Smart Lighting Market Size, Share, Opportunities, COVID-19 Impact, And Trends Type (LED Lamps, Fluorescent Lamps, High-Intensity Discharge Lamps), By Application (Commercial, Industrial, Residential, Automotive, Others), And By Geography - Forecasts From 2021 To 2026
- Published : May 2023
- Report Code : KSI061610282
- Pages : 115
The smart lighting market is projected to witness a compound annual growth rate of 16.90% to grow to US$26.377 billion by 2028, from US$8.841 billion in 2021.
The smart lighting market is poised to experience significant growth in the coming years, driven by various factors. The increasing penetration of IoT technology, advancements in LED technology, and the growing trend of smart homes are among the key drivers of market growth. Additionally, the rising urban population, which is projected to reach 68% by 2050, according to the World Bank, is expected to drive demand for energy-efficient lighting solutions. As electricity consumption continues to increase, consumers are seeking more affordable and energy-saving lighting options.
According to the International Energy Agency's New Policies Scenario, annual electricity demand is expected to increase by around 2% until 2040, with global electricity consumption projected to increase from 25,679 billion kWh to approximately 40,443 billion kWh. This trend is expected to fuel demand for smart lighting solutions that can help reduce energy consumption and costs. Furthermore, the increasing investment in the development of smart homes and cities is expected to further boost market growth. The growing number of social and cultural events, such as concerts and sports matches, is also expected to contribute to the market's growth by increasing demand for high-quality and energy-efficient lighting solutions. These factors are expected to attract significant investments in the smart lighting market.
Major companies in the smart lighting market, such as Svarochi, Philips, Lutron Electronics, and Acuity Brands Lighting, have been making significant developments in recent years. For instance, in 2021, Svarochi introduced a new range of smart LED bulbs that can be controlled using a smartphone app or voice commands through Amazon Alexa or Google Assistant.
- August 2021, Product Launch. Signify launched a wide range of unique smart wi-fi enables lights in the country. Sold under the brand Philips, this Wiz smart light portfolio includes an LED downlighter, T-bulb, and T-beamer. These wi-fi-enabled smart bulbs can be connected with home automation devices like Google Assistance for touch-free operation.
- 2020, Venture. Honeywell International partnered with Signify to deploy integrated, smart lighting solutions for commercial buildings. The collaboration integrates Signify's Interact connected lighting system and software, and its UV-C disinfection lighting, with Honeywell Building Management Systems and the Honeywell Forge enterprise performance management platform.
The growth of the smart lighting market is a direct result of the increasing demand for smart homes and smart city infrastructure, which has been driven by the increase in global urban population. The trend of urbanization is expected to continue in the coming years, with the United Nations predicting that the global urban population will reach 68% by 2050. This trend has created a greater need for energy-efficient and sustainable solutions to support the growing urban infrastructure. The urban population as a percentage of total population has been increasing significantly, as supported by data provided by the World Bank, and this trend has contributed to the growth of smart cities and homes.
The smart lighting market is expected to surge in the coming years, due to the growth in smart cities and homes worldwide. Significant developments have been made in the market of smart lighting systems, which are included in smart cities for various applications and end-users, including smart streetlights. Notably, China has been a major contributor to the advancements in this market. In March 2021, the city of Guangzhou launched a new smart city platform, which uses 5G and AI technology to improve public services and enhance urban management. The platform includes features such as smart parking, smart waste management, and a digital assistant for citizens to access city services.
Similarly, India is contributing significantly to the global smart lighting market as well, with the launch of new smart lighting systems using IoT technology in various cities, indicating a positive impact on the market. In March 2021, the city of Pune launched a new smart street lighting system, which uses IoT technology to enable remote monitoring and control of streetlights. The system also includes features such as automatic dimming and brightening based on traffic conditions. Likewise, in Europe, in August 2021, Tipperary County Council in Ireland announced that it had pilot a smart lighting system in three locations of Clonoulty, Drangan, and Thurles. The novel deployments had been part of the Interreg Northwest Europe Smart-Space project. This development is expected to have a positive impact on the market.
Furthermore, the proliferation of IoT technology has played a crucial role in expanding the commercial smart lighting market. Smart lighting systems can connect to the internet, allowing for remote control, monitoring, and data analysis. IoT connectivity enables the implementation of advanced features like predictive maintenance, real-time analytics, and smart building ecosystems. Thus, an increase in the use of internet results in the efficient usage of these smart lighting systems in commercial spaces.
Developments in majorly populated countries like India are also anticipated to boost the growth of the market. The prime factor which is contributing significantly to the market growth of smart lighting in the country is the growing construction of smart homes and rising home automation, particularly in the urban regions. With the rise in disposable income and improving the standard of living, consumers are increasing their expenditure significantly on home automation and home décor. Upgradation of homes includes the inculcation of smart lightning which can relate to smart home devices, hence driving the market growth.
It is estimated that increasing investment in infrastructure development and home lighting upgrade will drive the demand for smart lighting in the country. The Indian government, under its Smart City Program, has recognized 90 cities in the country which has the potential to be converted into smart cities. It is expected that surging investment in the housing sector for a better standard of living will provide robust growth potential for smart lighting solutions.
Smart Lighting Market Scope:
|Market size value in 2019||US$8.182 billion|
|Market size value in 2026||US$21.791 billion|
|Growth Rate||CAGR of 15.02% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Acuity Brands Lighting, Lutron Electronics, Johnson Controls, Osram, Daintree Networks, General Electric, Honeywell International, Philips, The Smart Lighting Company, Svarochi|
|Customization scope||Free report customization with purchase|
- By Type
- LED Lamps
- Fluorescent Lamps
- High-Intensity Discharge Lamps
- By Application
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the smart lighting market size by 2026?
A1. The smart lighting market is projected to reach a market size of US$21.791 billion in 2026.
Q2. What is the size of global smart lighting market?
A2. Smart Lighting Market was valued at US$8.182 billion in 2019.
Q3. What are the growth prospects for the smart lighting market?
A3. The global smart lighting market is projected to grow at a CAGR of 15.02% over the forecast period.
Q4. How is the global smart lighting market segmented?
A4. The smart lighting market has been segmented by type, application, and geography.
Q5. What factors are anticipated to drive the smart lighting market growth?
A5. The smart lighting market is expected to surge in the coming years due to the growing IoT penetration, increasing trend of smart homes, and surging enhancement and advancement in LED technology.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SMART LIGHTING MARKET BY TYPE
5.2. LED Lamps
5.3. Fluorescent Lamps
5.4. High-Intensity Discharge Lamps
6. SMART LIGHTING MARKET BY APPLICATION
7. SMART LIGHTING MARKET BY GEOGRAPHY
7.2. North America
7.2.1. By Type
7.2.2. By Application
7.2.3. By Country
188.8.131.52. United States
7.3. South America
7.3.1. By Type
7.3.2. By Application
7.3.3. By Country
7.4.1. By Type
7.4.2. By Application
7.4.3. By Country
7.5. Middle East and Africa
7.5.1. By Type
7.5.2. By Application
7.5.3. By Country
184.108.40.206. Saudi Arabia
7.6. Asia Pacific
7.6.1. By Type
7.6.2. By Application
7.6.3. By Country
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Acuity Brands Lighting
9.2. Lutron Electronics
9.3. Johnson Controls
9.5. Daintree Networks
9.6. General Electric
9.7. Honeywell International
9.9. The Smart Lighting Company
Acuity Brands Lighting
The Smart Lighting Company
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