The Smart Lighting Market size is estimated at USD 19.65 billion in 2024 and is expected to reach USD 46.79 billion by 2029, registering a CAGR of 18.94% during the forecast period. Due to its societal benefits, consumers might adopt energy-efficient LED technology more rapidly, so replacing the inferior compact fluorescent or halogen lighting technologies could be accelerated.
The smart lighting market is highly competitive and consists of several major players. However, many companies are increasing their market presence with smart lighting by securing new contracts and acquiring other companies. Signify Holding, Control4 Corp. (Snap One LLC), Wyze Labs Inc., Eaton Corporation, and Savant are key players.
In February 2023, Signify helped the German municipality of Eichenzell become a future-proof smart city through intelligent street lighting. Its BrightSites solution brings fast, wireless broadband connectivity to the city, allowing Eichenzell to cater to next-generation IoT applications and future 5G densification. Signify installed LED lighting, which the Interact City System manages. Eichenzell can continuously monitor and manage all lights from a single dashboard.
In January 2023, Savant company GE Lighting announced the expansion of its smart home ecosystem, Cync. Cync unveiled its entire Dynamic Effects entertainment lineup, which includes 16 million colors, pre-set and custom light shows, on-device music syncing, and other features. In addition, following a successful launch last year, Cync has expanded its Wafer light fixture line.
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