Smart Lighting Market Size to Reach USD 83.52 billion by 2031 at 20.3% CAGR | By TMR
Rapid urbanization, ongoing infrastructure development, industrial growth, and technological product advancements are expected to drive the global smart lighting market in the upcoming years.
Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global smart lighting market stood at US$ 11.29 billion in 2020 and is projected to reach US$ 83.52 billion in 2031. The global smart lighting market is anticipated to expand at a CAGR of 20.3% between 2021 and 2031.
Smart lighting products are also gaining popularity across the world. However, the high initial costs of smart lighting products may hamper the market in the upcoming years. Companies in the global smart lighting market are accelerating their product development and unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain a competitive edge.
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The growing demand for lights equipped with wireless and sensor technology has further favored the expansion of the global market. Apart from these, high demand for smart intelligent streetlights to avoid accidents and encourage smart city concept is fostering market growth.
Rapid technological advancement is considered one of the major reasons boosting the global smart lighting market growth. Rising urbanization, industrialization, and increased construction activities are some of the factors responsible for the rapid market growth. The rise in the number of residential buildings positively influences the smart lighting market. The high demand for energy-efficient lighting is prognosticated to play a pivotal role in driving the market.
Due to the rapid adoption of technology, there has been an increasing demand for smart lighting products across the globe. A smart LED lighting system for housing end-use applications can be remotely controlled, and a single handheld device can enable self-learning mode via Wi-Fi transmission. Wireless communication modules such as Wi-Fi are gaining traction across the globe. It can be integrated into a remote control smart LED lighting system with improved efficiency. In indoor environments, smart lighting systems are based on LED technology and involve progressive drivers with dynamic spectral light reproduction and advanced sensing capabilities. Wi-Fi networks and mobile Internet can control LED bulbs from any location.
Smart Lighting Market: Key Players
- Hubbell Control Solutions launched an improved NX Distributed Intelligence Lighting Control Panel (NXP2 Series) that centralizes connection points in an enclosure, offering an installer-friendly solution. This newly launched version reduces the time and costs to deploy code-compliant lighting control.
- Hubbell Lighting entered into a partnership with LightAZ. LightAZ is a US-based luminaire manufacturing company.
- Leviton launched a new line of Decora Motion Sensors designed to offer end users optimal management of lighting and motor loads with enhanced detection functionality for accurate switching.
- Signify acquired Cooper Lighting. Cooper Lighting is a leading provider of professional lighting, lighting controls, and connected lighting.
- LG Corporation
- Leviton Manufacturing Company, Inc.
- Hubbell Incorporated
- Honeywell International Inc.
- Signify Holding
- Cree, Inc.
- Koninklijke Philips N.V.
- Syska LED
Key Takeaways of Market Report
- Global smart lighting market to generate absolute dollar opportunity worth US$ 83.52 billion until 2031.
- Global smart lighting market from 2021 to 2031 is 20.3%
- The global smart lighting market is valued at US$ 12 billion in 2021.
- The global smart lighting market stood at US$ 11.29 billion in 2020.
Smart Lighting Market: Growth Drivers
- Rising energy use is driving stages of energy dissipation and carbon emissions. This phenomenon increases the demand for energy-efficient lighting solutions, which, in turn, propels the smart lighting system market. Small enterprises are also increasingly converging separate systems into a single, secure network infrastructure to enhance flexibility, efficiency, and performance
- Roadway lighting and commercial building lighting consume significant energy. Energy-efficient lighting solutions are essential in commercial spaces such as hotels, hospitals, academic institutes, roadways, monuments, gardens, parks, etc.
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Smart Lighting Market: Regional Landscape
- In the global smart lighting market, Europe held the leading position and is expected to continue its dominance over the forecast period, owing to numerous regional players and the rapid adoption of smart lighting. On the other hand, the North American smart lighting market is projected to account for a significant share of the global market.
- Increasing government initiatives to foster the adoption of smart lighting and technological advancements in lighting products is anticipated to help the market gain momentum in North America. It has been noted that the surrounding temperature impacts the quality of diode lighting.
- When these lights are lit up in high-temperature surroundings, parameters are pointed out to change the current passing by the semiconductor elements. This is likely to burn out the LED module. To locate a surrounding that can adapt to smart lighting system is predicted to hamper market growth. The high initial cost of smart lighting is also likely to dissuade users.
Smart Lighting Market: Segmentation
- Connectivity Outlook
- Academic Institutes
- Public Places (Monuments, Garden, Parks, etc.)
- Others (Parking Lot, Swimming Pools, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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