Smart Lighting Market to Witness Upsurge in Growth During the Forecast Period by 2030

Description
The global smart lighting market size was valued at USD 11.93 billion in 2020 to USD 41.51 billion by 2027, at a CAGR of 23.10% from 2021 to 2027. The global smart lighting market is expected to grow at a significant rate during the forecast period. This is due to the integration of the physical security industry with smart lighting, changing the paradigm of the lighting industry to the electronics industry, and adding voice control features to the upcoming products. The burning issue of the global energy crisis is supporting the adoption of smart lighting. Increasing the smart homes market along with customization benefits and continually decreasing the average selling price (ASP) of LED bulbs are some of the factors driving the growth of the smart lighting market. However, designing challenges while using LED, lack of regulatory standards and the associated interoperability issues are restraining the overall development of the global smart lighting market.

Wireless lighting control technology has taken the next step with the integration of cloud computing. Net-based LED technology allows seamless controls of all the luminaires at a particular installation through cloud-based computing technologies. This technology enables real-time monitoring of lighting conditions, occupancy, and energy consumption, in addition to allowing the user to control the light settings from a remote location. Furthermore, the cloud-based database can store information collected from sensors and will enable the use of data analytics to study the energy consumption pattern of a place and evaluate an optimum lighting setting for that particular location.

One of the significant trends observed in the global smart lighting market is the emergence of light fidelity. Lights are no longer used to provide the only illumination; they are also used for high-speed data transmission. Light fidelity or Li-Fi, is an optical wireless communication technology that can be used for data transmission at high speed. Data transmission speed up to 228Gbps has been achieved in the laboratory. Li-Fi transmits data through illumination, in which data is sent through an LED bulb that varies at an intensity faster than a human eye can follow. With high-speed transmission, bidirectional, networked, and wireless capability, Li-Fi is expected to offer unprecedented data and bandwidth features in the coming years. Hence, it is expected to back the growth of the global smart lighting market.

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Global Smart Lighting Market Dynamics
Drivers: Prevailing Issue of Global Energy Crisis Supporting the Adoption of Smart Lighting
The increasing worldwide demand for energy is responsible for rising energy prices, tight energy supplies, and growing anxiety about climate change and related liabilities. The future global economy is expected to rely on more energy demand. Consumption is predicted to significantly increase by more than 50% in the next 20 to 25 years, especially with the growing energy demand from developing countries, such as China and India. Additionally, the risk of climate change associated with the use of fossil fuels has made the supply of energy increasingly difficult.

The lighting segment consumes most of the electricity in residential, commercial, and industrial sectors. Lighting accounts for 15% of total electricity consumption and 5% of total greenhouse gas emissions worldwide. Using high-efficiency LED lighting is a solution to such an energy crisis. It is one of the significant factors attributable to the consumers' shift toward smart lighting, helping the global smart lighting market grow at a significant rate. According to International Energy Agency (IEA), smart lighting systems can save up to 35% of the energy compared to the conventional lighting system.

Challenges: Security and Privacy Concerns
Wireless systems are generally unreliable when it comes to the security and privacy of data. With the development of various data forgery and illegal data access methods, data transmission over the wireless network is prone to cyber-attacks.

As IoT becomes a mainstream concept, billions of new electronic devices, including lighting fixtures and sensors, are being bought online to generate considerable data. Safer data management is another restraint expected to hinder the growth of the global smart lighting market during the forecast period. Industry challenges to security and privacy allow data specialists to develop safer smart lighting solutions aggressively. However, due to the loss of security boundary, industrialize hacking, presence of complex smart lighting architecture, and untrusted network protocols, the factors are expected to create a barrier to the global smart lighting market growth.

Opportunities: Advancement in Lighting Control
Advanced lighting control systems have been increasingly prevalent in recent years. The global smart lighting market players have ample opportunities to tap this market space by developing sophisticated and advanced automation and lighting control systems through smart lights and electronic equipment.

Lighting controls save energy and cost by ensuring lights are turned off when not in use or reducing the amount of illumination while sensing the nearby environment and brightness. Energy and cost savings through advanced lighting controls are dependent on the specific applications and site utilization rates. Rapid developments and advancements in occupancy/vacancy sensors, plug-and-play lighting systems, personal dimming brightening controls, and lighting control circuit breakers reduce energy waste via intelligent and building-wide control systems. They are further expected to bring this opportunity to the mainstream and provide significant space for the growth of the global smart lighting market during the forecast period.

Scope of the Report
The study categorizes the smart lighting market based on application, products, distribution channels, and regions.

By Application Outlook (Sales, 2017-2027, USD billion)
Residential
Commercial
Industrial
Outdoor
Automotive
By-Products Outlook (Sales, 2017-2027, USD billion)
Fixture
CFL
LED
OLED
HID
Plasma Lamp
Control
Sensors
Microprocessors & Controllers
Dimmers & Switches
Wireless Transmitters &
Receivers Ballasts & LED Drivers
By Region Outlook (Sales, 2017-2027, USD billion)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Outdoor, by application, is estimated to fastest-growing segment during the forecast period
Based on the application, the global smart lighting market has been segmented into residential, commercial, industrial, outdoor, and automotive. Outdoor is accounted for the fastest-growing segment with a CAGR of 24.3% during the forecast period 2021-2027 and having market revenue share of 20.46% in 2020. In contrast, Residential has the largest market revenue share of 33.97% in 2020.

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Outdoor lighting applications include streetlights, architectural lighting, smart city, public areas, parking lot lights, and roadway lights. Smart streetlights integrated with daylight sensors can control the brightness level in accordance with the ambient lighting conditions, thus saving considerable energy. Furthermore, they can be equipped with astronomical or digital clocks to program them to automatically switchlly switch on at dusk and off at dawn. The motion sensors in intelligent lights can detect the movement of pedestrians or vehicles. They can change the illumination level automatically, with low brightness when no motion is detected and sufficient intelligence when pedestrians or vehicles move.

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Latin America accounts for the highest CAGR during the forecast period
Based on region, the global smart lighting market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Latin America is the fastest-growing region with a CAGR of 30.9% during the forecast period 2021-2027 in the market of smart lighting.

In Latin America, one-third of the roads are still lit by age-old technologies, typically consuming 40% of the city's total electricity costs. The governments in the Latin American countries have realized it and recently started to replace their sodium vapor lamps with LEDs for energy savings and cost reduction. Therefore, the focus of city councils to network LED-based smart lighting solutions, deploy other smart city applications during this upgrading program, and avoid second installation cost is the key driving factor for the smart lighting market in the region.

The government in various countries of the region looks for solid case studies involving connected streetlights to understand the TCO, RoI, and payback period. However, the lack of understanding and case studies on additional savings related to intelligent lighting controls are critical restraints for deploying smart lighting systems. Moreover, there are fewer smart light manufacturing companies present in Latin America, affecting the market growth in the region.

Key Market Players
Some of the key players in the industry are Acuity Brands Inc., AMS AG, CommScope Holding Company Inc., Control4 Corporation, Daintree Networks, Digital Lumens, Inc., General Electric Company, Honeywell International Inc., Signify Holding (Philips Lighting), Legrand S.A., Leviton Manufacturing Co. Inc., Lutron Electronics Co. Inc., NXP Semiconductors NV, OSRAM Licht AG, and Zumtobel Group AG. These global smart lighting market players players are coming up with different product launches to match the competitors' product portfolio and target to take a competitive advantage in the world.

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