The Smart Lighting Market is set to Brighten the World with Smartness at a value of US$ 72.40 billion by 2033

Smart Lighting Market

The smart lighting market was valued at US$ 12.31 billion in 2022, and it is anticipated to have grown to US$ 72.40 billion by the end of 2033. The smart lighting market is estimated to reach US$14.27 billion in 2023. The smart lighting market is estimated to grow at a CAGR of 17.2% from 2023 to 2033.

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The growth of the smart lighting market is being driven by a number of factors, including the increasing demand for energy-efficient lighting solutions, the growing popularity of smart home devices, and the rising adoption of connected lighting systems in commercial buildings.

Key Drivers

• Increasing demand for energy-efficient lighting solutions

One of the key drivers of the smart lighting market is the increasing demand for energy-efficient lighting solutions. Smart lights are typically more energy-efficient than traditional incandescent or fluorescent lights, and they can help businesses and consumers save money on their energy bills.

• Growing popularity of smart home devices

Another key driver of the smart lighting market is the growing popularity of smart home devices. Smart lights can be easily integrated with smart home devices, such as smart thermostats and smart speakers, to create a more connected and automated home environment.

• Rising adoption of connected lighting systems in commercial buildings

The adoption of connected lighting systems in commercial buildings is also driving the growth of the smart lighting market. Connected lighting systems can help businesses improve energy efficiency, security, and operational efficiency.

Key Players

• Cree, Inc.
• Hubbell Lighting, Inc.
• GE Lighting, LLC
• OSRAM light AG
• Royal Philips NV
• Acuity Brands Lighting, Inc.
• Honeywell International Inc.
• Panasonic Corporation
• Schneider Electric

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Segmentation

The global smart lighting market is segmented by application, component, and technology.

• By application, the market is segmented into residential, commercial, industrial, and outdoor. The residential segment is expected to be the largest market during the forecast period, due to the increasing demand for smart lighting solutions in homes.
• By component, the market is segmented into fixtures, controls, and sensors. The fixtures segment is expected to be the largest market during the forecast period, due to the high demand for smart light bulbs and smart light fixtures.
• By technology, the market is segmented into wired and wireless. The wireless segment is expected to be the fastest-growing market during the forecast period, due to the increasing demand for easy-to-install and easy-to-use smart lighting solutions.

Regional Analysis

The global smart lighting market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
• North America is expected to be the largest market during the forecast period, due to the early adoption of smart lighting solutions in the region.
• Europe is expected to be the second-largest market during the forecast period, due to the increasing demand for energy-efficient lighting solutions and the growing popularity of smart home devices in the region.
• Asia Pacific is expected to be the fastest-growing market during the forecast period, due to the rising adoption of smart lighting solutions in commercial buildings and the increasing demand for energy-efficient lighting solutions in the region.

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Recent Developments

Here are some recent developments of companies in the smart lighting market:

• Philips smart lighting product

Philips announced in May 2023 that it is expanding its smart lighting portfolio with new products and services. The company is also investing in research and development to further improve its smart lighting technology.

• Cree smart lighting product

Cree announced in April 2023 that it is partnering with Google to bring smart lighting to more homes. The partnership will make it possible for Cree smart lights to be controlled using Google Assistant.

• Osram smart lighting product

Osram announced in March 2023 that it is launching a new line of smart lighting products that are compatible with Amazon Alexa. The new products will make it possible for users to control their lights using voice commands.

• Eaton

Eaton announced in February 2023 that it is acquiring Cooper Industries' Lighting business. The acquisition will make Eaton a major player in the smart lighting market.

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