NEW YORK — The smart lighting market is expected to grow by USD 17.20 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 16.88% during the forecast period. The market is segmented by application (commercial, residential, public infrastructure, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
The emergence of smart lighting is a key factor driving market growth. Smart lighting can optimize its use of power by controlling lights, heating, and air conditioning as well as remotely managing appliances. It reduces electricity consumption through the judicious timing of light activations. Various features, such as automatic room entry activation and color correction, are available in smart lighting networks. In addition, this system can respond to user commands on its own and can be programmed. The adoption of LED is expected to save energy, as well as integrate with smart and Internet of Things technologies. Manufacturers regularly upgrade LED technology to match advances in IoT. Growing global interest in smart lighting is driving supplier partnerships and global ecosystems. Hence, these factors are expected to drive market growth during the forecast period.
The report analyzes the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
Key Highlights:
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Technavio has announced its latest market research report titled Global Smart Lighting Market 2023-2027 The report recognizes the following as some of the key players in the smart lighting market: Current Lighting Solutions LLC., Eaton Corp. Plc, Helvar Merca Oy Ab, Honeywell International Inc., Hubbell Inc., Legrand SA, Leviton Manufacturing Co. Inc., Lightwaverf Technology Ltd., Lutron Electronics Co. Inc., OSRAM Licht AG, RAB lighting Inc., Savant Systems Inc., Siemens AG, Signify NV, Synapse Wireless Inc., Wipro Ltd., Zumtobel Group AG, Acuity Brands Inc., Dialight Plc, and IDEAL INDUSTRIES Inc.
- Smart Lighting Market is fragmented in nature.
- Market to observe 15.64% YOY growth in 2023.
Market Dynamics:
Major Trend
- The advent of IoT is a major trend shaping the market.
- The IoT is changing the way humans and entities, such as enterprises and governments, interact with the Physical World.
- The integration of the Internet of Things into smart lighting solutions is being accelerated due to advances in broadband technology, as well as sensor innovation.
- Furthermore, the IoT enables these facilities to collect valuable data and facilitate energy conservation and information about building occupancy patterns as well as other system uses.
- With the advent of IoT architectures, it is easier for manufacturers to develop next-generation IoT smart home and office lighting solutions due to an increase in the application of smart devices and cloud-connected lighting systems.
- Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenge
- The technological challenges related to LEDs are restricting the market growth.
- LEDs have limits, such as color differences and heat problems over time. The lumen output of the LED, which is influenced by color and operating conditions, can become reduced due to temperature problems.
- The LEDs are working in the house and outdoors. The outdoor installation can cause moisture to escape, leading to short circuits and the need for LED replacement.
- In addition, to ensure optimum performance, most LEDs require a step-down voltage and are unable to cope with line voltages.
- In industrial areas, where fluctuations in voltage are common, this presents problems because of the sensitivity of LEDs to these changes.
- Hence, these factors are expected to restrict market growth during the forecast period.
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Keg Segments:
- The commercial segment will account for a major share of the market’s growth during the forecast period. Smart lighting installations are used in commercial establishments, including restaurants, bars, hotels, industrial facilities, offices, and shopping malls. The implementation of more stringent energy and CO2 emission regulations by the Government has led to an increase in this segment. In addition, to reduce energy usage and integrate their ecosystem into the IoT, industrial premises are installing intelligent lighting systems. Businesses have taken the initiative to install smart lighting systems, to create a network of interconnected bulbs that can be operated on one system. In addition, the data obtained from this system can give insight into how to optimize service delivery and operations, enabling an effective use of energy resources and reducing costs. Hence, these factors are expected to drive segment growth during the forecast period.