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The global smart lighting market was valued at US$ 11.2 Billion in 2021.
We expect the global smart lighting market to exhibit a CAGR of 21.5% during 2022-2027.
The growing adoption of energy-efficient smart lighting systems across the commercial, industrial, and residential sectors to reduce carbon footprints is currently catalyzing the global smart lighting market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and disrupted supply chains for smart lighting components.
Based on the offering, the global smart lighting market can be segmented into hardware, software, and services. Among these, hardware currently holds the majority of the total market share.
Based on the communication technology, the global smart lighting market has been divided into wired technology and wireless technology, where wired technology currently exhibits a clear dominance in the market.
Based on the installation type, the global smart lighting market can be categorized into new installation and retrofit installation. Currently, new installation accounts for the largest market share.
Based on the light source, the global smart lighting market has been segmented into LED Lamps, fluorescent lamps, compact fluorescent lamps, high-intensity discharge lamps, and others. Among these, LED Lamps currently exhibit a clear dominance in the market.
Based on the application, the global smart lighting market can be categorized into commercial, residential, public infrastructure, and others. Currently, the commercial sector represents the majority of the global market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global smart lighting market include 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, Syska LED, etc.
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