Fort Collins, Colorado, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Smart Lighting Market size was valued at USD 12.2 Billion in 2022 and is expected to reach USD 71.1 Billion by 2032 at a CAGR of 19.4%.
Several countries across Europe and North America have dark winters spanning 15-18 hours that restrict the reach of natural light to the surface. Under these circumstances, the population faces seasonal affective disorder (SAD), which impacts mood and affects their mental and physical health. However, smart lighting systems help these populations to get accustomed to the weather conditions.
By technology, the increase in the growing availability of open source software, advancements in developer platforms, decreasing component costs, maturing standards, pervasive mesh networking, multi-protocol gateway and chips, IP addressability, and a plethora of WSN (wireless networking sensors) chip vendors are driving the market for wireless smart lighting systems.
Furthermore, the rising market of smart devices such as smartphones, smartwatches, and tablets drives demand for wireless sensor-based lighting systems. Also, due to the increasing demand for wireless smart lighting systems for home automation and building automation, the wireless smart lighting market is expected to expand its presence in residential buildings, which ultimately helps in the market expansions.
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Segmentation Overview:
The global smart lighting market has been segmented into component, connectivity, application, industry, and region. The hardware segment dominates the market for smart lighting. North America dominated the Smart Lighting market. The growth in the region is attributed to aggressive investments in technologies such as big data analytics and cloud platforms. The emphasis on increasing efficiency by improving outbound and inbound operations has grown among large and SME businesses in the region. Also, the omnichannel approach to sales, which has gained traction, combined with the rapidly growing e-commerce industry is expected to propel regional market growth even further.
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Smart Lighting Market Report Highlights:
- The global smart lighting market growth is anticipated at a CAGR of 19.4% by 2032.
- An increase in investments by various government players and private equities is helping the market's overall development.
- The software segment is expected to be the fastest-growing segment.
- The wireless category leads the overall market based on connectivity. Wi-Fi, Bluetooth, and other software assist with controlling device functions via a smartphone application.
- Some prominent players in the smart lighting market report include Philips, Syska, Cisco, General Electric, Google, Osram, Honeywell, Wipro, Legrand, and Hafele.
Industry Trends and Insights:
- A team by the University of Minnesota Twin Cities created a new superconducting diode, a key component in electronic devices that could help scale up quantum computers for industrial use and improve the performance of artificial intelligence systems.
- In 2023, Google announced an investment of USD 50 million for research and developments for smart lighting in partnership with the University of Chicago and the University of Tokyo.
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Smart Lighting Market Segmentation:
- By Component: Hardware, software.
- By Connectivity: Wired, wireless.
- By Application: Indoor, outdoor.
- By Industry: Retail & e-commerce, logistics and transportation.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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