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Smart Lighting Market

Global Market Study on Smart Lighting: Call for Smart Infrastructure to catalyse the market

Smart Lighting Market by Offering (Hardware, Software and Services)

Market Size (2024 to 2033)

The market for smart lighting was valued at US$ 12,300.5 Million in 2023, and it is anticipated to have grown to US$ 72,390.8 Million by the end of 2033. The market for smart lighting is estimated to evaluate to US$ 16,779.8  Million in 2024. The market for smart lighting is estimate to grow at a CAGR of 17.2% from 2024 to 2033.

Smart lighting is a lighting system that uses advanced technology, such as sensors, controllers, and communication networks, to provide energy-efficient, flexible, and customizable lighting solutions. Smart lighting systems typically include LED lights, which are highly energy-efficient and can be controlled remotely using a smartphone or other device. The smart lighting consists of 24.2% of the global lighting market.

One of the key features of smart lighting is its ability to automatically adjust lighting levels based on occupancy and natural light levels. This not only improves energy efficiency but also enhances comfort and convenience for users.

Smart lighting can also be programmed to provide different lighting settings for different times of day or activities. The smart lighting technology represents a significant advancement in lighting solutions, offering a range of benefits and capabilities beyond traditional lighting systems.

The smart lighting market in North America held 26.3%, which is the uppermost market share in the worldwide landscape in 2022 and is projected to retain its position within the forecast period. The demand for smart lighting in the Europe region it held around 17.1% of the market in 2022.

Smart Lighting Market Size (2024)

US$ 16,779.8 Million

Projected Market Value (2033)

US$ 72,390.8 Million

Global Market Growth Rate (2023 to 2033)

17.6%

software Market Share (2022)

42.7%

India Market Growth Rate (2023 to 2033)

20.1%

Wireless technology Market CAGR (2022)

20.1%

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What Restraints Will Act as Hurdles for the Growth Smart Lighting of Market?

“The Infrastructure Limitation of Smart Lights Will Hamper the Smart Lighting Market”

Infrastructure limitations such as inadequate wireless connectivity or power supply limitations could potentially hamper the growth of the market in certain areas or applications. For example, in rural areas with poor internet connectivity or limited access to electricity, the adoption of smart lighting systems may be slower or more difficult.

However, it is worth noting that many smart lighting systems are designed to operate independently of a centralized infrastructure, using wireless protocols such as Bluetooth, Zigbee, or Z-Wave to communicate with each other and with other devices. This means that they can be installed and operated in areas with limited connectivity or infrastructure.

Moreover, the infrastructure limitations that may impact the growth of smart lighting technology are often not specific to the technology itself, but rather represent broader challenges related to infrastructure development and investment.

As such, while infrastructure limitations may pose some challenges to the growth of the smart lighting market, it is unlikely to significantly hamper its overall adoption and expansion.

  • In October 2022, Corsair allies with Nano leaf to deliver seamless smart lighting, it will allow the iCUE users to control their entire RGB setup from a single software package.
  • In February 2022, The GE Current has completed the acquisition of Hubbell Inc.’s lighting business, this acquisition will offer wide range of lamps, fixtures, and controls that are specially designed for the C&I, signage, roadway, horticulture, and transit sectors.
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Why is Demand for Smart Lighting increasing across United States?

“Energy and Cost Effectiveness of Smart Lighting Boosting Demand for Smart Lighting in United States”

The energy efficiency and cost-effectiveness of smart lighting systems are certainly key factors driving the growth of the smart lighting market in the United States. These systems offer significant energy savings compared to traditional lighting systems, which can translate into lower electricity bills for consumers and reduced carbon emissions for the environment.

In addition, the cost of LED lighting, which is commonly used in smart lighting systems, has decreased significantly in recent years, making it a more easily available and affordable option in the United states, As a result, the upfront cost of installing a smart lighting system has become more manageable, and the long-term cost savings can make it a cost-effective investment.

Moreover, many utility companies and United States government offers incentives and rebates to encourage the adoption of energy-efficient lighting solutions, including smart lighting systems. This can help to further reduce the cost of installation and encourage more widespread adoption of these technologies.

Overall, the energy efficiency and cost-effectiveness of smart lighting systems are important factors contributing to the growth of the market in the United States, and are likely to continue to drive demand for these technologies in the future.

The United States had market share in smart lighting of 19.8% in the 2022.

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What Factors Allow India to Be a Major Market for Smart Lighting?

“The Rapid Adoption of Smart Homes concept in India will boost the Smart Lighting Market”

The rapid adoption of smart homes concept in India is likely to have a positive impact on the growth of the market. Smart homes are becoming increasingly popular in India, as consumers are becoming more aware of the benefits of home automation and the convenience it provides.

Smart lighting is an integral part of home automation systems, offering energy-efficient, customizable lighting solutions that can be controlled remotely using a smartphone or other device. As more consumers in India adopt smart homes, the demand for smart lighting systems is likely to increase as well.

Moreover, the Indian government has launched several initiatives to promote the adoption of energy-efficient lighting solutions, including smart lighting systems. For example, the government's "Unnat Jyoti by Affordable LEDs for All" (UJALA) scheme aims to distribute LED bulbs to households across the country, promoting energy efficiency and reducing the cost of lighting.

Overall, the rapid adoption of smart homes concept in India, combined with government initiatives promoting energy efficiency, are likely to have a positive impact on the growth of the smart lighting market in India.

The Indian market will grow with CAGR of 20.1% over the forecasted period.

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What Factors Is Allowing Smart Lighting to Grow in France?

“The Smart Lightning Provides Certain Level of Security to Households and Industries That Will Boost the Smart Lighting Market in France”

In France, there is a growing awareness of the importance of home and industrial security, and the demand for smart home and industrial automation systems, including smart lighting, is likely to continue to grow.

Smart lighting can indeed provide an additional layer of security to households and industries, which may help to boost the demand for smart lighting systems in France. Smart lighting systems can be integrated with other smart home or industrial automation systems, such as security cameras and motion sensors, to provide a comprehensive security solution.

Additionally, the French government initiatives in France that promote energy efficiency and sustainable development, which can further encourage the adoption of smart lighting systems that are both energy-efficient and provide added security benefits.

Overall, the security benefits offered by smart lighting systems are likely to be a key factor driving the growth of the market in France, particularly as consumers and industries become more aware of the benefits of these technologies.

The smart lighting market in France will grow with CAGR of 18.7% over the forecasted period.

Category-wise Insights

What Different Factors Allow Software in Smart Lighting to Dominate the Market?

“Software is a Core component for Smart Lighting”

Smart lighting is powered by the software component that is placed within a smart light, the smart light allows the various functionalities that are carried out in smart lighting.

Smart lighting systems with software are highly flexible, and this flexibility is a key factor that drives the demand for smart lighting systems. With software connectivity, smart lighting systems can be programmed to adjust lighting levels, colour temperature, and other settings remotely and automatically, allowing users to customize their lighting systems to suit their needs and preferences.

For example, smart lighting systems can be programmed to adjust lighting levels automatically based on occupancy, time of day, or natural light levels, improving energy efficiency and creating a more comfortable and convenient environment for users.

The flexibility offered by the software is a key driver of demand for these systems, as it allows users to create a more comfortable, convenient, and energy-efficient environment. As the technology continues to evolve and become more accessible, it is likely that we will see even more widespread adoption of these systems in the future.

The software in the smart lighting market had highest market share of 42.7% in 2022.

What Factors are influencing the Demand for Wireless technology in Smart Lighting market?

“The Smart Lighting Systems Can Be Easily Scalable Through Wireless Technology Will Boost the Smart Lighting Market”

The scalability of smart lighting systems through wireless technology is one of the key factors that can boost the market. Wireless technology makes it easy to add or remove lights, sensors, and other components to the smart lighting system without having to install additional wiring or infrastructure. This makes it simple to expand or adjust the system to meet changing needs and requirements.

Wireless technology also allows for easier integration with other smart home or building automation systems, such as security systems, HVAC systems, and entertainment systems. This allows users to create a more comprehensive solution that can improve the overall functionality and efficiency of their homes or buildings.

The scalability provided by wireless technology is particularly important in commercial settings, such as office buildings, hotels, and retail spaces, where lighting needs can vary significantly depending on occupancy, time of day, and other factors. With wireless technology, it is easy to adjust the lighting system to meet changing needs and requirements, making it a more flexible and adaptable solution.

The wireless technology had uppermost CAGR of 20.1% for forecasted period.

Competitive Landscape

Companies in the smart lighting market are working together with various small organisations in lighting field to update and replace the lighting systems in various cities all over the globe.

  • In November 2022, GE Current has expanded the partnership with Florida Lighting Associates to cover additional territory in Florida, this partnership will drive specifications that concentrate on dependability, quality, and the level of service the customer demands and include its connected controls portfolio and advanced lighting.
  • In June 2020, Feit Electric has acquired the LIFX, this acquisition will boost the smart lighting offerings and will extend the product line with new innovations.

Recent developments related to key players providing smart lighting market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Smart Lighting Market Report Scope

Attribute

Details

Forecast Period

2024 to 2033

Historical Data Available for

2018 to 2023

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • Israel
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Offering
  • Technology
  • Region

Key Companies Profiled

  • Cree, Inc
  • Hubbell Lighting, Inc.
  • GE Lighting, LLC
  • OSRAM light AG
  • Royal Philips NV
  • Acuity Brands Lighting, Inc.
  • Honeywell International Inc.
  • Panasonic Corporation
  • Schneider Electrical S.E
  • Eaton Corporation

Pricing

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Key Segments of Smart Lighting Industry Research

By Offering:

  • Hardware
  • Software
  • Services

By Technology:

  • Wired
  • Wireless

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

In 2022, the market value smart lighting were US$ 2,231.1 Mn.

The global smart lighting market is estimated to advance at 17.2% CAGR through 2033.

The market for smart lighting is forecasted to climb to US$ 72,390.8 Mn by 2033 end.

Demand for smart lighting market in India is projected to rise at a CAGR of 20.1% over the forecast period.

In 2022, the North America smart lighting market held a dominant market share of 26.3%.

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