Smart Lighting Market Size is projected to reach USD 94.16 Billion by 2030, growing at a CAGR of 22.9%: Straits Research

New York, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- As smart technology has advanced, the lighting sector has transformed in terms of energy, financial savings, consumer convenience, and safety. During the projected period, a considerable growth rate is anticipated for the global market for smart lighting. This is a result of the merger of the physical security business with smart lighting, the transformation of the lighting sector into the electronics industry, and the addition of voice control features to forthcoming products. The pressing issue of the global energy crisis is promoting the implementation of intelligent lighting. Increasing demand for smart homes, benefits of customization, and the declining average selling price (ASP) of LED bulbs are among the reasons driving the growth of the smart lighting industry. However, the worldwide smart lighting market impedes LED design hurdles, a lack of regulatory standards, and interoperability issues.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/smart-lighting-market/request-sample

Prevailing Issue of Global Energy Crisis to Drive the Global Smart Lighting Market

The increasing global demand for energy is causing an increase in energy prices, a decrease in energy supply, and a rise in fear around climate change and associated liabilities. The future global economy is anticipated to have a higher energy demand. Consumption is expected to climb by more than 50 percent over the next 20 to 25 years, primarily due to the rising energy demand in developing nations such as China and India. In addition, the risk of climate change related to fossil fuel usage has hampered energy availability.

Lighting accounts for most household, commercial, and industrial electricity consumption. 15% of global electricity usage and 5% of global greenhouse gas emissions are attributable to lighting. Using LED lights with high efficiency is a solution to this energy dilemma. It is one of the primary causes responsible for the consumer trend toward smart lighting, which is contributing to the rapid expansion of the worldwide smart lighting market. According to the International Energy Agency (IEA), intelligent lighting solutions can save up to 35 percent more energy than conventional lighting systems. Compared to other technologies, LED technology is more efficient and has a longer lifespan, which is another reason customers are shifting to this technology.

Advancement in Lighting Control to Provide Opportunities for the Global Smart Lighting Market

In recent years, advanced lighting control systems have become increasingly widespread. With the development of sophisticated and advanced automation and lighting control systems using smart lights and electronic equipment, there is numerous potential for market participants in the global smart lighting area.

Controls for lighting save energy and money by ensuring lights are turned off when not in use or limiting the amount of illumination by sensing the surrounding surroundings and brightness. The energy and cost reductions provided by smart lighting controls depend on the applications and utilization rates of the facility. Intelligent and building-wide control systems reduce energy waste through rapid advances and improvements in occupancy/vacancy sensors, plug-and-play lighting systems, personal dimming, brightening controls, and lighting control circuit breakers. Moreover, they are anticipated to bring this opportunity to the forefront and create significant growth opportunities for the global smart lighting market throughout the forecast period.

Report Scope

Buy Now Full Report @ https://straitsresearch.com/buy-now/smart-lighting-market

Regional Insights

By region, the global smart lighting market has been categorized into North America, Europe, Asia Pacific, and LAMEA. North America accounted for the largest market share and is estimated to grow at a CAGR of 16.8% during the forecast period. During the forecast period, the following factors are likely to drive the market in the region:

Increasing penetration of intelligent lighting systems in commercial sectors, such as retail and grocery store lighting, restaurant and hotel lighting, sports arena and stadium lighting, and corporate office lighting.

Increasing municipal council use of intelligent street lighting systems to network LEDs and implement other smart city applications during program upgrades.

Enhancing residents' experience through improving road safety, the driving experience, personal protection through intelligent lighting control, and the availability of open wifi networks, among other benefits.

The Asia Pacific is the second largest region. It is estimated to reach an expected value of USD 4600 million by 2030 at a CAGR of 19.5%. The development of LED-based lighting systems is boosting the regional adoption of intelligent lighting systems. Lighting engineers have continued to create effective lighting technologies, mainly LED technology, to deliver efficient and cost-effective lighting solutions in response to the rising worldwide energy demand. In recent years, LEDs have dominated the smart lighting market despite their negligible impact on the environment compared to traditional incandescent bulbs and energy-efficient lighting solutions. In addition, smart gadgets such as smartphones and tablets are anticipated to expand substantially during the next few years. In contrast, its entry into the lighting industry is expected to result in a transition in technology from conventional LED-based illumination to smart solutions such as LED-based lighting control, temperature control, safety control, and real-time information sharing.

Europe is the third largest region. In Europe, the development of smart cities has led to an increase in demand for intelligent lighting systems. It is also one of the leading contributors to the expansion of the smart lighting market in the region. About 75% of Europe's population resides in urban areas. Urban areas in the EU significantly contribute to the EU's energy consumption and greenhouse gas emissions, which considerably impact climate change. Countries such as Germany, France, Denmark, and Spain are adopting energy-efficient lighting systems to improve illumination quality and reduce total operational costs, raising the need for intelligent lighting goods and services.

Key Highlights

• The global smart lighting market size was worth USD 14712 million in 2021 and is estimated to reach an expected value of USD 78590 million by 2030 at a CAGR of 23.3% during the forecast period (2022-2030).
• By application, the global smart lighting system is segmented by residential, industrial, commercial, outdoor, and automotive. Smart lighting has maximum usage in a residential application. The residential application accounted for the largest market share and is estimated to grow at a CAGR of 20.9% during the forecast period. 
• By component type, the global smart lighting market has been categorized into – fixtures and controls. The fixture segment is further segmented into compact fluorescent lamps (CFL), light-emitting diodes (LED), organic light-emitting diodes (OLED), high-intensity discharge lamps (HID), and plasma lamps. The control segment is further segmented into sensors, microprocessors and controllers, dimmers and switches, wireless transmitters and receivers, and ballasts and LED drivers. The fixture segment accounted for the largest market share and is estimated to grow at a CAGR of 23.9% during the forecast period.
• By technology, the global smart lighting market has been categorized into – wired and wireless. The wired segment is further segmented into Building Automation and Control Network (BACnet), Digital Addressable Lighting Interface (DALI), Power Line Communication (PLC), Proprietary Control, and Others. The wireless segment is further segmented into EnOcean, ZigBee, Bluetooth, and Wi-Fi. The wired segment accounted for the largest market share and is estimated to grow at a CAGR of 22.1% during the forecast period. 

Competitive Players in the Global smart lighting market

• Signify
• Acuity Brands, Inc.
• Legrand S.A.
• Eaton Corporation
• OSRAM Licht
• Lutron Electronics
• Zumtobel Group AG
• NXP Semiconductors NV
• Honeywell International Inc.
• General Electric Company 

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/smart-lighting-market/request-sample

Global Smart Lighting Market: Segmentation

By Application

• Automotive
• Outdoor
• Industrial
• Commercial
• Residential

By Component

Fixture

• Compact Fluorescent Lamps (CFL) 
• Light Emitting Diode (LED) 
• Organic Light Emitting Diode (OLED) 
• High-Intensity Discharge Lamps (HID) 
• Plasma Lamps 

Control

• Sensors 
• Microprocessors and Controllers 
• Dimmers and Switches 
• Wireless Transmitters and Receivers 
• Ballasts and LED Drivers 

By Technology

Wired

• Building Automation and Control Network (BACnet) 
• Digital Addressable Lighting Interface (DALI) 
• Power Line Communication (PLC) 
• Proprietary Control 
• Others 

Wireless

• EnOcean 
• ZigBee 
• Bluetooth 
• Wi-Fi 

By Region

• North America 
• Europe 
• Asia Pacific 
• LAMEA

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Smart Lighting Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Component Overview
   1. Introduction
      1. Market Size & Forecast
   2. Fixture
      1. Market Size & Forecast
   3. Control
      1. Market Size & Forecast
5. Technology Overview
   1. Introduction
      1. Market Size & Forecast
   2. Wired Technology
      1. Market Size & Forecast
   3. Wireless Technology
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Component
         2. By Technology
      3. Canada
         1. By Component
         2. By Technology
      4. Mexico
         1. By Component
         2. By Technology
      5. Latin America
         1. By Component
         2. By Technology
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Component
         2. By Technology
      3. France
         1. By Component
         2. By Technology
      4. U.K.
         1. By Component
         2. By Technology
      5. Italy
         1. By Component
         2. By Technology
      6. Spain
         1. By Component
         2. By Technology
      7. Rest of Europe
         1. By Component
         2. By Technology
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Component
         2. By Technology
      3. China
         1. By Component
         2. By Technology
      4. Australia
         1. By Component
         2. By Technology
      5. India
         1. By Component
         2. By Technology
      6. South Korea
         1. By Component
         2. By Technology
      7. Rest of Asia-Pacific
         1. By Component
         2. By Technology
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Component
         2. By Technology
      3. South Africa
         1. By Component
         2. By Technology
      4. Kuwait
         1. By Component
         2. By Technology
      5. Rest of Middle East & Africa
         1. By Component
         2. By Technology
7. Company Profile
   1. Acuity Brands
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Signify Holding
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Honeywell International Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/smart-lighting-market/toc

Market News

• March 2022 - Acuity Brands, Inc. (NYSE: AYI) ("Acuity or Company"), a market-leading industrial technology company, today announced a new initiative planned to reduce paper use by more than 15 million sheets and save an estimated 1,500 trees per year through its introduction of scannable QR code instructions. The shift to lessen paper usage aligns the Company's sustainability goals with its digital transformation. 
• January 2022 - Acuity Brands, Inc. (NYSE: AYI), a market-leading industrial technology company, announced it is expanding its collaboration with Microsoft to bring new capabilities to Acuity Brands' smart lighting, lighting controls, and building automation solutions.

News Media

Asia-Pacific to be the Fastest Growing Automotive Lighting Market, With China & India Accounting for 35% of Global Automotive Production

Industrial Lighting Market Share Worth USD 1990 Million By 2030 | CAGR of 5%

Have a Look at the Related Research Report

 Industrial Wireless Sensor Network Market: Information by Component (Hardware, Software, Service), Type (Level Sensor Networks), Technology (Bluetooth, Wi-Fi), and Region — Forecast till 2030

Smart Home Security Camera Market: Information by Product (Wired and Wireless), Application (Doorbell Camera, Indoor Camera), and Region — Forecast till 2030

Wireless Connectivity Technology Market: Information by Technology (Wi-Fi, Bluetooth, Zigbee), Application (Consumer Electronics, Automotive), and Region — Forecast till 2030

Stadium Lighting Market: Information by Light Source (Light-emitting diode, High-Intensity Discharge, High-Pressure Sodium), Application, Sport Type, and Region — Forecast till 2030

About Straits Research Pvt. Ltd.

StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 480 7505 (the U.S.)

+91 8087085354 (APAC)

+44 208 068 9665 (the U.K.)

Email: sales@straitsresearch.com

Follow Us: LinkedIn | Facebook | Instagram | Twitter