Global Smart Lighting Market to Reach US$ 41.2 Billion by 2028, Propelled by Increasing Development of Smart Cities

April 24, 2023 | Electronics and Semiconductors

The latest report by IMARC Group, titled "Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global smart lighting market size reached US$ 13.5 Billion in 2022. Smart lighting is an advanced technology designed to efficiently use light resources. It provides a range of automated control options that allow users to adjust their lighting based on occupancy or available natural light. It is used in homes, businesses, and industrial settings and has a touchscreen control panel and a smartphone app for convenient control. In addition, it allows users to adjust the color and brightness of fixtures from any location. Owing to these properties, smart lighting is gaining traction over conventional lighting, such as incandescent bulbs, halogens, and CFLs.

Global Smart Lighting Market Trends:

The market is primarily driven by the increasing development of smart cities across the globe. In addition, the escalating demand for energy-efficient lighting systems that offer improved lighting and consume less power is contributing to the market growth. Besides this, with rapid urbanization and infrastructure development, consumers prefer advanced and flexible lighting options over traditional, power-consuming lights. This, coupled with the declining cost of smart lights, making them more accessible to consumers, represents another major growth-inducing factor. Moreover, various technological advancements, including the integration of wireless and sensor technology in lighting systems, are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 41.2 Billion by 2028, exhibiting a CAGR of 20.1% during the forecast period (2023-2028).

Market Summary:

On the basis of the offering, the market has been segmented into hardware (lights and luminaries, and lighting controls), software, and services (design and engineering, installation, and post-installation).
Based on communication technology, the market has been classified into wired and wireless technology.
On the basis of the installation type, the market has been bifurcated into new and retrofit installation.
Based on the light source, the market has been segmented into LED, fluorescent, compact fluorescent, high-intensity discharge, and other lamps.
On the basis of the application, the market has been segregated into commercial, residential, public infrastructure, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
The competitive landscape of the market has been examined in the report, 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Offering, Communication Technology, Installation Type, Light Source, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Philips Lighting, Acuity Brands, Osram, Cree, General Electric Company, Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight.Vision, Virtual Extension and Syska LED
Customization Scope	10% Free Customization
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Global Smart Lighting Market to Reach US$ 41.2 Billion by 2028, Propelled by Increasing Development of Smart Cities

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