Smart Indoor Lighting Market To Grow USD 38,976.2 Million at a CAGR of 21.7% by 2030 – Report by Market Research Future (MRFR)
Growing Preference for Interoperable Devices Drives Smart Indoor Lighting Industry
New York, US, March 14, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Smart Indoor Lighting Market Research Report: By Component, By Communication Technology, By Light Source, and By Application – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 38,976.2 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 21.7% during the assessment timeframe.
Smart light technology is trending profusely, garnering significant popularity in businesses and homes worldwide. With their enhanced versatility and minimal energy conservation, smart indoor lighting systems allow users to customize illumination based on their needs.
Key players involved in the smart indoor lighting market are
- Signify N V,
- Acuity Brands Lighting Inc.,
- General Electric Company,
- Osram Licht AG,
- Legrand SA,
- Hubbell Incorporated,
- Ideal Industries (CREE),
- Syska LED,
- Lutron Electronics Co.,
- TCP Lighting,
- Levitron Manufacturing Co. Inc.,
- Wipro Lighting,
- Zumtobel Lighting
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Smart indoor lighting technology offers easy, convenient operation, efficiency, and security, working with effective automated controls that change depending on different conditions. Owing to its advantages, such as reduced energy usage, enhanced security, long life span, and easy customization, smart indoor lighting systems garner significant market prominence in the commercial, industrial, and residential sectors.
On the other hand, the high installation costs and lack of skilled experts are major factors hindering the growth of the smart indoor lighting industry. Smart indoor lighting fixtures are more expensive than regular fluorescent / LED bulbs. However, considering their benefits surpass the initial investment, smart indoor lighting is a cost-saving option over time.
|Revenue forecast in 2030||USD 38,976.2 Million|
|Growth Rate||CAGR of 21.7 % from 2022 to 2030|
|Key Market Opportunities||Digital Integration in Smart Lighting Driving Future of Smart Cities|
|Key Market Drivers||Growing Benefits of Smart Lighting Over Conventional Lighting|
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Increasing consumer preference led by convenience and advantages creates a favorable environment for the smart indoor lighting market. Increasing numbers of smart home and smart city projects drive market growth. Besides, rising demand for smart indoor lighting from government organizations, commercial sectors, automotive & transportation, and construction bolsters the market sales.
Governments in various countries across the globe are taking several steps to develop smart cities, and installing smart indoor lighting is one of the core programs being undertaken. Moreover, the growing awareness about energy efficiency benefits the environment, technology upgrades, and rising and improving wireless communication technology boosts smart lighting.
Smart Indoor Lighting Market Segments
The smart indoor lighting market is segmented into components, light sources, communication technologies, applications, and regions. The component segment is sub-segmented into hardware, software, and services. The light source segment is sub-segmented into fluorescent lamps, light-emitting diodes (LED), high-density discharge lamps, and other light sources.
The communication technology segment is sub-segmented into wired and wireless communication technologies. The application segment is further sub-segmented into residential, commercial, and industrial. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
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The European region has consistently dominated the global smart indoor lighting market and is anticipated to maintain its market position in the coming years. The increased adoption of smart indoor lighting systems as an energy-efficient indoor lighting solution bolsters market growth in this region. The resurging economy has been influential for the current market growth in the region, increasing consumer purchasing power.
Besides, vast advancements in sensing technology, healthcare standards improvements, and technical infrastructure drive regional market growth. Moreover, the extensive uptake of smart indoor lighting for connected streetlights in residential and industrial sectors positively impacts market growth. Countries such as Germany, France, the UK, and Norway are the leading country-level markets in the region.
North America has acquired the second position in the global smart indoor lighting market in terms of revenue. Factors such as the increased adoption of smart indoor lighting systems and favorable government policies augment the regional market’s growth. Additionally, the rising demand for smart indoor lighting systems from the automotive and transport sectors fosters market growth.
Technological advances and increased investments to boost wireless technology substantiate the region’s market share. Furthermore, growing application areas of smart indoor lighting in connected streetlights, large commercial buildings, and automation in the manufacturing sector propel the market’s growth. With its augmenting demand for safety and comfort features in household applications, the US dominates the smart indoor lighting market in North America.
The Asia Pacific smart indoor lighting market has emerged as profitable globally. Raw material advantage and the availability of cost-competitive workforces are the major factors impacting the smart indoor lighting industry in the region. Furthermore, the increasing uptake of smart led streetlights and government initiatives to improve infrastructure boost the regional market growth.
Considerable advances in artificial intelligence (AI) and other similar technologies push the growth of the market. Besides, increasing applications of smart connected indoor lighting systems in commercial and industrial sectors influence regional market growth. Moreover, the rapidly growing economy in this region increases the smart indoor lighting market size, increasing consumer purchasing power. Japan, China, South Korea, and India are key markets for smart indoor lighting systems in this region.
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The smart indoor lighting market appears highly competitive due to the presence of several well-established players. Mature industry players are investing strategically in Research and development activities and fostering expansion plans. They form partnerships with leading software & solution providers for product development, with reduced time to market.
They strive to develop new smart LED lighting systems compatible with various virtual assistance available in the market to support seamless setups. The smart indoor lighting market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches.
For instance, on Feb. 10, 2023, Aurora Smart Lighting, a leading provider of customizable permanent outdoor lighting systems, announced improvements in its versatile lighting solutions to provide homeowners with long-lasting lighting systems. Aurora Smart Lighting aims to revolutionize the home lighting industry.
With millions of colors and hundreds of effects, timers, and presets, Aurora’s lighting products can control the lighting systems remotely using Google Home and Amazon Alexa. The company aims to make it easy for homeowners to create a beautiful and customized indoor lighting experience without the hassle of setting up and ridiculous prices. This solution provides a permanent versatile product that is continuously updated for a better user experience.
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