The global smart lighting market size was valued at ~US$12 billion in 2020. The global smart lighting market is projected to reach ~US$72 billion by 2030 by registering a compound annual growth rate (CAGR) of 20% during the forecast period from 2021-2030.
Smart lighting is managed remotely. Smart lighting systems ensure energy efficiency and include automated controls. Smart lights allow people to operate a light bulb using the app. Users can program the functioning of lights when they want to turn them on or off. Moreover, it enables users to change the color of a bulb when needed.
Factors Influencing
Growing technological advancements have fueled the demand for smart lighting systems. Integration of IoT and AI in lighting has changed the outlook of the lighting industry. In diverse applications such as vertical farming, automobile interiors, and smart homes, the integration of artificial intelligence and IoT(Internet of things) in lighting systems delivers operational advantages such as auto-dimming and intelligent illumination. Thus, the demand for smart lighting for urban streets is growing rapidly.
The advent of smart technologies and their benefits have fueled the demand among the population. The demand for devices that operate on less power is increasing rapidly. Since smart lighting is energy efficient, the market is expected to continue its growth during the forecast period. As compared to traditional technology, smart lighting is more efficient and uses less energy. Such benefits are forecast to propel the growth of the global smart lighting market during the analysis period.
On the contrary, the high installation cost, together with security and privacy concerns, forecasts to limit the growth of the global smart lighting market.
Geographic Analysis
Geographically, the smart lighting market in Asia-Pacific is predicted to grow at the highest rate during the forecast period. Moreover, growing urbanization has fueled the demand for smart homes. As a result, it will propel the demand for smart lighting in the region. In addition, rapidly developing construction activities in China and India are forecast to generate several growth opportunities for home automation. Moreover, its energy-efficient properties are promoting its use in the region. As the authorities of various countries are focusing more on establishing better public infrastructure, the market would witness promising growth in the region.
COVID-19 Impact Analysis
The demand for smart lighting systems decreased rapidly during the pandemic period. As the construction activities were put on hold, the adoption of smart lightings reduced drastically. Moreover, people focused more on essential necessities during the pandemic, which eliminated the growth of smart homes. As a result, the market witnessed a major decline during the COVID-19 pandemic.
Market Segmentation
By Application
By Industry Vertical
By Offering
By Lighting Technology
By Connectivity Technology
By Region
Competitors in the Market
