Smart Lighting Market Set to Illuminate Growth Projected CAGR of 17.6% Through 2033, Reveals Persistence Market Research

Market Overview

The global smart lighting market is poised for remarkable growth, forecasted to rise from US$ 12,300.5 million in 2023 to a staggering US$ 72,390.8 million by 2033. Estimated to be worth US$ 16,779.8 million in 2024, the market will grow at a robust CAGR of 17.6% over the forecast period. Smart lighting, which accounts for 24.2% of the global lighting market, uses advanced technology like sensors, wireless communication, and intelligent control systems to deliver energy-efficient and customizable lighting solutions. A major growth driver is the increasing adoption of energy-efficient lighting solutions across residential, commercial, and industrial sectors, coupled with rising demand for connected home technologies.

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Leading the charge in geographical regions, North America holds the top position, with a 26.3% market share in 2022 due to advanced infrastructure and growing awareness of energy-saving technologies. In terms of segmentation, software dominates the product category, commanding a 42.7% share in 2022. The software segment's flexibility and ability to adapt lighting to user needs make it central to smart lighting systems.

✦ Key Highlights from the Report:

✦ The global smart lighting market is projected to grow at a CAGR of 17.6% between 2024 and 2033.
✦ North America held the highest market share (26.3%) in 2022.
✦ Software dominates the market with a 42.7% share in 2022.
✦ Wireless technology is expected to register a CAGR of 20.1% during the forecast period.
✦ India is poised to grow at a CAGR of 20.1% due to rapid smart home adoption.
✦ The market will reach a projected value of US$ 72,390.8 million by 2033.

Market Segmentation 🔮

Smart lighting systems are segmented based on product type, connectivity, and end-user applications. The product types include smart bulbs, fixtures, lighting control systems, and software. Among these, software takes the lead, offering functionalities like remote access, lighting schedules, and energy consumption monitoring.

Connectivity-based segmentation includes wired and wireless technologies. Wireless systems, using Zigbee, Z-Wave, and Bluetooth, are becoming increasingly popular due to ease of installation and scalability, particularly in retrofitting older buildings.

End-user segmentation divides the market into residential, commercial, and industrial users. Residential applications are seeing a surge thanks to the growing smart home ecosystem, while commercial and industrial sectors are adopting smart lighting to reduce operational costs and enhance security.

🌎 Regional Insights

North America remains the dominant region in the global smart lighting market due to high adoption rates of smart home technologies, supportive government policies, and early technological advancements. The United States alone accounted for a 19.8% market share in 2022.

Europe follows closely with a 17.1% share, driven by increasing awareness of energy efficiency and government initiatives promoting sustainable development. France, in particular, is embracing smart lighting due to its added security features for homes and industries.

Asia Pacific, led by India, is emerging as a significant market, fueled by rapid urbanization, rising disposable income, and government initiatives like UJALA promoting energy-efficient lighting. India's CAGR of 20.1% makes it one of the fastest-growing markets globally.

🔋 Market Drivers

One of the most influential drivers of the smart lighting market is the global push towards energy efficiency. Smart lighting systems use advanced sensors and automation to reduce energy consumption significantly, cutting electricity costs for both residential and commercial users. Technological advancements in IoT and AI are further propelling market growth by enabling intelligent, adaptive lighting systems. In the U.S., government incentives and rebates for smart energy solutions add an extra layer of motivation for consumers and businesses alike.

⛔️ Market Restraints

Despite its promising growth, the smart lighting market faces several challenges. Infrastructure limitations, particularly in developing regions, hinder market penetration. Lack of proper wireless connectivity, especially in rural areas, makes it difficult to implement smart lighting systems effectively. Moreover, the high initial costs of smart lighting setups, although declining, still act as a barrier to entry for price-sensitive consumers.

✨ Market Opportunities

There are significant opportunities in emerging markets like India and Southeast Asia, where the adoption of smart home technologies is accelerating. The integration of smart lighting with other smart systems (e.g., HVAC and security) in commercial buildings opens new avenues for growth. Additionally, the development of energy-as-a-service (EaaS) models can help overcome cost barriers, making smart lighting accessible to a broader audience. The market is also seeing a surge in retrofitting projects, especially in smart cities, further expanding opportunities.

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✅ Reasons to Buy the Report:

✔ Comprehensive analysis of market size, growth potential, and future trends.
✔ Detailed segmentation to understand product, technology, and end-user preferences.
✔ Regional insights highlighting growth hotspots and investment opportunities.
✔ Competitive landscape analysis with key players and recent developments.
✔ Actionable insights for stakeholders to make informed strategic decisions.

Company Insights

• Signify N.V.
• Acuity Brands Lighting Inc.
• General Electric Company
• Eaton Corporation
• OSRAM Licht AG• Legrand S.A.
• Lutron Electronics Co., Inc.
• Schneider Electric SE
• Honeywell International Inc.
• Cree Lighting

Recent Developments:

In October 2022, Corsair partnered with Nanoleaf to integrate RGB lighting setups with Corsair's iCUE software for a seamless user experience.

In February 2022, GE Current completed its acquisition of Hubbell Inc.'s lighting business to expand its offerings across various sectors, including signage, horticulture, and transportation.

Conclusion

The smart lighting market is undergoing a dynamic transformation, driven by technological advancements, energy efficiency mandates, and increasing consumer awareness. From the dominance of North America and the surging growth in India to innovations in software and wireless connectivity, the market is set on a strong upward trajectory. Despite some infrastructure challenges, the future holds immense promise, with opportunities in retrofitting, smart city development, and integrated smart systems. As global demand continues to rise, smart lighting is set to play a pivotal role in the evolution of intelligent and sustainable living environments.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.