Austin, July 24, 2024 (GLOBE NEWSWIRE) -- The Smart Lighting Market Size was valued at USD 11.95 billion in 2023, and is expected to reach USD 40.09 billion by 2032, and grow at a CAGR of 14.44% over the forecast period 2024-2032.
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Smart cities are lighting the way for energy-efficient living with smart lighting. These internet-connected streetlights can cut energy use in half by automatically adjusting brightness. This translates to big savings – a typical LED bulb might use 1.2 kWh monthly, while a smart bulb uses just 0.78 kWh despite some extra power for connectivity. The small cost increase from smart bulbs is negligible compared to the long-term benefits.
Smart home adoption has surged 27% since 2020, likely due to growing awareness – 33% of Americans now understand this technology. Younger generations are leading the charge, with 29% owning smart lights compared to 22%. Security remains a top concern, with smart security devices being the most popular category. This increasing knowledge, usage, and focus on safety suggests a bright future for smart homes.
Smart Lighting Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 11.95 billion |
| Market Size by 2032 | USD 40.09 billion |
| CAGR | 14.44% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Some of the major key players Honeywell International Inc., Signify Holding, Legrand, ACUITY BRANDS, INC., ams-OSRAM AG, Zumtobel Group, Wipro Lighting, Schneider Electric, Lutron Electronics Co., Inc, LEDVANCE GmbH, Panasonic Corporation, Inter IKEA Systems B.V., ABB, Synapse Wireless Inc., BUILDING ROBOTICS INC. (BRI), Leviton Manufacturing Co., Inc., Syska, A SIEMENS COMPANY, Helvar, LIFX, Nanoleaf, Sengled GmbH, TVILIGHT Projects B.V. and others.
Segment Analysis
Based on Component, Hardware holds the largest market share in the smart lighting market at 40% in 2023. Smart lighting dominance is enabled by hardware linking to the Internet of Things (IoT), allowing remote lighting control via mobile devices. Brands such as Philips Hue and LIFX provide intelligent bulbs and fixtures with color-changing options, adjustable white light, and voice assistant compatibility. These improvements are making smart bulbs more appealing to buyers, increasing hardware sales and driving the growth of the sector.
Based on Application, indoor Lighting dominates the largest market share in smart lighting market with 60% of market share in 2023. Consumers are turning to these solutions for convenience, energy savings, and automation. Integration with smart home systems allows users to control indoor lighting by voice or app. Smart room lighting lets people personalize their experiences. Studies show significant energy savings with low/high bay fixtures and A-type lamps, especially in commercial and industrial buildings with high light needs. These buildings benefit most from smart features that maximize energy and cost savings. Implementing efficient LEDs across all applications could lead to over a quadrillion dollars in annual energy savings for outdoor lighting alone, equivalent to 9% of commercial building electricity consumption in 2018.
Key Segments:
By Component
- Hardware
- Smart Bulb
- Luminaire
- Light Controls
- Software
- On-premises
- Cloud
- Services
- Pre-sales
- Post-sales
By Installation Type
- New Installations
- Retrofit Installations
By Technology
- Wired Technology
- Power Line Communication
- Power Over Ethernet
- DALI
- Hybrid
- Wireless Technology
- Bluetooth
- Zigbee
- Wi-Fi
- Enocean
- LPWAN
- Hybrid
By Application
- Indoor Lighting
- Residential
- Commercial
- Hospitality
- Restaurants
- Bars/Pubs
- Cafes
- Bistro
- Others
- Hotel
- Recreation
- Travel & Tourism
- Others
- Industrial
- Outdoor Lighting
- Highways & Roadways
- Public Places
- Bridges & Tunnels
Regional Analysis
Asia Pacific holds the biggest share in the smart lighting market in 2023, accounting for 38% of the market. Asia is at the forefront of the smart lighting market, driven by the growth of urban areas and a dedicated focus on smart city initiatives. Fast urban growth leads to a need for energy-saving lighting options. Smart city efforts are being heavily invested in by cities throughout Asia, with smart lighting being a crucial component. It aids in saving energy, enhancing public safety, and elevating the quality of residents' lives. The Chinese market is flourishing because of urbanization, technological advancements, and the expansion of smart homes. Japan is placing emphasis on efficiency, as eco-friendly smart lighting is becoming more popular in both households and commercial establishments. This country, known for its advanced technology and good standard of living, is an ideal market for cutting-edge smart lighting products.
North America is the fastest growing in smart lighting market with 31% of market share in 2023. Innovation and an increasing emphasis on energy conservation are brightening the U.S. smart lighting market. The increasing popularity of smart homes and the Internet of Things (IoT) is driving consumer curiosity in smart lighting for residential and commercial spaces. In the U.S, Lumileds, a leading LED producer, has increased production to meet the growing demand. Government regulations promoting energy efficiency also brighten the prospects for smart lighting in the country.
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Key Takeaways
- Acquire a thorough knowledge of the present and upcoming smart lighting market trends.
- Identify new patterns and possible customer groups to focus on when promoting your products or services.
- Utilize data to inform choices on product development, marketing plans, and expansion into new regions.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Smart Lighting Market Segmentation, By Component
8. Smart Lighting Market Segmentation, By Technology
9. Smart Lighting Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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