Smart Lighting Market Revenue Analysis & Region and Country Forecast To 2028
According to the most recent report by Emergen Research, the size of the global market for smart lighting is anticipated to reach USD 45.47 billion in 2028, growing at a consistent 19.7% revenue CAGR. The rising use of LED lights and luminaires for outdoor lighting as well as the growing acceptance of standard protocols for lighting control systems are propelling the market’s revenue growth.
A lighting system known as “smart lighting” is built with features and functionalities to improve convenience and security, among other things. Its main focus is on boosting energy efficiency. Smartphone apps can be used to remotely control smart lighting. This makes it fashionable and significantly novel in households and enterprises all around the world. It has self-operating controls, very energy-efficient fixtures, and is very energy-efficient.
Increased use of LED lights and luminaires for outdoor lighting is a key market driver.
Energy and cost savings are two of the main benefits of using LEDs instead of conventional lighting. In outdoor lighting applications, LEDs are taking the place of traditional light sources like fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps. Applications for outdoor lighting are typically found in highways, streets, public spaces, and stadiums. The advantages that LED lights have over conventional lights, according to the US DOE, will account for 86% of all lighting sales by 2035.
High initial prices of smart lighting equipment and accessories are a restriction.
The initial cost of smart lighting systems is high due to the cost of the equipment as well as the cost of integration and installation services, despite the fact that they are long-term cost-saving lighting solutions that use less energy. Dimmer switches, sensors, control systems, and software are just a few of the hardware parts that smart lighting systems are made up of. Because of this, installing smart lighting is more expensive than installing traditional lighting systems. This is primarily because smart lighting solutions call for extremely expensive software, control systems, and LED light sources. The deployment of smart lighting control technologies is hampered by this problem. However, elements like declining LED prices and energy savings from putting in energy-efficient lighting controls
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Opportunity: Creating lighting systems that focus on people
Humans are affected by lighting in both a biological and emotional way. Human-centric lighting solutions that can be changed for direction, correlated colour temperatures (CCTs), and illuminance can improve people’s health, moods, and general well-being. These lighting options can increase productivity, safety, and focus in working and learning spaces. Human-centric lighting solutions can aid in the healing process, ward off chronic diseases in people with erratic daily routines, and enhance patients’ feelings of general wellbeing in healthcare settings.
Issues with interoperability between various network components.
The main problem now being faced by lighting control systems is the integration of several compatible technologies under one roof. When it comes to lighting control, users have many options to pick from, but because there are no common standards, it is challenging to combine the options they have. End users encounter issues due to component incompatibility and a lack of interoperability.
Some of the Report’s Important Highlights
Signify introduced a new line of Philips Smart Wi-Fi lights in India in August 2021. With this, it enlarged the Wiz Smart Light Range’s Phillips Smart Wi-Fi ecosystem in India. A new intelligent LED downlighter, T-Bulb, T-Beamer, and Batten are also included in the portfolio.
In 2020, the hardware category accounted for a sizable portion of revenue. The benefits gained by using smart light bulbs and fixtures that can change shades and dim lights with a remote controller, such as tablets, Alexa devices, and smartphones, among other things, are acknowledged by the majority of sectors. End-use industries now highly favour hardware as a result of this.
In 2020, the market for wireless receivers and transmitters had a reasonably strong revenue share because of the products’ adaptability, variety, and affordability.
The largest revenue growth was recorded in North America in 2020 as a result of the region’s countries’ growing demand for smart lights in various industries. The emergence of smart city initiatives is also boosting market income.
- Major players in the market report include Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., and Verizon.
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Emergen Research has segmented the global smart lighting market on the basis of component, light source, type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
LED Light Source
HID Light Source
Fluorescent Light Source
Type Outlook (Revenue, USD Billion; 2018–2028)
- Smart Bulbs
- Lighting Control
- Microcontroller and Microprocessors
- Wireless Receivers and Transmitters
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Public Lighting
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
About Emergen Research
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