Press release
Major Growth Driver Identified in 2025 Smart Lighting Market: Government Backing Drives Smart Lighting Market Growth Worldwide
Smart Lighting Market Size
Smart Lighting Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the smart lighting market has experienced a swift expansion in the recent past. It is projected to escalate from a value of $18.09 billion in 2024 to a whopping $21.23 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. Factors such as the rise in voice assistant devices, robust economic growth in burgeoning markets, a climate of low interest rates, augmented internet access and high degrees of investment can be credited for the expansion observed in the historical period.
Smart Lighting Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to experience significant expansion in the foroming years, the smart lighting market is projected to reach $45.9 billion by 2029, with a compound annual growth rate (CAGR) of 21.3%. The surge during the forecasted timeframe can be ascribed to escalating investments in energy-efficient facilities, the evolution of smart cities, supportive government policies, and the rise of IoT. Key trends predicted for this period involve the production of wi-fi enabled LED bulbs, the adoption of Li-Fi technology for high-speed, two-way wireless communication in workplaces, the investment in Human-Centric Lighting (HCL) for improving building efficiency and ensuring resident safety, the implementation of IoT smart lighting techniques for amplified user safety and experience, using mergers and acquisitions for broadening product range and geographic reach, and a focus on launching new products to fulfill market needs.
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What Are the Drivers Transforming the Smart Lighting Market?
The smart lighting market's growth is propelled by supportive governmental policies in both developed and emerging economies. The market's expansion in blossoming markets is further bolstered by the rise in disposable incomes, regulatory encouragement for the use of energy-efficient lighting, and the introduction of state-of-the-art technologies. Smart lighting systems offer high savings and reduced energy consumption. For instance, as per the FY 2025 Congressional Budget Justification delivered by the United States Department of Energy in March 2024, the projected budget for FY 2025 stands at nearly $18.06 billion, showing a 4.1% surge from FY 2023 levels. The endeavors of the DOE frequently involve encouraging technologies that improve energy efficiency across various domains, such as residential and commercial lighting. Hence, government schemes that offer support stimulate the need for smart lights, thereby driving the smart lighting market's growth.
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What Long-Term Trends Will Define the Future of the Smart Lighting Market?
The latest development in the smart lighting market is the advent of Li-Fi (Light Fidelity) networks. Li-Fi is a wireless optical networking technology that relies on LEDs (light-emitting diodes) for the transmission of data. These Li-Fi bulbs come fitted with a tiny chipset that helps modulate the light required for the data transmission process. Traditional LED light bulbs used in residential households are leveraged to facilitate data transmitting at incredible speeds that can reach up to 224 gigabits per second. In response to this trend, PureLiFi unveiled their Light Antenna ONE, a LiFi module, in February 2023. Not only is this module primed for mass integration into a multitude of devices, but it also claims to be the first-ever wireless communications antenna of its kind that can scale LiFi connections. This compact device, smaller than a coin, is expected to facilitate LiFi implementation on an array of connected devices.
Which Segments in the Smart Lighting Market Offer the Most Profit Potential?
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
Subsegments:
1) By Smart Bulbs: LED Smart Bulbs, Smart Incandescent and CFL Bulbs, Wi-Fi-Enabled and Bluetooth-Enabled Smart Bulbs
2) By Fixtures: Smart Ceiling Lights, Smart Wall Sconces and Outdoor Lighting Fixtures, Smart Table and Floor Lamps
3) By Lighting Controls: Smart Switches and Dimmers, Smart Motion Sensors and Timers, Centralized Control Systems
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Which Firms Dominate the Smart Lighting Market by Market Share and Revenue in 2025?
Major companies operating in the smart lighting market include 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, LSI Industries Inc., Energy Focus, Inc., Lumileds, Deco Lighting, Light Tool Industries E Comercio Ltd., Studio dois emme iluminação, Veta Energia, Idoler Iluminacion, Ledolas, Lutron, Hafele
Which Regions Offer the Highest Growth Potential in the Smart Lighting Market?
North America was the largest region in the smart lighting market in 2024. Western Europe was the second-largest region in the global smart lighting market share. The regions covered in the smart lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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