Smart lighting market is expected to grow at a CAGR of 20% by 2031. Increasing electricity expense resulting in need for optimum energy conservation is expected to transform the complete lighting industry, driving digitization and hence smart lighting demand. The advent of Internet of Things (IoT) technology and initiatives taken by governments across the globe to develop smart cities are instrumental in driving demand for smart lighting solutions worldwide. Smart lighting solutions have become one of the key components for developing smart cities on account of their ability to save energy and curb operational costs. Smart lighting solutions have strong growth potential in residential and commercial spaces. On the contrary, the high upfront cost coupled with lack of awareness regarding the payback period have somewhat inhibited swift adoption of smart lighting solutions.

Europe currently represents the largest smart lighting market in terms of both revenue and volume. Growing inclination towards energy-efficient products resulting in the replacement of existing lighting solutions with the energy-efficient equivalents is driving the market demand in Europe. The trend shall prolong and the region is presumed to hold onto its leading position through 2023. Germany represents the largest smart lighting market in Europe and is the front runner in smart lighting-related research. On the other hand, Asia Pacific is presumed to register maximum growth during the forecast period. The government in countries including China and India are pushing the adoption of energy-efficient solutions to achieve energy self-sufficiency. For instance, China has already drafted plans for developing smart grids that would enable it to conserve and manage energy consumption in an efficient manner. This is bound to have a positive impact on the overall demand for smart lighting solutions in the coming years.

The Global Smart Lighting Market is segmented on the following bases:

By Communication Technology

• Wired
• Wireless

By Lighting Technology

• Light Emitting Diode (LED) Lighting
• Fluorescent Lighting
  • Linear Fluorescent
  • Compact Fluorescent
• High Intensity Discharge (HID) Lighting
• Others (Neon Lighting, etc.)

By Application

• Residential
• Government
• Commercial
• Industrial
• Automotive

Key Players Identified in the Smart Lighting Market include but are not limited to:

Philips Lighting Holding B.V., Acuity Brands Lighting, Inc., OSRAM Licht AG, Legrand S.A., Honeywell International Inc., General Electric Company, Schneider Electric SE, Cooper Industries, Inc., CREE, Inc. Lutron Electronics Co., Inc., Digital Lumens, Inc., Eaton Corporation, Emerson Electric, Cisco Systems, Inc., Eaton, Deco Lighting, Inc., Dialight, and Syska and MLS Electronics.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Lighting market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Lighting market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Lighting market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Lighting market?
• Which is the largest regional market for Smart Lighting market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Lighting market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Lighting market worldwide?