Press release
Smart Lighting Market by Size, Share, Forecasts, & Trends Analysis
[Redding, California - Feb 19, 2024] - Meticulous Research®, a global leader in market research, proudly presents its latest report, 'Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless [Bluetooth, Wi-Fi, Other], Hybrid), Application (Indoor [Residential, Commercial and Industrial], Outdoor) and Geography - Global Forecast to 2029'.Download Sample Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5362
The comprehensive study from Meticulous Research® projects a remarkable CAGR of 12.2% for the smart lighting market from 2022 to 2029, envisioning a market value soaring to $39.91 billion by 2029. This surge is fueled by the escalating demand for IoT-enabled lighting fixtures and smart lighting solutions, the imperative for energy-efficient lighting systems, and the expanding footprint of smart homes. The transition from traditional to connected lighting solutions and the burgeoning prevalence of smart cities further amplify the growth prospects. Nevertheless, the market could face hindrances due to the initial high costs associated with smart lighting equipment and accessories.
The smart lighting market is meticulously segmented by offering, connectivity mode, and application, with a detailed analysis of industry competitors at regional and country levels.
Offering Dynamics:
Hardware Dominates: In 2022, the hardware segment is projected to hold the lion's share of the global smart lighting market. The surge is attributed to the increasing penetration of smart lights, escalating demand for intelligent streetlights in developing nations, and the rising popularity of connected lighting bulbs and fixtures that offer dynamic control via smartphones or tablets.
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Software's CAGR Triumph: Despite hardware dominance, the software segment is anticipated to witness the highest CAGR throughout the forecast period. Software applications play a pivotal role in facilitating smartphone or tablet control of lights, connecting smart lights with platforms such as Alexa, Crotona, and Siri for voice commands, and fostering ambient atmospheres in smart cities.
Connectivity Mode Evolution:
Wired Foundations: In 2022, the wired segment is poised to command the largest slice of the global smart lighting market. The reliability of wired connectivity, with minimal signal distortion, is a pivotal factor driving its dominance, despite limitations in flexibility and convenience compared to wireless counterparts.
Wireless Wave and Hybrid Horizons: As consumer preferences shift towards wireless connectivity, the wireless segment, especially Bluetooth, Wi-Fi, and other modes, is gaining traction. However, the hybrid connectivity mode is forecasted to witness the fastest growth, seamlessly combining the reliability of wired protocols with the flexibility of wireless standards.
Application Insights:
Outdoor Brilliance: The outdoor segment is anticipated to hold the largest share of the global smart lighting market in 2022 and is expected to register the highest CAGR. This dominance is fueled by the increasing adoption of energy-efficient lighting solutions, government initiatives promoting energy efficiency, modernization of infrastructures, and the pervasive use of LEDs in outdoor applications.
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Geographical Landscape:
European Radiance: Europe is poised to lead the smart lighting market in 2022, driven by heightened awareness of energy conservation, supportive government policies, high disposable income, and increased deployment of smart lighting solutions in various sectors.
Asia-Pacific Illumination: Witnessing significant growth in recent years, Asia-Pacific is projected to achieve the highest CAGR during the forecast period. Government initiatives, smart city projects, and increased investments in public infrastructure are propelling market growth in the region.
Key Players Illuminated:
The key players in the smart lighting market include Signify Holding (Netherlands), Legrand (France), Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), and others, showcasing a diverse landscape of industry leaders driving innovation.
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Meticulous Research® continues to illuminate the path forward, providing unparalleled insights into the dynamic smart lighting market landscape. For a detailed understanding of the market trends and opportunities, refer to the complete report available on our website.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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