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Smart Lighting Market Will Reach $27,064 Million by 2023 and Is Growing at a CAGR of Over 20% During 2018 - 2023
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The smart lighting market is categorized into lighting source, communication medium, product, application, and service. The global market is driven by the new innovations and rapid increase in sales of smart light emitting diode (LED) solutions. In 2016, LED as an efficient lighting source contributed largest revenue to this industry and it is expected to witness highest demand during the forecast period. Smart LED based lighting solutions enable users with digital control using a programmable microcontroller-based lighting architecture.
Based on wireless lighting communication, Wi-Fi technology generated highest revenue in the global market and Wi-Fi based lighting communication is also projected to witness fastest growth, during the forecast period. However, the market for booming technology Zigbee in lighting industry will pace up with similar growth as that of Wi-Fi. Zigbee, developed by a global alliance of companies to create wireless solutions for energy management, allows users to control home lighting from a smart device, such as a phone or tablet. Being low in cost and power consumption, the technology is becoming a factor of interest among manufacturers, globally. On the basis of service, lighting as a service (LaaS) is expected to witness higher demand as compared to smart phone application, during the forecast period. Its market is projected to cross $17,000 million mark by 2023. Consumers, particularly medium and small-scale users of smart lighting are attracted more towards subscription based and pay as you go lighting models provided by various vendors in the market.
Geographically, Europe has been the largest smart lighting market, accounting for more than 35% of global revenue, whereas the sales in Asia-Pacific is expected to witness the fastest growth, during the forecast period. The growth in Asia-Pacific will be led by factors such as surge in digitalization within industries, advancement in new lighting technologies by regional players, growth in investment in smart lighting market, and increasing adoption of connected technologies across indoor and outdoor sectors. Further, due to rapid technological advancements in IoT and improvement in network infrastructure, the region has high tendency to adopt smart lighting solutions as a mainstream alternative to traditional lighting, in near future.
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The global smart lighting industry is moderately competitive with players developing new connected and intelligent lighting solutions frequently. Some of the major players operating in this industry are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc. and Legrand SA.
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