New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Smart Lighting Market Research Report Information By Component, By Product Type, By Light Source, By Communication Technology, And By Region – Market Forecast Till 2030”, Wearable Technology Market could thrive at a rate of 20.1% between 2021 and 2030. The market size will be reaching around USD 40 Billion by the end of the year 2030
Smart Lighting Market Overview
Smart lighting is an advanced lighting system that utilizes sensors, connectivity, and data analysis to provide customized lighting solutions for different environments. It can be remotely controlled, automated, and adjusted according to the surrounding environment. Smart lighting is widely used in residential, commercial, and industrial settings to enhance productivity, reduce energy consumption, and increase safety and security.
The application of smart lighting is vast and varied. It can be used in offices to optimize the lighting conditions for workers, in parking lots to improve safety and security, and in healthcare facilities to monitor and control the spread of infectious diseases. It can also be used in outdoor lighting applications, such as street lighting, to reduce energy consumption and improve visibility.
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Market Competitive Landscape:
The affluent companies in the Smart Lighting industry include
- Koninklijke Philips
- Osram Gmbh
- Lutron Electronics Co. Inc
- Legrand S.A.
- Daintree Networks
- Bridgelux
- Echelon Corporation
- Streetlight vision
- Zumtobel
- Honeywell
- Acuity Brands Inc
- General Electric Company
- Eaton Corporation
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 40 Billion |
| Growth Rate | CAGR of 20.1% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Technical advancements and increasing investments in infrastructure modernization projects. |
| Key Market Drivers | Development of human-centric lighting solutions Increasing demand for smart lighting solutions. |
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Industry Update (February 2021):
Philips Lighting announced the launch of its new wireless lighting control system, which utilizes Power-over-Ethernet (PoE) technology to enable easy installation and configuration of lighting systems in commercial buildings.
Market USP Covered:
Market Drivers:
The increasing demand for energy-efficient lighting solutions is one of the primary market drivers for smart lighting. Traditional lighting systems consume a significant amount of energy and contribute to high electricity bills, whereas smart lighting systems can significantly reduce energy consumption and lower costs. The increasing adoption of LED lighting technology has also contributed to the growth of the smart lighting market, as LED lights are more energy-efficient and have a longer lifespan compared to traditional lighting systems.
Government initiatives promoting smart cities and green buildings are also driving the growth of the smart lighting market. Governments around the world are focusing on building sustainable and energy-efficient cities to reduce carbon emissions and combat climate change. Smart lighting systems can play a crucial role in achieving this goal by reducing energy consumption and improving the overall energy efficiency of buildings.
The rising adoption of IoT technology is another key market driver for smart lighting. The integration of sensors and connectivity in lighting systems enables them to gather data and provide intelligent insights, leading to enhanced performance, improved energy efficiency, and better user experience. IoT technology also enables remote monitoring and control of lighting systems, allowing for easy customization and optimization of lighting conditions.
Market Restraints:
The high initial cost of installation, interoperability issues among different vendors, and concerns over data privacy and security are some of the major market restraints for smart lighting. Additionally, the lack of standardization in smart lighting systems is also a significant challenge for market growth.
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COVID 19 Analysis
The COVID-19 pandemic has had a profound impact on the smart lighting market, with the temporary shutdown of manufacturing facilities and disruptions in the supply chain causing a delay in project installations. The pandemic has also led to a decrease in construction activities and a slowdown in the growth of the smart lighting market. However, the market has shown resilience and has adapted to the changing circumstances by leveraging digital technologies and adopting new business models.
The pandemic has also highlighted the importance of smart lighting systems in healthcare facilities. These systems can be used to monitor and control the spread of infectious diseases by using sensors to detect the presence of people and adjusting lighting and ventilation accordingly. Smart lighting systems can also be used to disinfect spaces using ultraviolet (UV) light, which is effective against viruses and bacteria.
Smart Lighting Market Segmentation
- By Component - The Component in the market includes Software and Service.
- By Product Type - The Product Type in the market includes Luminaries and Lighting Controls.
- By Light Source - The Light Source in the market includes LED, FL, and HID.
- By Communication Technology - The Communication Technology in the market includes Wired and Wireless.
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Regional Insights:
North America, Europe, and Asia Pacific are the top three regions for the smart lighting market. The increasing demand for energy-efficient lighting solutions, the growing adoption of IoT technology, and government initiatives promoting smart cities and green buildings are some of the key factors driving the market growth in these regions. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to the rapid urbanization and increasing infrastructure development in the region. The post-COVID scenario is expected to witness significant demand for smart lighting solutions in the healthcare and residential sectors. The growing demand for energy-efficient lighting solutions and the increasing adoption of IoT technology is expected to drive market growth in the coming years.
Related Reports:
- Smart Home Market - The smart home market is estimated to register a CAGR of over 12.3% to reach USD 254.78 Billion by the end of 2030.
- DIY Smart Home Market - The global DIY smart home market is expected to grow approximately at USD 45.3 Billion by 2030, at approx 30.20% of CAGR between 2022-2030.
- Smart Home and Office Market - The Smart Home and Office market industry is projected to grow from USD 34.887 Billion in 2023 to USD 99.588 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.01% during the forecast period (2023 - 2032).
- Smart Light and Control Market - The Smart Light and Control Market is expected to increase the market size approx. USD 25 Billion by 2027 at the CAGR of 27%
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