Lighting the Digital Age: Projections and Insights into the Global Smart Lighting Industry
Industry Overview
The Smart Lighting Market is poised for remarkable growth, projecting an estimated value of USD 12.0 billion in 2023, with expectations to surge to USD 32.0 billion by 2030. This surge is driven by the pervasive adoption of cutting-edge technologies such as intelligent systems, IoT, real-time illumination monitoring, and advancements in connected lighting. Additionally, the global smart lighting market gains momentum from the increasing awareness of energy conservation. The market anticipates a noteworthy Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period from 2025 to 2030.
Get a sample report for free:
https://www.vynzresearch.com/semiconductor-electronics/smart-lighting-market/request-sample
Smart Lighting Market
Smart lighting emerges as a leading solution in the lighting industry, employing control systems to manage lights based on parameters like occupancy, temperature, natural light, and movement. Given the high energy costs associated with lighting, industries and government organizations are progressively focusing on reducing energy consumption. This shift involves replacing conventional lighting systems with advanced, efficient control systems.
Automated lighting not only enables efficient task monitoring but also provides flexible and cost-effective lighting solutions. These advantages contribute to the significant growth of the smart lighting market, particularly in industries such as government buildings, residential, automobiles, and industrial sectors.
Market Segmentation
Insight by Product
The global smart lighting market is categorized into the lighting control system and luminaries based on the product. Luminaries, further divided into smart bulb and fixture, dominate the market share, while smart bulbs, comprising driver & ballast, switch & relay, sensor, and gateway, exhibit rapid growth during the forecast period.
Insight by Source
The market source segment includes light-emitting diode (LED), fluorescent lamp, high-intensity discharge lamp, and others. Globally, LEDs held the largest market share in 2019 and are expected to witness the highest growth during the forecast period.
Insight by Communication
The communication segment categorizes smart lighting based on wireless and wired technology. Wireless technology is expected to witness the fastest growth, driven by cost-effectiveness and flexibility compared to wired technology.
Insight by Application
The smart lighting market's application segment comprises indoor and outdoor applications. The indoor application segment, further sub-segmented into commercial, residential, and others, holds a larger market share, with residential applications expected to witness the fastest growth due to the adoption of wireless techniques.
Industry Dynamics
Industry Trends
One prevailing trend in the smart lighting market is the commercial usage of smart lighting systems, extensively implemented in retail stores, hospitality, and shopping malls. The replacement of existing lights with more energy-efficient alternatives contributes to energy consumption reduction.
Growth Drivers
Several factors drive the growth of the smart lighting market, including infrastructure development into smart cities, modernization needs, and the demand for energy-efficient lighting systems. The decreased cost and widespread adoption of LEDs also play a significant role in market growth. Intelligent solutions for street lighting systems, along with a global emphasis on energy savings, contribute to the market's rapid expansion.
Challenges
Challenges include the high initial installation cost, security and privacy concerns, and limited knowledge related to payback periods, hampering the market's growth.
Opportunities
The rapid development of smart cities creates growth opportunities, with embedded devices and sensor technology contributing to energy conservation and streamlined operations.
Geographic Overview
Asia-Pacific is expected to witness the fastest growth during the forecast period, driven by extensive growth opportunities and the widespread adoption of smart lighting systems in households. Construction activities in China and India further contribute to market growth, supporting the establishment of energy-efficient lighting systems.
Competitive Insight
The smart lighting market is highly fragmented, led by major lighting companies. Key strategies include new product launches and portfolio enhancements. Industry players leverage both organic and inorganic growth mechanisms, along with strategic partnerships.
Primary Research
VynZ Research conducts extensive primary research, engaging with industry experts, CEOs, CFOs, CTOs, and other key profiles. Consumer surveys are also conducted to understand consumer behavior.
Key Players Covered in the Report
Key players include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
The Smart Lighting Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
About VynZ Research:
VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ has a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.
Contact Us:
Address: H.O - 9591 Fontainebleau Blvd. 617 Miami Florida 33172 U.S.A
Phone: +91 9960 288 381
Toll Free:1 888 253 3960
Email: marketing@vynzresearch.com
Website: www.vynzresearch.com
https://www.vynzresearch.com/semiconductor-electronics/smart-lighting-market/request-sample
Smart Lighting Market
Smart lighting emerges as a leading solution in the lighting industry, employing control systems to manage lights based on parameters like occupancy, temperature, natural light, and movement. Given the high energy costs associated with lighting, industries and government organizations are progressively focusing on reducing energy consumption. This shift involves replacing conventional lighting systems with advanced, efficient control systems.
Automated lighting not only enables efficient task monitoring but also provides flexible and cost-effective lighting solutions. These advantages contribute to the significant growth of the smart lighting market, particularly in industries such as government buildings, residential, automobiles, and industrial sectors.
Market Segmentation
Insight by Product
The global smart lighting market is categorized into the lighting control system and luminaries based on the product. Luminaries, further divided into smart bulb and fixture, dominate the market share, while smart bulbs, comprising driver & ballast, switch & relay, sensor, and gateway, exhibit rapid growth during the forecast period.
Insight by Source
The market source segment includes light-emitting diode (LED), fluorescent lamp, high-intensity discharge lamp, and others. Globally, LEDs held the largest market share in 2019 and are expected to witness the highest growth during the forecast period.
Insight by Communication
The communication segment categorizes smart lighting based on wireless and wired technology. Wireless technology is expected to witness the fastest growth, driven by cost-effectiveness and flexibility compared to wired technology.
Insight by Application
The smart lighting market's application segment comprises indoor and outdoor applications. The indoor application segment, further sub-segmented into commercial, residential, and others, holds a larger market share, with residential applications expected to witness the fastest growth due to the adoption of wireless techniques.
Industry Dynamics
Industry Trends
One prevailing trend in the smart lighting market is the commercial usage of smart lighting systems, extensively implemented in retail stores, hospitality, and shopping malls. The replacement of existing lights with more energy-efficient alternatives contributes to energy consumption reduction.
Growth Drivers
Several factors drive the growth of the smart lighting market, including infrastructure development into smart cities, modernization needs, and the demand for energy-efficient lighting systems. The decreased cost and widespread adoption of LEDs also play a significant role in market growth. Intelligent solutions for street lighting systems, along with a global emphasis on energy savings, contribute to the market's rapid expansion.
Challenges
Challenges include the high initial installation cost, security and privacy concerns, and limited knowledge related to payback periods, hampering the market's growth.
Opportunities
The rapid development of smart cities creates growth opportunities, with embedded devices and sensor technology contributing to energy conservation and streamlined operations.
Geographic Overview
Asia-Pacific is expected to witness the fastest growth during the forecast period, driven by extensive growth opportunities and the widespread adoption of smart lighting systems in households. Construction activities in China and India further contribute to market growth, supporting the establishment of energy-efficient lighting systems.
Competitive Insight
The smart lighting market is highly fragmented, led by major lighting companies. Key strategies include new product launches and portfolio enhancements. Industry players leverage both organic and inorganic growth mechanisms, along with strategic partnerships.
Primary Research
VynZ Research conducts extensive primary research, engaging with industry experts, CEOs, CFOs, CTOs, and other key profiles. Consumer surveys are also conducted to understand consumer behavior.
Key Players Covered in the Report
Key players include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
The Smart Lighting Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
About VynZ Research:
VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ has a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.
Contact Us:
Address: H.O - 9591 Fontainebleau Blvd. 617 Miami Florida 33172 U.S.A
Phone: +91 9960 288 381
Toll Free:1 888 253 3960
Email: marketing@vynzresearch.com
Website: www.vynzresearch.com
Comments
Post a Comment