03-Jun-2024 | Facts and Factors
As per the report published by Facts & Factors, the Global Smart Lighting market was estimated at around USD 18.12 billion in 2023 and is projected to produce revenues of around USD 73.56 billion by the end of 2032, rising to CAGR by around 16.82% between 2024 and 2032.
In the lighting industry, smart lighting has made use of a light control system dependent on parameters such as temperature, movement, occupancy, and natural light, etc. The control system intelligently controls the lighting. Lighting thus consumes a high amount of energy. Government offices, by substituting reliable and advanced lighting control systems, rely on reducing energy use. Not only an automated lighting control provides cost-effective and versatile lighting, but it also controls user functions. Therefore there is an increasing need for smart lighting systems. A new concept is evolving and aggressively embraced, such as wireless networking. In the public houses, retail and automotive industries the technology for smart lighting will be used more in near future.
Growing number of smart city development initiatives across the globe is driving the market
The need for smart lighting globally is projected to increase advances in wireless technologies and IoT technology to provide hyper-connectivity between smart infrastructure devices. The integration of Artificial Intelligence and IoT into lighting systems provides the operational efficiency needed in different applications, such as vertical farms, automobile interiors, and smart homes such as self-dimming and smart lighting. Technological innovations and advances in many countries have revolutionized outdoor lighting from on and off to intelligent lighting. In the lighting industry, adopting IoT and AI technologies has raised the demand for city street intelligent lighting. This adds to the increased need for the automatic operation of luminescence systems. In today's economy, the development of less powerful technology has a strong demand. Electronic or electrical devices most of these consume and work on electricity. The reduction of these energy sources has enhanced energy-efficient systems growth. Compared with conventional lighting, intelligent lighting requires far less electricity and offers a profitable smart lighting potential.
Europe Region Projected To Dominate Global Smart Lighting Market Growth
The smart lighting industry is dominated by Europe. Inefficient lighting technology is restricted by stringent government regulations in the country. Multiple phase-out programs for obsolete lamps are declared by the regional government. In addition, the governments in the area encouraged the use of LED lamps through the free distribution of LED lamps, along with tax discounts and subsidies. Business adoption in the area is encouraged. In addition to the stable macroeconomic situation in the area, smart city planning policies in the region would encourage business growth.
In the predicted time, Asia Pacific is going to rise most rapidly. The strong adoption of LED lamps in the area is responsible for the growth of the industry. The decrease in the cost of LED lamps and the supporting measures by the government is the key driver in the region's overall demand for LED lamps. The increasing use of intelligent & wired lamps in the area creates multiple market growth opportunities.
Browse the full“Smart Lighting Market Size, Share, Growth Analysis Report By Offering (Hardware, Software, and Services), By Application (Indoor and Outdoor), By Connectivity (Wired and Wireless), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” report at https://www.fnfresearch.com/smart-lighting-market-report
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 18.12 Billion |
Projected Market Size in 2032 |
USD 73.56 Billion |
CAGR Growth Rate |
16.82% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Acuity Brands Lighting Inc., Crestron Electronics Inc., Eve Systems GmbH, General Electric Company, Häfele, Honeywell International Inc., IDEAL INDUSTRIES INC., KEA Systems BV, LG Electronics, Lutron Electronics, Panasonic Corporation, RAB Lighting Inc., Schneider Electric, Sengled USA Inc, Signify Holding, Syska, Verizon, Wipro Lighting, YEELIGHT, and Others. |
Key Segment |
By Offering, By Application, By Connectivity, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Some of the key players in the Smart Lighting market are Acuity Brands Lighting, Inc., Crestron Electronics, Inc., Eve Systems GmbH, General Electric Company, Häfele, Honeywell International Inc., IDEAL INDUSTRIES, INC., KEA Systems BV, LG Electronics, Lutron Electronics, Panasonic Corporation, RAB Lighting Inc., Schneider Electric, Sengled USA Inc, Signify Holding, Syska, Verizon, Wipro Lighting, YEELIGHT, and others.
The global Smart Lighting market is segmented as follows:
By Offering
- Hardware
- Luminaires
- Lighting Controls
- Software
- Services
- Pre-installation Services
- Post-installation Services
By Application
- Indoor
- Industrial
- Commercial
- Residential
- Others
- Outdoor
- Street Lighting
- Architectural Lighting
- Lighting For Public Spaces
By Connectivity
By Region:
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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