Smart Lighting Market Size & Share, By Component (Hardware, Software, Services), Connectivity (Wired, Wireless), Application (Indoor, Outdoor), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Smart Lighting Market was over USD 18.22 Billion in 2023 and is poised to surpass USD 83.2 Billion by end of the year 2032, growing at over 22.5% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 18.22 Billion
• CAGR (2024-2032): 22.5%
• Forecast Year Value (2032): USD 83.2 Billion
• Historical Data Period: 2019-2023
• Largest Region: Europe
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for energy-efficient lighting solutions and the adoption of smart technologies in urban infrastructure development are expected to drive the growth of the smart lighting market. Furthermore, the growing awareness about the environmental benefits of smart lighting, such as reduced energy consumption and carbon emissions, is also fueling market growth. Additionally, the expanding smart home and smart city initiatives across the globe are creating opportunities for the adoption of smart lighting systems.

Report Scope

Report Coverage	Details
Segments Covered	Component, Connectivity, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Acuity Brands Lighting, Signify Holding., Honeywell International, Itron, IDEAL INDUSTRIES, INC., Häfele America Co., Wipro Lighting., YEELIGHT., Sengled Optoelectronics, Verizon, Schneider Electric

Industry Restraints:

On the other hand, high initial installation costs and the lack of interoperability standards among different smart lighting systems are major restraints for market growth. Despite the long-term cost savings associated with energy-efficient lighting solutions, the upfront investment required for implementing smart lighting systems can be a barrier for some consumers. Moreover, the lack of standardization in communication protocols and compatibility issues between different smart lighting products pose challenges for the seamless integration of smart lighting systems in homes and urban infrastructure.

Regional Forecast:

North America

The smart lighting market in North America is expected to experience significant growth due to the increasing adoption of smart home technologies and the presence of key market players in the region. The U.S. is a major contributor to the growth of the market, with advancements in IoT technology and increasing awareness about energy efficiency driving the demand for smart lighting solutions. Canada is also expected to witness growth in the smart lighting market due to government initiatives promoting energy efficiency and sustainability.

Asia Pacific

In Asia Pacific, countries like China, Japan, and South Korea are expected to be key players in the smart lighting market. China, with its rapid urbanization and growing demand for smart home solutions, is anticipated to witness substantial growth in the market. Japan is known for its technological innovations and investments in smart city projects, driving the adoption of smart lighting solutions. South Korea is also a key market for smart lighting, with government support for energy-efficient technologies and a tech-savvy population driving demand in the country.

Europe

In Europe, the United Kingdom, Germany, and France are expected to drive the growth of the smart lighting market. The United Kingdom is witnessing a shift towards smart buildings and smart cities, leading to an increased demand for smart lighting solutions. Germany, known for its focus on sustainability and energy efficiency, is embracing smart lighting technologies to meet its environmental targets. France is also a key market for smart lighting owing to government initiatives promoting smart home technologies and energy-efficient solutions.

Segmentation Analysis:

In terms of segmentation, the global smart lighting market is analyzed on the basis of Component, Connectivity, Application

- Hardware Segment

The hardware segment of the smart lighting market includes various components such as light fixtures, sensors, switches, and dimmers. These hardware components are essential for enabling smart lighting systems to communicate and automate lighting controls. The demand for smart lighting hardware is expected to grow significantly due to the increasing adoption of LED technology and the integration of smart lighting solutions in smart homes and commercial buildings.

- Software Segment

The software segment of the smart lighting market consists of applications and platforms that control and manage lighting systems. Smart lighting software provides users with the ability to customize lighting settings, schedule lighting scenes, and monitor energy consumption. The growing trend of smart city initiatives and the need for energy-efficient lighting solutions are driving the growth of the software segment in the smart lighting market.

- Services Segment

The services segment of the smart lighting market includes installation, maintenance, and support services offered by smart lighting providers. These services are essential for ensuring the proper functioning and performance of smart lighting systems. As more companies and individuals adopt smart lighting solutions, the demand for professional services to install and maintain these systems is expected to increase.

- Connectivity Segment

The connectivity segment of the smart lighting market differentiates between wired and wireless communication technologies used in smart lighting systems. While wired connectivity offers a more stable and secure connection, wireless connectivity provides greater flexibility and scalability. The choice of connectivity type depends on the specific requirements and constraints of the lighting installation, with both options seeing increased adoption in various indoor and outdoor lighting applications.

- Application Segment

The application segment of the smart lighting market categorizes the use of smart lighting systems into indoor and outdoor applications. Indoor smart lighting solutions are designed for residential, commercial, and industrial buildings, offering benefits such as energy savings, convenience, and comfort. On the other hand, outdoor smart lighting applications focus on illuminating streets, parks, and public spaces, enhancing safety, security, and aesthetics. The increasing focus on energy efficiency and sustainability is driving the adoption of smart lighting solutions in both indoor and outdoor settings.

Competitive Landscape:

The competitive landscape in the Smart Lighting Market is highly fragmented with key players continuously striving to innovate and expand their market presence. Top Market Players:

1. Philips Lighting

2. General Electric

3. Acuity Brands

4. Cree Inc.

5. Osram

6. Schneider Electric

7. Honeywell International Inc.

8. Eaton Corporation

9. Legrand

10. Lutron Electronics