Smart Lighting Market Size Worth $72.10 Billion By 2032 | CAGR: 20.8%

The global smart lighting market size is expected to reach USD 72.10 billion by 2032, according to a new study by Polaris Market Research. The report “Smart Lighting Market Share, Size, Trends, Industry Analysis Report, By Type (Smart Light Bulbs, Smart Lights Connected with Hubs and Motion Sensing Lights); By Communication Technology; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The popularity and demand for lights have grown in commercial and residential areas due to their ability to link with IoT devices and provide ambient lighting using smartphones or tablets. Smart lights may be dimmed with different color tones depending on the situation, have their on/off times set, track their energy use, and link to other devices through Bluetooth, Wi-Fi, SmartThings, Z-Wave, or ZigBee.

Moreover, smart lights may be voice-controlled by integrating with a platform like Google Assistant, Amazon's Alexa, Apple's Siri, or Microsoft's Cortana. These numerous functions beyond illumination and the rising popularity of IoT devices and smart assistant platforms have opened up new business opportunities for smart lighting.

Government initiatives promoting energy efficiency and environmental protection, together with strict restrictions, deter people from using incandescent lighting, which is expected to increase demand for LED smart lighting. Over 19% of the world's power is used by the lighting industry, which also accounts for 6% of all greenhouse gas emissions. LED smart lights, on the other hand, are incredibly effective. They link gadgets to gather data for upcoming procedures and use nearly 70% less energy. They are devoid of any mercury contamination and have much longer lifespans. Likewise, LED lights don't release any dangerous greenhouse gas emissions.

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The use of smart lights is anticipated to rise due to advantages including regulated power consumption, longer life, numerous light settings in a single lamp or luminaire, and accessibility to a large selection of contemporary decorative lighting items. Smart lighting adoption has yet to reach its full potential in the residential, commercial, and industrial sectors. Thus, it is anticipated that demand for LED-based smart lighting will increase throughout the projection period due to numerous government measures to encourage their usage.

Smart Lighting Market Report Highlights

• The motion-sensing lights are anticipated to see a sizable CAGR during the anticipated period. The widespread adoption of intelligent home infrastructure projects is the cause of this, as it provides end users with increased protection and lowers energy usage by automatically shutting off lights when no motion is detected.
• The Wi-Fi sector is anticipated to have the largest market share worldwide throughout the anticipated period. To manage the color of luminaires in a small space, the residential sector has been the main user of this technology, which has ultimately increased segmental growth globally.
• The residential sector is predicted to generate significant revenue. Due to increased consumer awareness of smart lighting and the adoption of energy-efficient goods, intelligent lighting has been widely used in residential structures.
• Europe is lead the world market in revenue in 2022 due to the regional government's work on drafting safety and consistent performance criteria for certain indoor commercial intelligent lighting for streets, parking, and garages.
• The global key market players 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.

Polaris Market Research has segmented the Smart Lighting market report based on type, communication technology, application, and region:

Smart Lighting, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Smart Light Bulbs
• Smart Lights Connected with Hubs
• Motion Sensing Lights

Smart Lighting, Communication Technology Outlook (Revenue - USD Billion, 2019-2032)

• Wi-Fi
• Bluetooth
• Zig-bee
• Others

     Smart Lighting, Application (Revenue - USD Billion, 2019 - 2032)

• Residential
• Commercial
• Industrial

     Smart Lighting, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa