IMARC Group, a leading market research company, has recently releases report titled “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global smart lighting market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Smart Lighting Market?
The global smart lighting market size reached USD 16.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 72.6 Billion by 2032, exhibiting a growth rate (CAGR) of 17.5% during 2024-2032.
Factors Affecting the Growth of the Smart Lighting Industry:
- Growing Demand for Energy Efficiency:
The increasing need for energy efficiency is one of the major drivers boosting the market growth. Along with this, the increasing focus by governments and organizations across the globe on reducing energy consumption to combat climate change and lower operational costs is favoring the market growth. Moreover, the rising adoption of smart lighting systems that are designed to optimize energy use by automatically adjusting lighting levels based on occupancy and natural light availability is catalyzing the market growth. These systems use advanced technologies like motion sensors, daylight harvesting, and scheduling features to ensure lights are used only when necessary.
- Rapid Technological Advancements and IoT Integration:
The rising innovations in wireless communication technologies that enable easier installation and scalability of smart lighting systems are fostering the market growth. Moreover, the burgeoning integration of the Internet of Things (IoT), allowing these lighting systems to communicate with other smart devices and platforms, thus providing users with centralized control and automation capabilities is favoring the market growth. Additionally, rapid advancements in sensor technology that enable more precise and responsive lighting controls, enhancing user comfort and energy efficiency, are fostering the market growth. Besides this, the development of artificial intelligence (AI) and machine learning (ML) algorithms that enhance smart lighting by enabling predictive maintenance, energy usage forecasting, and automated adjustments based on historical data and user behavior is fueling the market growth.
- Increasing Focus on Smart City Initiatives:
The rise of smart city initiatives is another key factor driving the market growth. Moreover, the rising adoption of smart infrastructure in many cities across the globe to improve urban living conditions, reduce energy consumption, and enhance public safety is contributing to the market growth. Smart street lighting is a vital component of these initiatives, providing adaptive lighting solutions that can dim or brighten based on real-time data, such as traffic flow, pedestrian presence, and weather conditions. These systems improve energy efficiency and contribute to safety and security in urban areas. For instance, brighter lighting in high-traffic or crime-prone areas can deter criminal activities and reduce accidents.
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Smart Lighting Market Report Segmentation:
Breakup By Offering:
- Hardware
- Lights and Luminaires
- Lighting Controls
- Software
- Services
- Design and Engineering
- Installation
- Post-Installation
Hardware represented the largest segment as they form the core component of smart lighting systems, encompassing essential devices like bulbs, fixtures, and control units that drive the overall functionality and market demand.
Breakup By Communication Technology:
- Wired Technology
- Wireless Technology
Wired technology accounted for the largest market share as it offers greater reliability and bandwidth for smart lighting systems.
Breakup By Installation Type:
- New Installation
- Retrofit Installation
New installation represented the largest segment as they allow for integrating advanced smart lighting technologies from the ground up, leading to higher adoption in new construction projects.
Breakup By Light Source:
- LED Lamps
- Fluorescent Lamps
- Compact Fluorescent Lamps
- High Intensity Discharge Lamps
- Others
LED lamps dominated the market due to their energy efficiency, long lifespan, and compatibility with smart lighting controls.
Breakup By Application:
- Commercial
- Residential
- Public Infrastructure
- Others
Commercial accounted for the largest market share as this sector requires efficient and scalable lighting solutions to manage energy use and enhance user experience across large spaces.
Breakup By Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Europe’s dominance in the smart lighting market is attributed to strong regulatory support for energy-efficient solutions and widespread adoption of smart lighting in residential and commercial sectors.
Global Smart Lighting Market Trends:
The burgeoning integration of human-centric lighting (HCL) systems, which adjust color temperature and intensity throughout the day to mimic natural light patterns, promoting better health, productivity, and well-being, is fueling the market growth. Besides this, the expansion of light fidelity (Li-Fi) technology, which uses light waves for high-speed and secure data transmission, is fostering the market growth. Additionally, the incorporation of smart lighting in adaptive lighting systems for autonomous vehicles to adjust vehicle lighting based on driving conditions, thus enhancing safety and energy efficiency, is catalyzing the market growth.
Leading Companies Operating in the Global Smart Lighting Industry:
- Philips Lighting
- Acuity Brands
- Osram
- Cree
- General Electric Company
- Eaton
- Honeywell
- Legrand
- Hubbell Lighting
- Zumtobel Group
- Hafele Group
- Lutron Electronics
- Wipro Consumer Care and Lighting
- Vision
- Virtual Extension
- Syska LED
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