According to Syndicate Market Research, the global smart lighting market size in terms of revenue was valued at around USD 10.8 billion in 2023 and is expected to reach a value of USD 39.5 billion by 2030, growing at a CAGR of roughly 20.2% from 2024 to 2030. The global smart lighting market is projected to grow at a significant growth rate due to several driving factors.
Smart Lighting Market: Overview
A control system that regulates lighting based on a variety of factors, including movement, temperature, occupancy, and the quantity of natural light, has enabled smart lighting to become one of the most popular solutions in the lighting industry. The significant energy expenses linked to lighting have prompted governments and industries to place greater emphasis on reducing energy consumption.
The flexibility and cost-effectiveness of automated illumination facilitate users' ability to monitor tasks with greater efficiency. The smart lighting market is expanding at a substantial rate as a result of these numerous benefits.
Key Highlights
Global Smart Lighting Market 2024 Size by Region
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Smart Lighting Market Dynamics:
Growth Drivers
The smart lighting market is expanding rapidly for numerous reasons. These factors include smart city infrastructure development, modernization, and the need for energy-efficient lighting. The low cost and broad adoption of LED technology further drive market expansion. Intelligent street lighting systems are in demand, and governments and consumers worldwide are emphasizing energy conservation. Thus, the smart lighting business is booming.
Challenges
Smart lighting industry growth is hindered by high installation costs, security and privacy issues, and limited payback period awareness.
Opportunities
Smart cities' rapid expansion has helped the smart lighting industry since embedded devices and sensor technology in traffic signals and streets reduce energy usage. Smart city programs use linked technologies to streamline operations and conserve energy, making life easier and cheaper. These lighting systems enable government agencies to decrease energy usage, smart city repair expenses, and nighttime accidents via networked street lights.
Smart Lighting Market: Segmentation Analysis
The global Smart Lighting market is divided by product, source, communication, and application.
By product, the global smart lighting market is separated into luminaries and lighting control systems. The luminaries’ segment, which is additionally separated into smart bulbs and fixtures, demonstrates a notable acceleration in growth during the projected period.
Based on the source the market is divided into fluorescent lamps, high-intensity discharge lamps, light emitting diode (LED), and others. On a global scale, the LED segment occupied the largest market share in 2020 and is projected to experience the most substantial growth over the forecast period.
By communication, the global smart lighting market is segregated into wired technology and wireless technology. Wireless technology is anticipated to experience the most rapid growth among these two technologies throughout the forecast. This is due to the omission of wire usage, which ultimately eliminates the need for cable protection and installation. Sensors utilizing wireless communication technology contribute to the formation of an autonomous network, which facilitates the replacement, relocation, and update of sensors after their installation.
Based on application, the smart lighting market is divided into outdoor and indoor. In 2020, the indoor application comported the greater market share between these two segments on a global scale. Additional subsegments of the indoor application include residential, commercial, and others. Residential applications get implemented wildly according to a complete residence or even a single room.
Recent Developments
| Report Attributes | Report Details |
|---|---|
| Report Name | Smart Lighting Market |
| Market Size in 2023 | USD 10.8 billion |
| Market Forecast in 2030 | USD 39.5 billion |
| Growth Rate | CAGR of 20.2% |
| Number of Pages | 130 |
| Key Companies Covered | Acuity Brands Inc., Cree Inc., Digital Lumens Inc., Honeywell International Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Legrand SA., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, and others |
| Segments Covered | By Product, By Source, By Communication, By Application |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Smart Lighting Market: Regional Analysis
Asia-Pacific is anticipated to experience the most rapid growth in the smart lighting market over the forecast period. This is due to the region's considerable growth potential, which manufacturers are capitalizing on, and the widespread adoption of these lighting systems by consumers as they digitize and develop their homes. The expansion of the market in the Asia-Pacific region is significantly influenced by the boom in construction-related activities.
Multiple growth opportunities for home automation and the implementation of energy-efficient lighting systems are anticipated to materialize as a result of the ongoing construction projects in China and India undergoing a period of accelerated expansion. The rapid expansion of the smart lighting market in the Asia-Pacific region is anticipated to be fuelled in part by the expanding adoption of energy-efficient lighting systems and the rising spending of government agencies on public infrastructure.
Smart Lighting Market: Competitive Landscape
Some of the major players in the global smart lighting market include:
The global smart lighting market is segmented as follows:
By Product
By Source
By Communication
By Application
By Region
Frequently Asked Questions:
What are the key factors driving global smart lighting market growth?
The rise of infrastructure in smart cities, the need for development, and growing demands for energy-efficient lighting systems are key factors of smart lighting market expansion.
What will be the CAGR of the global smart lighting market?
The global smart lighting market is growing at a CAGR of around 20.2% during the forecast period (2024-2030).
What will be the value of the smart lighting market during 2024- 2030?
According to Syndicate Market Research, the global smart lighting market size was estimated at approximately $ 10.8 billion in 2023 and is expected to generate revenue of around $ 39.5 billion by 2030.
Which region will drive global smart lighting market revenue?
Asia Pacific region will dominate the global smart lighting market.
Who are the key players operating in the global smart lighting market growth?
These players adopted different strategies so as to hold major market share in this market. Some of the major players in Smart Lighting industry includes.
Based on the Smart Lighting market analysis, North America is predicted to held the highest share in the Smart Lighting market during the forecast period.
The statistical data of the top market players of Smart Lighting industry can be obtained from the company profile section specified in the report. This section incorporates analysis of top player’s operating in the Smart Lighting industry as well as their last five-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue produced.
The study offers a decisive view on the Smart Lighting by segmenting the market based on Product Type, Application, and region.
The report gives a nitty-gritty assessment of the market by featuring data on various viewpoints that incorporate drivers, restraints, opportunities, and threats. This data can assist stakeholders in making suitable decisions before investing.
The sample for Smart Lighting market report can be received on-demand from the website as and when required.Direct call services or 24*7 chat support are provided to procure the sample report.
List of Figures
List of Tables
1.1 Research Methodology
The process of market research at Syndicate Market Research is an iterative in nature and usually follows following path. Information from secondary is used to build data models, further the results obtained from data models are validated from primary participants. Then cycle repeats where, according to inputs from primary participants, additional secondary research is done and new information is again incorporated into data model. The process continues till desired level of information is not generated.
To calculate the market size, the report considers the revenue generated from the sales of the market providers. The revenue generated from the sales of market is calculated through primary and secondary research. The key players operating in the market across the globe are identified through secondary research and a corresponding detailed analysis of the top vendors in the market is done. The market size calculation also includes clinical trial phase segmentation determined using secondary sources and verified through primary sources.
1.2 Secondary Research
The secondary research sources that are typically referred to include, but are not limited to:
The sources for secondary research includes but is not limited to: Factiva, Hoovers and Statista
1.3 Primary Research
We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following functions:
The participants who typically take part in such a process include, but are not limited to:
1.4 Models
Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data types to produce estimates:
Data is then cross checked by the expert panel.
1.4.1 Company Share Analysis Model
Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:
1.4.2 Revenue Based Modeling
Revenue based models can be built in two ways - Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach where as it acts as starting point for top-down approach.
1.5 Research Limitations
Inflation is not a part of pricing in this report. Prices of the products and its derivatives vary in each region and hence similar revenue ratio does not follow for each individual region. The same price for each type has been taken into account while estimating and forecasting market revenue on a global basis. Regional average price has been considered while breaking down this market by end user in each region.
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