Smart Lighting Market: Growth Projection with Emerging Trends and Competitive Landscape

The smart Lighting Market Analysis Report by Offering (Hardware and Software), Connectivity Technology (Bluetooth, Zigbee, Wi-Fi, and DALI), Lighting Technology (LED, Halogen, Incandescent, Fluorescent, and CFL), and Industry Vertical (Commercial, Residential, Industrial, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2032

Smart lighting market size is expected to generate revenue worth $8.68 billion in 2018, and is projected to reach $38.68 billion by 2026, to register a CAGR of 20.5% during the forecast period. North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Europe.

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Smart lighting is designed to manage luminance remotely. It ensures energy efficiency and includes automated controls and highly efficient fixtures that can adjust depending on conditions, such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effect to a space. Furthermore, these systems include general, accent, and task lighting. Besides this, smart lighting systems ensure lower energy usage and high cost savings.

The penetration of smart lights is expected to increase owing to benefits such as controlled power usage, longer life, multiple light settings in a single lamp/luminaire, and availability of a wide range of modern decorative lighting products. The adoption of smart lighting in the residential, commercial, and industrial sectors is yet to reach its full potential.

Recent years have witnessed fast adoption of Zigbee wireless technology in the IoT market. Most smart devices used for residential and commercial purposes are equipped with Zigbee technology. It offers consumers easy-to-use control over installed LED light bulbs, LED fixtures, switches, and remotes, which creates lucrative smart lighting market opportunity globally.

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The technology is designed to be a low power, low data rate, proximity wireless mesh network protocol, with the intention of being simpler and less expensive than other wireless network protocols. The increasing adoption of smart homes is likely to create demand for the ZigBee protocol. ZigBee is a wireless technology developed as an open global standard to address the unique needs of low-cost, low-power, wireless IoT networks.

According to smart lighting market, DALI has a major adoption in buildings as it provides manufacturers with reliable low-cost solutions. In addition, benefits of reconfiguration, switching of individual lights as per the need of illumination, and other remote access features drives the demand for DALI system in large space premises.
Among various regions, North America was the highest revenue generator in 2018 and maintain its dominance in the future. This is attributed to the rise in adoption of automation, which creates lucrative opportunities for smart lighting market forecast.

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The global smart lighting market is segmented on the basis of offering, connective technology, lighting technology, industry vertical, and geography. Based on offering, the market is categorized into hardware and software. The software segment is expected to manifest the highest CAGR of 23.5% from 2019 to 2026. However, the hardware segment dominated the market in 2018, accounting for nearly three-fourths of the market.

On the basis of lighting technology, the LED lighting technology segment held the lion's share in 2018, accounting for more than two-fifths of the market, due to increase in penetration of LEDs in residential, industrial, and commercial sectors coupled with advancements of LEDs. The segment is expected to register the fastest CAGR of 23.4% during the forecast period.

The global smart lighting market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the fastest CAGR of 23.7% from 2018 to 2026. However, the market across North America held the largest share in 2018, accounting for more than one-third of the market.

Key players analyzed in the report for smart lighting industry are Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V. and Syska. The key players adopted various key strategies such as product launch, collaboration, partnership, acquisition, and agreements to drive the market.

Key Findings of the Smart Lighting Market:
• The DALI segment accounted for the highest smart lighting market in 2018, with $2,075.59 million, growing at a CAGR of 15.00%, from 2019 to 2026.
• The automotive industry generated the highest revenue, accounting for $1,398.08 million in 2018.
• Asia-Pacific is expected to dominate the smart lighting market share, garnering 23.70% of the total share during the forecast period.

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