The global smart lighting market size is expected grow from $11.03 billion in 2021 to $13.15 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart lighting market is expected to reach $26.21 billion in 2026 at a CAGR of 18.8%.
What is the Global Smart Lighting Market?
The smart lighting market consists of sales of smart lighting and related services by entities (organizations, sole traders and partnerships) that manufacture smart lighting products used in homes, hospitals, hotels and other types of buildings. Smart lighting is a lighting that can be controlled through an app that is installed in smartphones, tablets or through voice assistant devices such as Amazon Alexa, Google Assistant, Apple Siri and similar other devices.
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What drives the Global Smart Lighting Market?
Government support in developed and developing economies drive the growth of the smart lighting market. The growth of the smart lighting market in emerging markets is reinforced by the increase in disposable incomes, regulatory support in using energy-efficient lights, and the incorporation of advanced technologies. A smart lighting system confirms high-cost savings and lower energy consumption. Under the UJALA scheme by 6th March 2020, the government was able to distribute over 360 million total LED (light-emitting diode) bulbs saving over USD 2.8 billion (INR 18,801 crores). Therefore, supportive government plans increase the demand for smart lights thus propelling the market for smart lighting.
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Global Smart Lighting Market Segments
The global smart lighting market is segmented:
By Product: Smart Bulbs, Fixtures, Lighting Controls
By Application: Commercial, Government, Residential, Others
By Light Source: LED, HID, Others
By Communication Technology: Wired, Wireless
By Geography: The regions covered in the smart lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart Lighting Global Market Report 2022 provides market size and growth forecasts for the global smart lighting market, global smart lighting market share, smart lighting market segments and geographies, smart lighting market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart lighting market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart Lighting Industry Playersinclude Koninklijke Philips NV, Cree Inc., General Electricity Company, Acuity Brands Inc., Cisco Systems Inc., Eaton, Deco Lighting, Dialight, Honeywell Inc., and Osram Licht AG. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
