IMARC Group, a leading market research company, has recently releases report titled “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart lighting market size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Smart Lighting Market?
|
Report Attributes |
Details |
|
Market Size in 2022 |
US$ 13.5 Billion |
|
Market Forecast in 2028 |
US$ 41.2 Billion |
|
Growth rate (2023 to 2028) |
CAGR of 20.1% |
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Base Year of the Analysis |
2022 |
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Forecast Period |
2023-2028 |
What is Smart Lighting?
Smart lighting is a sophisticated and technology-driven lighting system that permits control over illumination in a designated space through remote controls, smartphones, or automation, essentially becoming a part of the Internet of Things (IoT). The definition of smart lighting extends to its adaptability and capability to change according to various factors, such as environmental conditions or user preferences. Characteristics of smart lighting include its adaptability, where the system can modify lighting schemes for different tasks or moods; interconnectivity, allowing integration with other smart home devices; energy efficiency through optimal usage of energy by dimming or turning off lights when not needed; and remote-control capabilities, offering control through voice commands or mobile devices. Specific features further define smart lighting, such as customizable profiles that allow users to tailor lighting for activities like reading, voice command integration with platforms like Alexa or Google Assistant, scheduling for energy conservation, and analytics and reporting to provide insights into energy usage patterns. In essence, smart lighting not only affords enhanced control and customization to users but significantly contributes to energy conservation and efficiency, marking a substantial advancement in both residential and commercial lighting applications.
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What Are the Growth Prospects and Trends in the Smart Lighting Market?
The global shift towards energy efficiency, sustainability, and enhanced user experience is one of the key factors driving the expansion of the Smart Lighting Market. Along with this, advancements in wireless communication technologies, sensor integration, and software algorithms are enabling more sophisticated and user-friendly smart lighting systems, thereby augmenting market growth. The growing interest in smart home automation, connectivity, and intelligent design, coupled with the recognition of smart lighting’s role in energy savings and lifestyle enhancement, is amplifying the demand for smart lighting globally. The rising awareness among consumers, manufacturers, and governments about the potential benefits of intelligent lighting, including adaptability, convenience, and sustainability, is accelerating market growth. Additionally, the integration of smart lighting with other home automation technologies supports a seamless and personalized living environment, fostering technological innovation and user engagement.
Moreover, the proliferation of IoT devices and platforms is stimulating the smart lighting market, allowing for more connected and responsive lighting solutions. Technological innovations in lighting design, control interfaces, and energy management are contributing to more adaptable and eco-friendly lighting systems. The growing need for compliance with energy regulations, building codes, and smart city initiatives is fueling market growth. Furthermore, the increasing emphasis on user comfort, safety, and intelligent infrastructure is leading to innovative lighting applications in residential, commercial, and public sectors. The development of cloud-based control platforms, AI-driven analytics, and intuitive user interfaces is creating a positive market outlook. Other factors, such as government policies supporting energy conservation, investments in smart city projects, and the emergence of specialized smart lighting companies, are propelling market growth globally. This convergence of technological advancement, consumer demand, and environmental stewardship is shaping the future of lighting with innovation, intelligence, and responsibility.
Who Are the Key Players Operating in the Smart Lighting Market?
The report has also analysed the competitive landscape of the market with some of the key players.
- 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
- Vision
- Virtual Extension
- Syska LED
What is Included in Market Segmentation?
The report has categorized the market based on offering, communication technology, installation type, light source, application and region.
Breakup by Offering:
- Hardware
- Lights and Luminaires
- Lighting Controls
- Software
- Services
- Design and Engineering
- Installation
- Post-Installation
Based on Communication Technology:
- Wired Technology
- Wireless Technology
Analysed by Installation Type:
- New Installation
- Retrofit Installation
Breakup by Light Source:
- LED Lamps
- Fluorescent Lamps
- Compact Fluorescent Lamps
- High Intensity Discharge Lamps
- Others
Applications:
- Commercial
- Residential
- Public Infrastructure
- Others
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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