Global Smart Lighting Market Projected to Reach $39.91 Billion by 2029

The global smart lighting market is poised for significant growth, with projections indicating a Compound Annual Growth Rate (CAGR) of 12.2% from 2022 to 2029, ultimately reaching an estimated value of $39.91 billion by 2029, according to a recent publication by Meticulous Research®. This robust expansion is primarily fueled by the increasing demand for IoT-enabled lighting solutions, the growing focus on energy-efficient systems, and the rapid penetration of smart home technologies. Additionally, the transition from traditional lighting to connected lighting systems and the proliferation of smart cities are anticipated to create substantial growth opportunities within this market.

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However, the market's expansion is not without challenges. The high initial costs associated with smart lighting equipment and accessories present a barrier to broader adoption, particularly in cost-sensitive markets.

Market Segmentation and Growth Insights:
The smart lighting market has been segmented based on offering, connectivity mode, and application, providing a comprehensive analysis of the industry landscape across regional and global levels.

Offering: The market is segmented into hardware, software, and services. In 2022, the hardware segment is expected to dominate the market, driven by the increasing penetration of smart lights, the growing demand for intelligent street lighting in developing regions, and the rising popularity of connected lighting systems. However, the software segment is anticipated to witness the highest CAGR during the forecast period, propelled by the need for applications that facilitate light control via smartphones and tablets, as well as integration with smart platforms like Alexa, Siri, and Google Assistant.

Connectivity Mode: The smart lighting market is categorized into wired, wireless, and hybrid modes of connectivity. While the wired segment is expected to account for the largest market share in 2022 due to its reliability and minimal signal distortion, the hybrid connectivity mode is forecasted to experience the fastest growth. The hybrid mode combines the reliability of wired systems with the flexibility of wireless protocols, making it increasingly popular among consumers.

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Application: The market is further segmented into indoor and outdoor applications. The outdoor segment is projected to hold the largest market share and register the highest CAGR during the forecast period. Factors driving this growth include the adoption of energy-efficient lighting solutions, government initiatives promoting energy efficiency, and the increasing implementation of smart lighting systems in public infrastructures, particularly in smart cities.

Regional Market Dynamics:
Geographically, the smart lighting market is divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

Europe is expected to lead the global market in 2022, owing to heightened awareness of energy conservation, supportive government policies, high disposable incomes, and the widespread deployment of smart lighting solutions across various sectors.

Asia-Pacific is emerging as a significant growth region, projected to register the highest CAGR during the forecast period. The region's growth is driven by government initiatives promoting energy-efficient lighting, an increasing number of smart city projects, and substantial investments in public infrastructure.

Key Industry Players:
Leading companies operating in the smart lighting market include: Philips Lighting N.V, Legrand (France)], Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), Leviton Manufacturing Co., Inc. (U.S.), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Hubbell Incorporated (U.S.), GE Current (U.S.), Dialight plc (U.K.), Cree Lighting (U.S.), [a subsidiary of Ideal Industries, Inc. (U.S.)], Enlighted Inc. (U.S.) [a subsidiary of Simens AG (Germany)], Panasonic Holdings (Japan), LightwaveRF PLC (U.K.), RAB Lighting Inc. (U.S.), Synapse Wireless (U.S.), Syska LED (India), Wipro Enterprises (India), LG Electronics (South Korea), and ABB Ltd (Switzerland).

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Mr. Khushal Bombe
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This release was published on openPR.