Smart Lighting Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global smart lighting market size is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5%.The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period. The market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.

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Lights and luminaires segment likely to hold larger share of the smart lighting market during the forecast period.

Due to the advent of integrated lighting controls, the smart lighting hardware market for lights and luminaires is expected to have the largest share during the forecast period. Luminaires and lighting control devices can be integrated together, enabling software to be embedded on microcontrollers, thus increasing lighting control's intelligence. The demand for smart lights and luminaires will be driven by such lighting systems, which provide spatial sensing and control. Smart lighting systems consist of lights and luminaires. There are several different types of components that make up these lighting systems, including smart bulbs, lamps, and luminaires like fluorescent lights, light-emitting diodes, and high-intensity discharge lamps. Depending on the lighting task being performed, the light source used in lamps has different characteristics. By choosing the right lamp type, you can save a great deal of energy. It is cost-effective and offers a high return on investment to invest in smart LED luminaires. Since conduits and metal cladding aren't needed, they reduce installation costs. LED lighting systems are very attractive to property owners due to the benefits provided by smart technology. In terms of cost and energy efficiency, LED lighting is one of the mainstream technologies. LED lights and luminaires are offered by Signify Holding (Philips Lighting), Wipro Lightings, Ideal (Cree), Hubbell Inc., and Savant Systems Inc. (GE Lighting).

Commercial segment likely to account for the largest share of the indoor smart lighting market during the forecast period.

The commercial segment includes offices, retail shops and malls, healthcare facilities, educational institutions, stadiums (arenas), and hospitality facilities. The commercial segment accounted for the largest share of the indoor smart lighting market in 2020 and similar trend is expected to be continue by 2026. Growing affordability and higher efficiencies are driving the use of smart lighting in commercial buildings. Apart from that, low maintenance and security features of smart lighting also drive the market in the commercial segment. Reducing energy consumption has become a major objective for building owners, governments, utilities, and many other stakeholders. Replacing existing lights with more energy-efficient lighting sources (e.g., LED) is one of the ways to reduce this massive pool of energy use, but it is a small-scale solution.

Smart lighting services segment likely to grow at the highest CAGR during the forecast period.

The market for the services segment is projected to record the highest CAGR during the forecast period, mainly due to the rising adoption of smart lighting solutions and the use of lighting services to reduce costs and achieve energy conservation and ecological safety. The growth of the services segment is also attributed to a high demand for engineering, consulting, and analytical services pertaining to smart lighting among end users. Lighting services have been meeting the rising demands for new networks, offering lighting manufacturers an opportunity in competing with traditional networking players and, at the same time opening their own service segments. The services segment comprises pre-installation and post-installation services. The growth of the smart lighting services market 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.

Rapid economic growth in China, and India is expected to propel the APAC smart lighting market in the coming years.

Asia Pacific (APAC) is expected to be the fastest-growing market for smart lighting systems during the forecast period. The smart lighting market has enormous potential in the APAC region, and it is anticipated that these systems would be accepted by consumers as an integral part of a digitalized household. Increasing construction activities in Asia Pacific are contributing significantly to the growth of the smart lighting market in the region. China is expected to lead the smart lighting market in APAC owing to the availability of cost-effective land for setting up manufacturing plants as well as for new constructions of commercial spaces, presence of multiple lighting manufacturers, and continuing growth in commercial and industrial buildings as well as smart offices. The country has expertise in manufacturing lighting equipment and adopts technologies at a faster rate than other nations in the region.

In India, conventional lamps are being replaced by efficient ones, starting from simple LED bulbs to sophisticated, movement detection-enabled lighting systems for smart cities and businesses, opening a host of opportunities for lighting companies to cater to the requirements of various consumers.

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A few of the key players in the smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and GE Current (US).

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This release was published on openPR.