The latest report by IMARC Group titled, “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027” finds that the global smart lighting market reached a value of US$ 11.2 Billion in 2021. Smart lighting is an innovative technology preferred over conventional lighting such as incandescent bulbs, halogens, and CFLs. It ensures energy efficiency and includes automated controls and highly efficient fixtures that enable the users to adjust the lighting, depending on occupancy and external lighting. In recent years, smart lighting solutions have gained prominence as they can be accessed through a smartphone application, enabling users to change the color and brightness of fixtures from anywhere around the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Global Smart Lighting Market Trends:
The market is primarily driven by the increasing demand for energy-efficient lighting systems that provide better illumination and consume less power. In addition, the development of smart cities has escalated the demand for smart lighting solutions across the globe. This can be attributed to the rapid urbanization, infrastructural development, and shifting consumer preferences toward modular and intelligent lighting solutions over high-energy consuming lights. Furthermore, smart lights have become affordable to the general population due to declining prices, representing another growth-inducing factor. Moreover, various technological advancements, including the emergence of lighting systems equipped with wireless and sensor technology are also contributing to the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 19.4% during 2022-2027.
- Based on the offering, the market has been classified into hardware (lights and luminaries, and lighting controls), software and services (design and engineering, installation, and post-installation).
- On the basis of communication technology, the market has been bifurcated into wired and wireless technology.
- Based on the installation type, the market has been segmented into new and retrofit installations.
- The market has been categorized on the basis of the light source into LED, fluorescent, compact fluorescent, high-intensity discharge, and other lamps.
- Based on the application, the market has been classified into commercial, residential, public infrastructure, and others.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The report has also analyzed the competitive landscape of the market, with some of the key players being Philips Lighting, Acuity Brands Inc., Osram Licht AG, Cree LED, General Electric Company, Eaton Corporation PLC, Honeywell International Inc, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight Vision, Virtual Extension, and Syska LED.
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