Smart Lighting Market to be Worth $39.91 Billion by 2029—Exclusive Report by Meticulous Research®”

  

“Smart Lighting Market to be Worth $39.91 Billion by 2029—Exclusive Report by Meticulous Research®”

According to a new market research report titled, ‘Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless [Bluetooth, Wi-fi, Others], Hybrid), Application (Indoor [Residential, Commercial and Industrial], Outdoor) and Geography—Global Forecast to 2029’ the smart lighting market is expected to reach $39.91 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.

 

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Smart lighting is defined as an LED-based lighting system with integrated sensors and controllers that are networked (either wired or wireless), enabling lighting products within the system to communicate and exchange data with other devices. Smart lighting is considered the new frontier of the global lighting industry, as there is an increasing trend of smart homes, the Internet of Things (IoT), and a connected world. In terms of major applications of smart lighting, the industry is currently focused on light intensity dimming, lighting color temperature adjustment, ambient sensing, and monitoring.

The growth of this market is driven by factors such as the rising demand for IoT-enabled lighting fixtures and smart lighting solutions, the growing need for energy-efficient lighting systems, and increasing smart home penetration. In addition, the rapid transition from traditional lighting to connected lighting solutions and the growing proliferation of smart cities are expected to offer significant opportunities for the growth of this market. However, the high initial costs of smart lighting equipment and accessories can restrain the growth of this market.

Impact of COVID-19 on the Smart Lighting Market

The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. The restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including smart lighting.

With travel bans in place and logistics suspensions, the import of lighting supplies becomes quite challenging. Moreover, lighting production outlets came near a halt as their workforce could not resume their duties due to social distancing norms. The impact on the supply chain did not just slow down the lighting projects but also ongoing installations. For safety reasons, many energy efficiency agencies suspended residential and commercial lighting programs that helped homeowners and businessmen pay for retrofits and new installations. Even if the agencies would provide lighting services, customers did not undertake new lighting installations because of the uncertain future.

Furthermore, the Department of Energy encouraged non-profit grantees to limit low-income weatherization projects. The COVID-19 impact on the lighting industry pushed demand to its lowest.

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In the later part of the COVID-19 pandemic, the smart lighting market witnessed steady growth, with businesses starting to function normally and residential requirements. The demand for smart lighting increased as it could be operated with minimal to low touch through voice commands and motion, reducing the chances of surface touching and contracting COVID-19 among users. Office spaces and homes exhibited a high preference for smart lighting, which is expected to persist in the coming years.

The smart lighting market is segmented by offering (hardware, software & services), connectivity mode (wired, wireless (Bluetooth, Wi-Fi, others), & hybrid), application (indoor (residential, commercial and industrial), & outdoor) and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the smart lighting market is segmented into hardware, software, and services. In 2022, the hardware segment is expected to account for the largest share of the global smart lighting market. The large market share of this segment is mainly attributed to factors such as rising penetration of smart lights, rising demand for intelligent streetlights in developing countries and rising popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.

However, the software segment is expected to register the highest CAGR during the forecast period. The software application is required to facilitate the controlling of lights using smartphones or tablets. The apps also help connect smart lights with smart platforms such as Alexa, Crotona, and Siri to control using voice commands. The immense popularity of creating an ambient atmosphere and aiding in data collection in smart cities is expected to boost segment growth over the forecast period.

Based on connectivity mode, the smart lighting market is segmented into wired, wireless, and hybrid. The wireless segment is further segmented into Bluetooth, Wi-Fi, and other connectivity modes. In 2022, the wired segment is expected to account for the largest share of the global smart lighting market. The wired connectivity mode is more reliable than other modes, as these standards have minimal signal distortion. Although the system offers two-channel communication, the wired protocol & standards lack the flexibility and connectivity convenience offered by wireless protocols & standards. Consequently, consumers are gradually shifting toward wireless connectivity mode. However, hybrid protocols & standards are expected to register the fastest growth during the forecast period. The hybrid connectivity mode provides wired protocols reliability and ample wireless protocol flexibility. Due to the convenience offered, the hybrid connectivity mode is expected to gain significant momentum in the coming years.

Based on application, the smart lighting market is segmented into indoor and outdoor. In 2022, the outdoor segment is expected to account for the largest share of the global smart lighting market and is expected to register the highest CAGR over the forecast period. The large market share of this segment is mainly attributed to factors such as increasing adoption of energy-efficient lighting solutions, growing government initiatives toward energy efficiency, modernization and development of infrastructures such as smart cities that lead to the implementation of lighting systems, reduction in the prices of LEDs, and penetration of LEDs as a light source in outdoor lighting applications, such as architectural, highways & roadways, and public places.

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Based on geography, the smart lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the smart lighting market. Factors such as increasing awareness about energy conservation, government policies encouraging energy conservation and environment protection, high disposable income, improved standard of living, and increased deployment of smart lighting solutions in residential, commercial, and government sectors are accelerating the growth of the smart lighting market in Europe.

The Asia-Pacific region saw significant growth in the smart lighting market in recent years and is expected to register the highest CAGR during the forecast period. A surge in government initiatives to promote energy-efficient lighting systems, an increasing number of smart city projects, and increasing investments by the government in public infrastructure are increasing the growth of the market in the region.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the smart lighting market are Signify Holding (Netherlands) [formerly known as Philips Lighting N.V, Legrand (France)], Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), Leviton Manufacturing Co., Inc. (U.S.), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Hubbell Incorporated (U.S.), GE Current (U.S.), Dialight plc (U.K.), Cree Lighting (U.S.), [a subsidiary of Ideal Industries, Inc. (U.S.)], Enlighted Inc. (U.S.) [a subsidiary of Simens AG (Germany)], Panasonic Holdings (Japan), LightwaveRF PLC (U.K.), RAB Lighting Inc. (U.S.), Synapse Wireless (U.S.), Syska LED (India), Wipro Enterprises (India), LG Electronics (South Korea), and ABB Ltd (Switzerland).

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