the projected period. The ongoing COVID-19 pandemic has led to a major negative effect on the intelligent lighting market. With the pandemic scenario, the global market demand for smart city engineering and construction service has been slightly down, and thus, the use of smart lighting systems is reduced.

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Furthermore, many intelligent lighting companies have also reported a negative sale as the ongoing COVID-19 pandemic halted production and raw material supply. Besides, the decline in consumer purchasing power and delay in completing construction projects were also caused by the pandemic, pushing down the smart lights purchase order quantity, timeline, and payment. As a result, it may hamper the growth of the global market in recent years.

Industry Dynamics

Growth Drivers
The presence of government policies promoting energy conservation and environment safety and stringent regulations that discourage the utilization of incandescent lamps is expected to be one of the prominent factors to boost the smart lighting market across the globe. The global lighting industry typically consumes nearly 19% of the overall electricity and accounts for almost 6% of the overall greenhouse gas emissions.

The market is also driven by the improved acceptance of ordinary protocols for intelligent lighting systems and the advent of new features such as API event generation and data analytics. Moreover, the United States, the United Kingdom, Germany, China, India, and Brazil are among the few key countries wherein smart cities have been expanding at an unprecedented rate.

According to the Consumer Technology Association, the sending on smart city projects globally reached almost USD 35.35 billion in 2020 from USD 14.85 billion in 2015. Similarly, the U.S. Government launched the “Smart Cities” initiative in 2015, with an investment of USD 160 million in federal & incorporated more than 25 new technology collaborations to cope up with challenges faced by local communities. Therefore, smart lighting has observed a significant rise in projects related to smart cities due to the aim of improving the quality of life of individuals in the region.

Report Segmentation

The market is primarily segmented on the basis of type, communication technology, application, and region.

By Type

By Communication Technology

By Application

By Region

  • Smart Light Bulbs
  • Smart Lights Connected with Hubs
  • Motion Sensing Lights
  • Wi-Fi
  • Bluetooth
  • Zig-bee
  • Others
  • Residential
  • Commercial
  • Industrial
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Communication Technology

The Wi-Fi segment is expected to hold the most significant market capture in the global market during the foreseen period based on the communication technology segment. The residential sector is the major adopter of such technology to control luminaire hues within a confined space, which eventually led to a rise in segmental growth worldwide. On the contrary, the Bluetooth segment is expected to register a considerable share in terms of revenue in the global market. One of the key advantages of using Bluetooth mesh for intelligent lighting is it can help two-way communications. This means a similar mesh infrastructure can be utilized to commission smart lighting solutions and control luminaire performance.

Further, the Bluetooth mesh has continually proven to be the most efficient and easy-to-use wireless technology for professional lighting applications and the only extremely scalable wireless standard. For instance, as of December 2019, there are nearly 500 Bluetooth mesh certified products are available, of which up to 90% are lighting-focused end products. Therefore, this factor will act as a key factor for driving the market growth worldwide.

Insight by Application

The residential segment is anticipated to witness a large revenue size in the global market, owing to the extensive implementation of intelligent lighting in residential buildings because of the rise in consumer awareness regarding smart lighting and the implementation of energy-efficient products.

On the flip side, the commercial segment is expected to gain a significant CAGR in the global market during the forecast period. The commercial architectural application includes lighting for gardens, exterior walls, patio, and outdoor premises of the commercial space. The escalating market demand for smart lighting in commercial applications is also fueled by the requirement to deliver energy-efficient lights and monitor outdoor activity. This phenomenon is exclusively implemented for smart street lighting. This is anticipated to create a higher demand for intelligent lights in commercial spaces and significantly contribute to the rapid segmental growth over the foreseen period.

Geographic Overview

Geographically, Europe is leading the global market in 2020 and is estimated for the largest share in terms of revenue due to the regional government is drafting safety and uniform performance standards for specific indoor commercial intelligent lighting for roadways, parking, and garages. Dedicated LED luminaires and LED alternative intelligent lamps are evolving as the key trend in the lighting industry concerning the continual developments in LED designing and technology.

Moreover, Asia-Pacific observes a high CAGR in the global market in 2020. The demand for intelligent lighting in the region is attributed to an increase over the forecast period, backed by the growing number of smart city and smart infrastructure projects commenced by the governments, along with the favorable public-private initiatives for offering low-cost LED lights at reasonable prices across the region. For instance, in 2015, the National Smart Cities Mission was introduced to develop the country’s cities into intelligent cities. It was also directed towards the transformation of 100 smart cities in India to be complete between 2019 and 2023.

Competitive Insight

Major players operating in the global market include Acuity Brands, GE current, Häfele GmbH & Co KG, Helvar, Honeywell International, Ideal Industries, Itron Inc., LG Electronics, LightwaveRF, Lutron Electronics Company, Panasonic Corporation, RAB Lighting Inc., Schneider Electric, Sengled Optoelectronics, Signify Holding, Syska, Verizon, Wipro Consumer Lighting, YEELIGHT, and Zumtobel group ag.

Smart Lighting Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 10.79 billion

Revenue forecast in 2028

USD 38.56 billion

CAGR

20.6% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Segments covered

By Type, By Communication Technology, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Acuity Brands, GE current, Häfele GmbH & Co KG, Helvar, Honeywell International, Ideal Industries, Itron Inc., LG Electronics, LightwaveRF, Lutron Electronics Company, Panasonic Corporation, RAB Lighting Inc., Schneider Electric, Sengled Optoelectronics, Signify Holding, Syska, Verizon, Wipro Consumer Lighting, YEELIGHT, and Zumtobel group ag.

Key Take-Away
Polaris Market Research
Smart Lighting Market Size, Share, Trends & Forecast 2028