Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028

Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028

The global smart lighting market size reached US$ 13.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20.1% during 2023-2028.

Smart-lighting is a technology designed for efficient use of light resources with power saving fixtures and automated controls. This enables the user to adjust ambient lighting depending upon the occupancy or daylight availability. Smart-lighting products have applications in commercial, industrial and residential sectors and usually consists of a wall keypad and touchscreen panel. The lightings are also accessible through a smartphone application, making them easily controllable. Additionally, smart lighting systems enable users to change the colour and brightness of fixtures from anywhere around the globe. Smart lighting are an essential tool in smart-city development, since globally a significant number of public lamps run on high-intensity bulbs that use mercury and other material to operate, having detrimental effects on the environment.

The growth of the global smart-lighting market is primarily driven by the high demand of energy efficient lighting systems that provide better illumination while consuming less power. Additionally, factors such as modernization and development of infrastructure has facilitated the transformation of cities into smart-cities that has supported the growth of the smart lighting market. Individuals living in urban sectors prefer to invest in modular and intelligent lighting solutions instead of buying high-energy consuming lights. Moreover, the growing demand for lighting systems equipped with wireless and sensor technology has further favoured the growth of the market. Global plans for pooling lighting network with low power consuming sensors and lowering costs of previously expensive LEDs has also led to the market growth. Moreover, as a result of declining prices, smart-lights have also become affordable to the general population.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart lighting market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering, communication technology, installation type, light source and application.

Breakup by Offering:

Hardware
Lights and Luminaires
Lighting Controls
Software
Services
Design and Engineering
Installation
Post-Installation

Breakup by Communication Technology:

Wired Technology
Wireless Technology

Breakup by Installation Type:

New Installation
Retrofit Installation

Breakup by Light Source:

LED Lamps
Fluorescent Lamps
Compact Fluorescent Lamps
High Intensity Discharge Lamps
Others

Breakup by Application:

Commercial
Residential
Public Infrastructure
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Philips Lighting, Acuity Brands, Osram, Cree, General Electric Company, Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight.Vision, Virtual Extension, Syska LED, etc.

IMARC Group’s latest report provides a deep insight into the global smart lighting market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global smart lighting market in any manner.

Key Questions Answered in This Report

1. What was the size of the global smart lighting market in 2022?
2. What is the expected growth rate of the global smart lighting market during 2023-2028?
3. What are the key factors driving the global smart lighting market?
4. What has been the impact of COVID-19 on the global smart lighting market?
5. What is the breakup of the global smart lighting market based on the offering?
6. What is the breakup of the global smart lighting market based on the communication technology?
7. What is the breakup of the global smart lighting market based on the installation type?
8. What is the breakup of the global smart lighting market based on the light source?
9. What is the breakup of the global smart lighting market based on the application?
10. What are the key regions in the global smart lighting market?
11. Who are the key players/companies in the global smart lighting market?