Smart lighting is a sort of lighting technology aimed at reducing energy use.
Covid-19 Impact & Market Status
Although smart lights are more expensive than regular lights, the benefits outweigh the expense of installation. However, since the middle-class income group's purchasing power dropped during the COVID-19 pandemic, the high cost of smart lights limited market expansion.
It’s being expected that by 2031, the Smart Lighting market cap will hit US$ 83.52 Bn at a CAGR growth of about 20.3%.
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"The Global Smart Lighting Market 2021-2031 (USD Billion)")
The ongoing COVID-19 epidemic has had a significant detrimental impact on the market for intelligent lighting. The global market demand for smart city engineering and construction services has been marginally lowered as a result of the pandemic scenario, and hence the utilisation of smart lighting systems has decreased.
Furthermore, many smart lighting companies have reported a drop in sales as a result of the current COVID-19 epidemic, which has interrupted production and delivery of raw materials. The pandemic also contributed to a decrease in consumer purchasing power and a delay in the completion of construction projects, which pushed down the quantity, schedule, and payment of smart light purchase orders.
As a result, the recent rise of the global market may be hampered. Since the pandemic began in China in 2020, massive economic disruptions have occurred over the planet.
COVID-19's impact on the smart lighting sector will last for a long time. A major portion of the components used by smart lighting producers, like the rest of the manufacturing industry, come from China.
Depending on the type of installation,
The market can be divided into two categories: new installations and retrofit installations. In 2019, the New Installation segment accounted for the greatest market share. Due to numerous aspects such as cost-effectiveness, newer customisation, and convenience of installation, the new installation segment is predicted to rise during the forecasted duration.
On the basis of the application
Indoor Applications and Outdoor Applications make up the market. Indoor applications, on the other hand, have the biggest market share, followed by outdoor applications. Furthermore, the Outdoor Application will increase at the fastest rate over the anticipated time. Indoor smart lighting is growing in popularity due to its increasing use in Internet of Things (IoT) applications.
Based on the Regional Analysis,
Europe is estimated to hold the largest market dominance of the Smart Lighting industry over the forecast period, followed by North America.
It includes automated lighting controls that alter the illumination based on various situations such as occupancy or daylight availability.
The market for smart lighting is being fueled by rising consumer awareness of energy conservation and, as a result, rising demand for energy-efficient technology.
The advent of IoT technology and an increase in demand for intelligent solutions for street lighting systems will drive market growth in the coming years. The development of smart cities is one of the primary trends that is gaining pace and will bring new chances to the market in the next years.
Lights' ability to link with IoT devices and produce a range of ambient lighting using only smartphone applications or tablets has raised their popularity and demand in both commercial and residential settings. Smart lights can be dimmed with a variety of colour tones, can be programmed to turn on and off, can track energy usage, and can be connected via Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee.
Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and GE Current (US) are among the companies that make up the Zumtobel Group (US). Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), Savant Systems Inc. (GE Lighting) (US), Enlighted Inc. ( (a Siemens company).
Latest Innovations in the Global Smart Lighting Market: a Snapshot
- February 2021 - Signify, the makers of the massively popular Philips Hue smart light bulbs, has selected Google Cloud as their preferred digital partner, making it easier than ever for Hue owners to fully realise the benefits of smart lighting.
- July 2020 - The UK lighting industry trade organisation issued a strong call for smart lighting to be included in a EUR 750 billion European Union pandemic recovery package that includes repairing and reconstructing buildings across the continent.
Smart Lighting Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2023 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | US$ 83.52 Bn |
| Growth Rate | CAGR of 20.3 % during 2022-2031 |
| Segment Covered | Offering, Installing, Communication, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Leviton Manufacturing Company, Inc., Koninklijke Philips N.V., Honeywell International Inc., Syska LED, Hubbell Incorporated, Signify Holding B.V. |
Key Segments of the Global Smart Lighting Market
By Installing Type
- New Installation
- Retrofit Installation
By Communication Technology
- Wired Technology
- Wireless Technology
By Application
- Indoor Applications
- Outdoor Applications
By Offering
- Hardware
- Software
- Services
- Post-Installation
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Frequently Asked Questions (FAQ) :
The market value of smart lighting market in 2031 was US$ 83.52 Bn.
The smart lighting market is growing at a CAGR of 20.3% over the forecast period.
Europe dominated the market for smart lighting and accounted for the largest revenue share.
The application of the smart lighting market are Indoor Applications, Outdoor Applications & others.
The top companies that hold the market share in smart lighting market are Leviton Manufacturing Company, Inc., Koninklijke Philips N.V., Honeywell International Inc., Syska LED, Hubbell Incorporated, Signify Holding B.V.