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The global Smart Lighting Market size is projected to grow from USD 10.121 billion in 2021 to USD 34.013 billion by 2028, at a CAGR of 18.22%.
Factors such as increased adoption of e-commerce and consumer inclination towards trendy interiors are anticipated to support the market growth. In addition, the rising preference for modern lighting is expected to boost the growth of the market segments.
The surging inclination towards trendy lighting structures for home interiors is expected to be a major factor in smart lighting market growth. Further, the growing development of smart homes is anticipated to support the growth of the smart lighting industry.
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COVID-19 has impacted a variety of businesses throughout the world. The markets all over the world are involved in gaining traction after the resuming of normal routine and processes. For instance, according to a recent report from the Electric Lamp and Component Manufacturers Association (ELCOMA), the Indian lighting market is expected to de-grow by EUR 338 million between the years 2020 and 2021, since the industry has faced slowdown due to the recent nation-wide lockdown followed by slow recovery rate.
Moreover, owing to the lockdown in many countries, there was a halt in infrastructure building in certain regions, which hindered the demand for smart lighting products. In addition to that, the work from home policy has reduced demand for increasing the aesthetic of commercial spaces to a certain extent. Thus, such factors affected the market growth.
Market Driver:
Ever-Changing Preferences for Smart Lighting
The demand for lights and lighting products has seen an upward trajectory owing to the Covid-19 pandemic outbreak, with people preferring or those who are required to work from home. The ever-changing preferences may a huge role in this context. Moreover, the industry has seen rising interest in beautifying the house with fancy lights. More and more people are now opting for bold colors, contrast in rooms and a blend of the contemporary with classic. There has been an unprecedented rise in categories such as lamps and lighting, and such elements are expected to aid smart lighting market growth
The surge in Technological Advancements
The increasing technological advancements, such as communication technology, wired and unwired technology, with modifications in hardware and software is driving the growth of the market. The high usage of LED lamps, fluorescent lamps, high intensity discharge lamps, and compact fluorescent lamps among the housing as well as commercial industries aids the growth of this market over the forecast period.
Restraining Factors:
Security Issues Related to IoT-Based Lighting Systems
Connected lighting products are connected through the internet, which can be subjugated by hackers. This may have severe consequences. For instance, a hacker can gain remote access to a wireless network and operate smart lighting control systems, security camera systems, door unlocking systems, and other settings. Similar to that, someone hacking a home’s smart systems would gain admittance to controlling the home, thereby resulting in unlocking of doors and turning the cameras off. Such reliability and security issues hinder the smart lighting market growth to a certain extent.
Smart Lighting Market Challenges:
Lack of Infrastructure in Economies and Interoperability Challenges
The installation for the smart lighting constitutes several components. It includes the cost of planning, equipment needed, and installation of products. End users require to select an appropriate lighting control solution from a broader range of accessible solutions. However, the dearth of uniform standards makes it problematic to assimilate the available resolutions. Incompatibility of different components and lack of interoperability creates glitches for consumers.
In addition to that, the increase in custom duties also account as a major challenge. As per the Union Budget 2022, import duty was increased to 25% from 20% on furniture goods, including lamps and lighting fittings, seats, mattress supports, articles of bedding, among others. Such measures hamper the smart lighting market growth.
Smart Lighting Market Opportunity:
Rising Initiatives by Global Players
Players operating in the smart lighting market are keen on adoption of smart lighting to help the society. Various international brands such as Flos, Erba have launched their lighting lounges in India. Philips, a global leader in lighting, has launched multiple lighting lounges in various cities. Other international players such as Anglepoise and Rogerfraider sell through online portals such as lights&you.com. ‘Lights and you’ is an online portal that presents a carefully curated collection of lighting products from the world’s most renowned brands and designers. Such measures call for lucrative opportunities in the near future.
Based on the offering, smart lighting market is primarily split into hardware, software, and services. The figures below visually and clearly detail the market share of smart lighting, in percent (%) of each type in 2021. The hardware segment is anticipated to grow at a high CAGR and is based on the value of smart lighting for each type and the overall smart lighting industry.
Based on the smart lighting installation type segment, the smart lighting market is segmented into new installations and retrofit installations. The table below visually and clearly details the approximate value size of smart lighting installation type, in value (US$ Million), market share and growth trend of each type in 2021 and 2028.
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Based on the smart lighting communication technology segment, the smart lighting market is segmented into wired and wireless. The table below visually and clearly details the approximate value size of smart lighting communication technology type, in value (US$ Million), market share and growth trend of each type in 2021 and 2028
Based on the smart lighting end-use segment, the smart lighting market is segmented into indoor and outdoor. The table below visually and clearly details the approximate value size of smart lighting end-use type, in value (US$ Million), market share, and growth trend of each type in 2021 and 2028
The smart lighting market segmentation is based on geographical regions like Asia Pacific, Europe, North America, Africa, Middle east, and America (Central and South).
North America is anticipated to dominate the smart lighting market in 2021. The North America smart lighting market size is expected to expand at a compound annual growth rate (CAGR) of % from 2022 to 2028. In addition, Europe is the second-largest region in the global smart lighting market during the forecast period from the forecast period 2022 to 2028. However, Asia Pacific smart lighting market is likely to observe the highest CAGR from the forecast period 2022 to 2028. In addition to that, the Middle East and African market for smart lighting is subject to a steady growth over the forecast period.
The highly fragmented market has different players. Some of the major players include Legrand S.A., Signify (Philips Lighting), Acuity Brands Inc., Leviton Manufacturing Company, Inc., Lutron Electronics, Zumtobel Group, Hubbell Incorporated, Honeywell International Inc., and GE. More players operating in the smart lighting market include Dialight PLC, Helvar, Ideal IndustriesInc. (Cree Lighting), Adesto Technologies (Echelon Corporation), Panasonic, LightwaveRF PLC, RAB Lighting, Synapse Wireless, Syska LED, Wipro Enterprise Ltd, LG Electronics, ABB, Savant Systems Inc. (GE Lighting), and Enlighted Inc (a Siemens company), among others. For instance, in March 2021, Hubbell Control Solutions launched an improved NX Distributed Intelligence Lighting Control Panel (NXP2 Series) that centralizes connection points in an enclosure, offering an installer-friendly solution that decreases time and costs to deploy code compliant lighting control. Such strategies employed by the major players are the prominent drivers of growth for the smart lighting market.
In March 2021, Hubbell Lighting partnered with LightAZ, a luminaire manufacturing company based in the US
In March 2021 Leviton launched a new line of Decora Motion Sensors designed provide users optimal management of lighting and motor loads with enhanced detection functionality for accurate switching
In January 2021 Osram Licht introduced the second generation of its PrevaLED COIN COB range. The new PrevaLED COIN 50 and 111 COB G2 seamlessly complement the product range.
In August 2020 Signify expanded its smart lighting system that works with the WiZ-connected ecosystem in the US
In October 2019, SSignify acquired Cooper Lighting, a leading provider of professional lighting, lighting controls, and connected lighting
This report forecasts revenue growth at regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018-2028. For the purpothe se of this study, company has segmented the global smart lighting market based on offering, installation type, communication technology, end use, and region:
Report Scope
As per Research Layer the global Smart Lighting Market size was 10.121 US Dollars in 2021 to 34.013 US Dollars by 2028.
Asia Pacific holds the highest market share in regional segment.
The Smart Lighting Market is expected to grow CAGR of 18.22% during forecast period.
By Type, Application and Region segments are covered in report.
Hubbell Incorporated, Philips Lighting, Osram, Acuity Brands, Cree,Eaton, General Electric, Gooee, Hafele Group, Honeywell, Isotera, Ketra, Legrand, Leviton Manufacturing Lifx, Lutron Electronics, Nualight Limited, Streetlight. Vision, Switchmate, Inc., Syska LED, Tao Light, Virtual Extension, Wipro Consumer Care and Lighting, Zumtobel Group
Report Code :
RL657
Published on :
Aug 2022
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