Smart Lighting Market Outlook
According to the report by Expert Market Research (EMR), the global smart lighting market is projected to grow at a CAGR of 20% between 2024 and 2032. Aided by the accelerating adoption of energy-efficient lighting solutions and the integration of IoT in lighting systems, the market is expected to grow significantly by 2032.
Smart lighting refers to lighting systems embedded with technology that enables automatic control and programmability for energy efficiency and user convenience. These systems can adapt to ambient conditions and user preferences, offering functionalities such as remote operation, colour temperature adjustment, and motion detection. The primary drivers of this market include the growing emphasis on energy conservation, advancements in wireless communication technologies, and the rising trend of smart homes and cities.
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As per the smart lighting market analysis, with global efforts to reduce carbon footprint and energy consumption, smart lighting solutions are increasingly favoured for their potential to conserve energy. These systems optimise lighting usage by adjusting the brightness based on natural light availability and occupancy, leading to significant energy savings.
The integration of IoT and AI in lighting systems has revolutionised the smart lighting industry. These technologies enable real-time monitoring, predictive maintenance, and enhanced user experience, thereby driving smart lighting market growth. Governments worldwide are investing in smart city projects that prominently feature smart lighting systems for public safety, energy efficiency, and urban aesthetics. This trend significantly contributes to the expansion of the market.
The modern consumer’s inclination towards home automation for convenience and personalised experiences is a key factor fuelling the market growth. Smart lighting systems offer ease of use, customizability, and integration with other smart home devices, making them increasingly popular among tech-savvy consumers.
The potential integration of smart lighting with health and wellness applications opens new avenues for smart lighting market. For instance, lighting systems that can mimic natural light patterns to regulate human circadian rhythms are gaining interest for their health benefits.
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North America currently leads the market, attributed to its early adoption of smart technologies and robust infrastructure. The Asia-Pacific region is expected to witness the fastest growth due to rapid urbanisation, increasing smart city initiatives, and a growing middle-class population with rising disposable incomes, further propelling the smart lighting market demand.
Smart Lighting Market Segmentation
The market can be divided based on offering, communication technology, installation type, light source, application, and region.
Market Breakup by Offering
- Hardware
- Lights and Luminaires
- Lighting Controls
- Software
- Services
- Design and Engineering
- Installation
- Post-Installation
Market Breakup by Communication Technology
- Wired Technology
- Wireless Technology
Market Breakup by Installation Type
- New Installation
- Retrofit Installation
Market Breakup by Light Source
- LED Lamps
- Fluorescent Lamps
- Compact Fluorescent Lamps
- High Intensity Discharge Lamps
- Others
Market Breakup by Application
- Commercial
- Residential
- Public Infrastructure
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Smart Lighting Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart lighting market. Some of the major players explored in the report by Expert Market Research are as follows:
- Signify S.A.
- Acuity Brands Lighting, Inc
- Honeywell
- Legrand S.A.
- OSRAM GmbH
- Cree Lighting
- General Electric Company
- Others
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