Smart Lighting Market Expected To Reach USD 22 Billion By 2025 | Top Key Players Acuity Brands, Honeywell, Philips, Cree, Legrand

The Smart Lighting Market, the market is expected to reach USD 22 Billion by 2025 from USD 7.93 Billion in 2018, at a CAGR of 20% between 2018 and 2025. Modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide are the major factors driving the growth of the market.

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Companies considered and profiled in this market study

The smart lighting ecosystem includes original equipment manufacturers (OEMs) such as Acuity Brands (US), Honeywell (US), Philips (Netherlands), Cree (US), Legrand (France), and OSRAM (Germany). Key software providers in the market include Philips (Netherlands), Zumtobel Group (Austria), and SoftDel (US). Moreover, key technology providers include Control4 Corporation (US), Siemens (Germany), Ingersoll-Rand (US), and General Electric (US).

Significant research by input suppliers required for the establishment of a strong supply chain will drive the growth of the Smart Lighting market. At present, the lack of an established supply chain and distributed patent portfolio are the major restraints for the growth of the market. Huge investment requirement in infrastructure, equipment, and process development; and need for different manufacturing processes as well as equipment compatibility are the key challenges faced by Smart Lighting technology developers. Lack of universal open standards for aiding communication between all IoT devices is a major challenge for the commercialization of the technology in different products.

For the purpose of this report, the market has been segmented on the basis of offering, communication technology, application, installation type and region:

Offering Outlook (Revenue, USD Million; 2018-2025)
Hardware
Lights & Luminaires
Lighting Controls
Software
Local/Web-Based Software
Cloud-Based Software
Services
Design & Engineering
Installation Services
Post-Installation Services

Communication Technology Outlook (Revenue, USD Million; 2018-2025)
Wired Technology
Digital Addressable Lighting Interface (DALI)
Power-Line Communication (PLC)
Power Over Ethernet (PoE)
Wired Hybrid Protocols
Wireless Technology
Zigbee
Bluetooth/Bluetooth Low Energy
EnOcean
Wi-Fi
6LoWPAN
Wireless Hybrid Protocols

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Application (Revenue, USD Million; 2018-2025)
Indoor Application
Outdoor Application

Installation Type Outlook (Revenue, USD Million; 2018-2025)
New Installation
Retrofit Installation

Regional Outlook (Revenue, USD Million; 2018-2025)
North America
Europe
Asia Pacific
Rest of the World

Further key findings from the report suggest

1. The Smart Lighting market, the market is expected to reach USD 22 Billion by 2025 from USD 7.93 Billion in 2018, at a CAGR of 20% between 2018 and 2025. Modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide are the major factors driving the growth of the market.

2. Services play a major role before and after the installation of smart lighting systems. This segment comprises design and engineering services, installation service, and post-installation services (maintenance, and support and monitoring services). The growth of the smart lighting market for services is mainly attributed to the expected high rate of adoption of smart street lighting systems for energy conservation and ecological safety during the forecast period. Post-installation services consist of maintenance, support, and monitoring services for smart lighting systems. Among these, maintenance and support services require high expenditure. Post-installation services consist of maintenance and support for smart lighting systems to ensure long life of the luminaires and lamps, with minimum energy consumption and maximum efficiency.

3. Indoor application (residential, commercial, and industrial) is expected to hold a larger size of the smart lighting market during the forecast period. In residential applications, smart lighting can be installed according to the requirement of a particular room or an entire house. The incorporation of wireless technology in smart lightings would help the market for residential indoor application to grow at a high rate. The commercial application of smart lighting includes the implementation of these lightings in offices, retail shops, shopping malls, and hospitality infrastructure. Reducing energy consumption has become a major objective for building owners, governments, utilities, and other stakeholders. Replacing existing lights with more energy-efficient lighting sources, such as LEDs, is one of the ways to reduce massive energy consumption; however, it is a small-scale solution for the issue. On a large scale, energy consumption can be reduced by turning the lights off when not required, optimizing light levels to suit the workers'/occupants' needs, and reducing the overall demand for lighting energy. These measures come under smart lighting arrangement, which is the best way to ensure the automatic reduction in energy consumed in the lighting task.

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