The global smart lighting market size is expected to reach USD 38.56 billion by 2028 according to a new study by Polaris Market Research. The report “Smart Lighting Market Share, Size, Trends, Industry Analysis Report, By Type, By Communication Technology, By Application, By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The major factors accountable for the market growth include the rise in focus on integrating advanced communication technologies and lighting systems, the surging need for energy-efficient LED technology to replace inferior compact fluorescent or halogen lighting technologies, and significant steps undertook by the government and private organization towards intelligent infrastructure.
Further, intelligent lighting can be controlled via voice assistant technologies, such as Google Assistant, Apple's Siri, Microsoft's Cortana, or Amazon's Alexa. These broad ranges of features aside from illumination as well as growing demand for IoT devices and intelligent assistant platforms have created significant growth avenues for the intelligent lighting market.
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Based on the type segment, the motion-sensing lights segment is expected to witness considerable CAGR in the global industry during the foreseen period. The is due to the extensive adoption of intelligent home infrastructure projects, as it facilitates the end-users an improved level of security and reduces energy consumption by turning off lights automatically when no motion is identified.
Europe is accounting for the leading position in terms of market share worldwide, owing to the rapid rise in the adoption of intelligent and green lighting solutions due to growing concern towards environmental safety and the significant presence of intelligent lighting solution-based industry vendors in the region. Whereas Asia-Pacific is projected to register the highest growth rate/CAGR during the forecast period of 2021-2028.
Market participants such as Acuity Brands, Häfele GmbH & Co KG, GE current, Helvar, Ideal Industries, Honeywell International, Itron Inc., LightwaveRF, LG Electronics, Lutron Electronics Company, RAB Lighting Inc., Panasonic Corporation, Schneider Electric, Signify Holding, YEELIGHT, Sengled Optoelectronics, Syska, Wipro Consumer Lighting, Verizon, and Zumtobel group ag. are some of the key players operating in the global market.
Several industry vendors are often backing to opt for varied marketing strategies to expand their business operations globally. For instance, in August 2021, Zunpulse expanded its smart appliances product offering related to intelligent homes, covering smart lighting bulbs. The intelligent light is available in 16 million colors and a 5-meter strip length and can be compatible with Google Home and Alexa.
Polaris Market Research has segmented the smart lighting market report on the basis of type, communication technology, application, and region:
Smart Lighting, Type Outlook (Revenue - USD Million, 2016 - 2028)
Smart Lighting, Communication Technology Outlook (Revenue - USD Million, 2016 - 2028)
Smart Lighting, Application Outlook (Revenue - USD Million, 2016 - 2028)
Smart Lighting, Regional Outlook (Revenue - USD Million, 2016 - 2028)