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Market Overview
The smart lighting market is expected to register a CAGR of over 20% during the forecast period (2019 - 2024). Growing demand for the Internet of Things (IoT) technology, wireless optical networking data transmission technology, and the emergence of light fidelity (Li-Fi) technology is resulting in the growth of adoption of smart lighting. Also, the government spendings on smart architectures and rapid urbanization have drawn the attention of the residential, commercial, and industrial users to adopt smart lighting.
- The increasing demand for energy-efficient lighting systems is enhancing the adoption of connected and smart lighting, which is, in turn, impacting the growth of the market.
- The growing trend of integrating the technology with the lighting system is gaining momentum. For instance, GE’s Link Smart Light product is backed up by an app, Wink, to control lighting from any location, which enhances the consumer experience. Apart from GE, many companies, such as Philips Hue, Samsung Smart Bulb, LG Smart Lamp Lumen Smartbulb, LIFX, and Belkin WeMo, have come up with such technology-integrated lighting products.
- The increasing number of issues related to environmental safety is influencing the various governments to research and adopt intelligent lighting which is owing to the growth of the smart lighting market.
Scope of the Report
Smart lighting is energy-efficient lighting, with light control adjusted to the user’s needs and the applicable regulations. The report considered lighting fixtures, control system and bulbs with different types of light sources and communication technologies.
Key Market Trends
Indoor Segment is Expected to Witness a Significant Growth
- The indoor application has seen significant growth in the smart lighting market and is estimated to have substantial growth over the forecast period. The indoor use of smart lighting includes residential, commercial, and industrial users. The high adoption of connected lighting systems for residential and commercial purposes has resulted in a significant share for indoor application.
- LEDs inherently offers a higher level of controllability, making it considerably simpler for healthcare services to turn out to be accurate with their light levels, atmosphere, and energy consumption. Connecting and Internet-based control frameworks give a transparent look into operational facilities.
- As buildings can consume up to 1/3 of global energy demand, it offers one of the most significant opportunities for emission reduction activities. Organizations like The Capital Group and Philips are collaborating for seeking to drive primary goals for indoor smart lights after achieving considerable success in replacing all outdoor lights with LED smart lightings by 2025.
Asia-Pacific to hold the fastest growing Market Share
- In recent years, The Asia-Pacific region has seen significant growth in the smart lighting market, and over the forecast period, it is expected to have the highest growth. Creating and developing the smart infrastructure in the region and the scaled establishment of smart lighting framework over the private and commercial sectors, and increasing investments by the government on public infrastructure is increasing the growth of the market in the region.
- The Indian housing industry is one of the quickest growing sectors of India. Smart City Mission for 100 cities in the country is driving the market for smart lightings.
- The developing mindfulness concerning the efficiency of smart and connected lighting system among the rising nations, like Japan, China, India, and Singapore in enabling significant cost savings through energy consumption is driving the market in the region.
- In India, under the Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) programme, over 25 crores LED bulbs have been successfully distributed in order to save the energy consumption.
Competitive Landscape
The smart lighting market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with smart lightings, many of the companies are increasing their market presence by securing new contracts and acquiring other companies.
- October 2018 - Ideal Industies Inc. announced the acquisition of Cree Lighting, which includes the LED lighting fixtures, intelligent lighting control solutions business for commercial, industrial and consumer applications of Cree, Inc. It will be a separate operating division of Ideal Industries Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The smart lighting market is expected to register a CAGR of over 20% during the forecast period (2019 - 2024). Growing demand for the Internet of Things (IoT) technology, wireless optical networking data transmission technology, and the emergence of light fidelity (Li-Fi) technology is resulting in the growth of adoption of smart lighting. Also, the government spendings on smart architectures and rapid urbanization have drawn the attention of the residential, commercial, and industrial users to adopt smart lighting.
- The increasing demand for energy-efficient lighting systems is enhancing the adoption of connected and smart lighting, which is, in turn, impacting the growth of the market.
- The growing trend of integrating the technology with the lighting system is gaining momentum. For instance, GE’s Link Smart Light product is backed up by an app, Wink, to control lighting from any location, which enhances the consumer experience. Apart from GE, many companies, such as Philips Hue, Samsung Smart Bulb, LG Smart Lamp Lumen Smartbulb, LIFX, and Belkin WeMo, have come up with such technology-integrated lighting products.
- The increasing number of issues related to environmental safety is influencing the various governments to research and adopt intelligent lighting which is owing to the growth of the smart lighting market.
Scope of the Report
Smart lighting is energy-efficient lighting, with light control adjusted to the user’s needs and the applicable regulations. The report considered lighting fixtures, control system and bulbs with different types of light sources and communication technologies.
Key Market Trends
Indoor Segment is Expected to Witness a Significant Growth
- The indoor application has seen significant growth in the smart lighting market and is estimated to have substantial growth over the forecast period. The indoor use of smart lighting includes residential, commercial, and industrial users. The high adoption of connected lighting systems for residential and commercial purposes has resulted in a significant share for indoor application.
- LEDs inherently offers a higher level of controllability, making it considerably simpler for healthcare services to turn out to be accurate with their light levels, atmosphere, and energy consumption. Connecting and Internet-based control frameworks give a transparent look into operational facilities.
- As buildings can consume up to 1/3 of global energy demand, it offers one of the most significant opportunities for emission reduction activities. Organizations like The Capital Group and Philips are collaborating for seeking to drive primary goals for indoor smart lights after achieving considerable success in replacing all outdoor lights with LED smart lightings by 2025.
Asia-Pacific to hold the fastest growing Market Share
- In recent years, The Asia-Pacific region has seen significant growth in the smart lighting market, and over the forecast period, it is expected to have the highest growth. Creating and developing the smart infrastructure in the region and the scaled establishment of smart lighting framework over the private and commercial sectors, and increasing investments by the government on public infrastructure is increasing the growth of the market in the region.
- The Indian housing industry is one of the quickest growing sectors of India. Smart City Mission for 100 cities in the country is driving the market for smart lightings.
- The developing mindfulness concerning the efficiency of smart and connected lighting system among the rising nations, like Japan, China, India, and Singapore in enabling significant cost savings through energy consumption is driving the market in the region.
- In India, under the Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) programme, over 25 crores LED bulbs have been successfully distributed in order to save the energy consumption.
Competitive Landscape
The smart lighting market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with smart lightings, many of the companies are increasing their market presence by securing new contracts and acquiring other companies.
- October 2018 - Ideal Industies Inc. announced the acquisition of Cree Lighting, which includes the LED lighting fixtures, intelligent lighting control solutions business for commercial, industrial and consumer applications of Cree, Inc. It will be a separate operating division of Ideal Industries Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
