Press release
Global Smart Lighting Market 2024 : Trends, Business Growth And Major Driving Factors | Schneider Electric SA, Cisco Systems Inc., Honeywell Inc., Signify Holding, Eaton
Smart Lighting Global Market Report 2024
The smart lighting market size is expected to see exponential growth in the next few years. It will grow to $38.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to rising investments in energy efficient infrastructure, evolving smart cities, favorable government initiatives, increasing iot. Major trends in the forecast period include manufacturing wi-fi enabled led bulbs, adopting lifi technology to employ high speed two-way wireless communications for the workplace, investing in human-centric lighting (hcl) to optimize building efficiency for resident protection and safety, adopting iot smart lighting technologies to enhance user experience and safety, adopting mergers and acquisitions to expand their existing product portfolio and geographical presence, focusing on new product launches to meet the market demand.
Market Overview -
Smart lighting is defined as lighting technology for smart homes connected to the internet. The use of sensors for instances such as automatic light dimming or adjusting the brightness of light depending on the mood of the user are some of the features of smart lighting. A smart lighting system ensures high-cost savings and lower energy usage.
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Government Backing Drives Smart Lighting Market Growth Worldwide
Government support in developed and developing economies drive the growth of the smart lighting market. The growth of the smart lighting market in emerging markets is reinforced by the increase in disposable incomes, regulatory support in using energy-efficient lights, and the incorporation of advanced technologies. A smart lighting system confirms high-cost savings and lower energy consumption. For instance, in December 2021, according to a press release issued by the Government of India, Ministry of Power, projects worth $4.12 billion (Rs. 30,904 crore) were sanctioned under the Integrated Power Development Scheme (IPDS). Therefore, supportive government plans increase the demand for smart lights thus propelling the market for smart lighting.
Competitive Landscape -
Major companies operating in the smart lighting market report are Schneider Electric SA, Cisco Systems Inc., Honeywell Inc., Signify Holding, Eaton, Legrand S.A, Acuity Brands Inc., Wipro, Zumtobel Group AG, OSRAM GmbH, Philips Investment Co. Ltd, Cree company china, SSK Group, Halonix, Param LED Products, MLS Lighting, NVC International Holdings Limited, OPPLE Lighting, San'an Optoelectronics Co., Ltd, Meka Electric Corporation, YEELIGHT, Odeer Lighting, Longhorn Intelligent Tech Co., LTD, Contrac Lighting, PULSAR, Apollo Lighting Ltd, LED Light Vision, FLUX LIGHTING, Eleti Lighting Germany, ELEKTRA GMBH, NEONICA POLSKA, ART META, Altavola Design, Lumines Lighting, TREVOS, Varton, GE Lighting, Acuity Brands, LSI Industries Inc., Energy Focus, Inc., Lumileds, Deco Lighting, Frederico Lopes Leal, Light Tool Industries E Comercio Ltd., Studio dois emme iluminação, Veta Energia, Idoler Iluminacion, Ledolas, Lutron, Hafele
Transforming General Lighting And Wireless Data Communication
The use of Li-fi (Light Fidelity) network is the latest trend in the smart lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission. The common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second. Keeping up with the trend, in February 2023, PureLiFi launched Light Antenna ONE, a LiFi module that is ready for mass integration into billions of devices. It is the first-of-its-kind wireless communications antenna that enables LiFi to connect devices at scale. The device is smaller than a dime and is ready to enable LiFi on connected devices.
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Key Segments -
The smart lighting market covered in this report is segmented -
1) By Product: Smart Bulbs, Fixtures, Lighting Controls
2) By Light Source: LED, HID, Other Light Sources
3) By Communication Technology: Wired, Wireless
4) By Application: Commercial, Government, Residential, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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