New York, July 17, 2023 (GLOBE NEWSWIRE) -- The market for smart lighting was valued at US$ 12.31 Billion in 2022. The global smart lighting market size is expected to reach USD 72.40 billion by 2033, registering a CAGR of 17.2% during the forecast period (2023–2033). The growth of the market is being driven by the increasing adoption of smart lighting solutions in commercial and residential applications. Smart lighting solutions offer a number of benefits, such as energy efficiency, improved security, and enhanced comfort.
Introduction:
Smart lighting refers to an intelligent lighting system that leverages the Internet of Things (IoT) technology to control and manage lighting solutions more efficiently. The market for smart lighting has experienced exponential growth due to its ability to offer energy savings, enhance user experience, and contribute to sustainable development goals.
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The growth of the smart lighting market is being driven by a number of factors, including:
- Increasing demand for energy efficiency: Smart lighting solutions offer significant energy savings compared to traditional lighting solutions. This is driving the adoption of smart lighting solutions in commercial and residential applications.
- Improved security: Smart lighting solutions can be used to improve security by providing real-time monitoring and control of lights. This is making smart lighting solutions increasingly attractive to businesses and homeowners.
- Enhanced comfort: Smart lighting solutions can be used to create different lighting scenes to suit different moods and activities. This is making smart lighting solutions increasingly popular in residential applications.
- Government regulations: Governments in many countries are mandating the use of smart lighting solutions in public spaces. This is creating new opportunities for the smart lighting market.
Key Trends
- Growing adoption of IoT: The Internet of Things (IoT) is rapidly gaining adoption, and this is driving the growth of the smart lighting market. IoT-enabled smart lighting solutions can be used to collect and analyze data, which can then be used to improve energy efficiency, security, and comfort.
- Declining cost of sensors and other components: The cost of sensors and other components used in smart lighting solutions is declining, which is making these solutions more affordable. This is making smart lighting solutions more accessible to businesses and homeowners.
- Increased availability of smart lighting solutions: The availability of smart lighting solutions is increasing, both online and in retail stores. This is making it easier for businesses and homeowners to find and purchase smart lighting solutions.
Future Growth Prospects:
The global smart lighting market is expected to witness sustained growth in the coming years, with increasing urbanization, a rising focus on sustainability, and continuous advancements in IoT and connectivity technologies. Moreover, the integration of artificial intelligence and machine learning with smart lighting systems is anticipated to revolutionize the industry, providing personalized and efficient lighting solutions.
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Market Players
The key players in the global smart lighting market include: Cree, Inc., Hubbell Lighting, Inc., GE Lighting, LLC, OSRAM light AG, Royal Philips NV, Acuity Brands Lighting, Inc., Honeywell International Inc., Panasonic Corporation, Schneider Electric and more
Recent Developments
here are some recent developments of companies:
- Philips Lighting: In February 2023, Philips Lighting announced that it has partnered with Amazon Web Services (AWS) to develop new smart lighting solutions. The partnership will use AWS's cloud computing platform to provide businesses and homeowners with more insights and control over their lighting systems. [Year: 2023]
- Osram Licht: In January 2023, Osram Licht announced that it has launched a new smart lighting platform called OSRAM Connected. The platform allows businesses and homeowners to control their lighting systems from anywhere in the world. [Year: 2023]
- Honeywell International: In December 2022, Honeywell International announced that it has acquired Lutron Electronics, a leading provider of smart lighting solutions. The acquisition will give Honeywell a strong foothold in the smart lighting market. [Year: 2022]
- Lutron Electronics: In October 2022, Lutron Electronics announced that it has launched a new smart lighting product called Caseta Wireless Dimmer. The dimmer allows users to control their lights from anywhere in the world using a smartphone or tablet. [Year: 2022]
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Market Segmentation
The smart lighting market is segmented by application, component, technology, and region.
- By application, the market is segmented into commercial and residential. The commercial segment is expected to be the larger segment during the forecast period. This is due to the increasing adoption of smart lighting solutions in office buildings, retail stores, and other commercial spaces.
- By component, the market is segmented into fixtures, control devices, and sensors. The fixtures segment is expected to be the larger segment during the forecast period. This is due to the increasing demand for smart light bulbs and fixtures.
- By technology, the market is segmented into wired and wireless. The wireless segment is expected to be the larger segment during the forecast period. This is due to the increasing demand for wireless smart lighting solutions.
- By region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to be the fastest-growing region during the forecast period. This is due to the increasing adoption of smart lighting solutions in China, India, and other countries in the region.
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