Smart Lighting Market Outlook - 2026
The Global Smart Lighting Market size is expected to generate revenue worth $8.68 billion in 2018, and is projected to reach $38.68 billion by 2026, to register a CAGR of 20.5% during the forecast period.
Smart lighting is designed to manage luminance remotely. It ensures energy efficiency and includes automated controls and highly efficient fixtures that could be adjusted depending on conditions such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effect to a space. Furthermore, these systems include general, accent, and task lighting. Besides this, smart lighting systems ensure lower energy usage and high cost savings.
Factors such as rise in demand for intelligent street lighting systems, rise in need for energy-efficient lighting systems, and high penetration of LED bulbs and lightnings globally drive the global smart lighting market. However, high installation cost and maintenance cost of smart lighting systems hamper the market growth. Furthermore, advancements in wireless communication technology, rise in developments of smart city projects, especially in Asia-Pacific, and emergence of IoT technology for smart lightning provides lucrative opportunities for the global smart lighting market growth.
Segment Overview
The smart lighting market is segmented on the basis of offering, connectivity technology, lighting technology, application, and industrial vertical. Depending on offering, it is bifurcated into hardware and software.
By Offering
Software segment is projected as one of the most lucrative segments.
By connectivity technology, it is categorized into Bluetooth, Zigbee, Wi-Fi, and DALI. On the basis of lighting technology, it is classified into LED, Halogen, incandescent, Fluorescent, and CFL. The applications covered in the study include indoor and outdoor lighting. By industrial vertical, it is segmented into commercial, residential, industrial, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.
By Lighting Technology
Portable segment is expected to secure leading position during forecast period.
By lighting technology, DALI dominated the global smart lighting market share, in terms of revenue, in 2018 and is expected to secure a leading position during the forecast period.
Depending on industry vertical, the smart lighting market is categorized into commercial, residential, industrial, automotive, and others. The commercial segment is anticipated to witness considerable smart lighting market growth.
Top Impating Factors
The dynamics such as rise in demand for intelligent street lightning systems in developing and developed nations, growth in need for energy-efficient lighting systems for sustainable development, and high penetration of LED bulbs and lightnings, globally, drive the global smart lighting market trends. However, high installation cost and maintenance cost in smart lighting hamper the market growth. Furthermore, advancement in wireless communication technology, growth in developments of smart city projects, especially in Asia-Pacific, and emergence of IoT technology for smart lightning is expected to provide lucrative opportunities for the smart lighting industry growth.
Rise in demand for street lighting systems
Technological advancements and developments in various countries have revolutionized the outdoor luminescence from on & off system to smart luminescence. Adoption of IoT and AI technology in the lighting industry has increased the demand for smart lighting for city streets. This leads to the rise in need for luminescence systems that provide automated operations.
Growth in need for energy-efficient lighting systems
Development of technologies that operate on less power have a high demand in the present market. Most such systems are electronic or electrical and operate on power and energy sources. The depletion of these energy sources has increased the development of energy efficient systems. Smart lighting uses considerably less power in comparison to the traditional lighting, which provides lucrative smart lighting market opportunity.
Emergence of IoT & AI technology for smart lightning
Advancements in wireless technology and surge in IoT technology for hyper-connectivity between devices in smart infrastructure is expected to increase the demand for smart lighting globally. Integration of artificial intelligence and IoT in lighting systems provides operational efficiencies such as auto-dimming and intelligent illumination as per the requirement in various applications such as vertical farming, automotive interiors, and smart homes.
Competitive Analysis
Key players analyzed in the smart lighting market forecast include Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V., and Syska. These players have adopted various key strategies such as product launch, collaboration, partnership, acquisition, and agreements to drive the market and increase their net sales. Furthermore, prominent strategies such as product launch and business expansion are adopted by leading players to strengthen their business reach and position in the global smart lighting market analysis. For instance, Philips Hue wireless lights, Hue light bulbs, use approximately five times less energy compared to traditional halogen light bulbs, which makes them eco-friendlier.
By Region
Asia Pacific region would exhibit the highest CAGR of 20.50% during 2019-2026
Key Benefits for Smart Lighting Market :
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global smart lighting market.
- In-depth analysis is conducted by smart lighting market estimations for the key market segments between 2018 and 2026.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled, and their strategies are analyzed thoroughly to understand their competitive outlook of the global smart lighting market.
Smart Lighting Market Report Highlights
| Aspects | Details |
 By Offering |
|
 By Connectivity Technology |
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 By Lighting Technology |
|
 By Application |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | Koninklijke Philips N.V, Syska, Cree, Inc, Cisco Systems, Inc, Honeywell International Inc, Acuity Brands, Inc, Eaton, General Electric, Dialight, Deco Lighting, Inc |
Analyst Review
The global smart lighting market possesses a high growth potential, owing to the development of the energy & power industry. The current business scenario is witnessing an increase in demand for smart lighting, particularly in developing regions, such as China and India, which propels the growth of the market. Moreover, companies in this industry are adopting various innovative techniques to provide consumers with enhanced level of autonomous technologies for various industries globally.
Smart lighting offers numerous benefits such as remote access, energy efficiency, premium lighting experience, self-learning, and operation mode. The factors such as rise in demand for intelligent street lightning systems in developing and developed nations, growth in need for energy-efficient lighting systems for sustainable development, and high penetration of LED bulbs and lightnings globally drives the market growth. However, high initial cost of installation and maintenance of these systems restraint the market growth.
Key players analyzed in the report include Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V., and Syska. The key players adopt various key strategies such as product launch, collaboration, partnership, acquisition, and agreements to drive the market and increase their net sales.
Increasing need for energy-efficient lighting system, growing demand of street lighting system and high penetration of LED bulbs and lightnings globally are some of the factors driving smart lighting market trends
The global smart lighting market size is expected to register a Compounded Annual Growth Rate (CAGR) of 20.5% during the forecast period.
To get the lastest version of smart lighting market report.
The potential customers of Smart Lighting Market are majorly from automotive and industrial sector in addition to commercial and residential sector
The leading players in smart lighting market include Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V., and Syska.
Asia-Pacific region is currently leading the market and is expected to provide considerable business opportunities for smart lighting market in future
On the basis of top growing big corporations, we select top 10 players.
The smart lighting industry has applications to provide energy efficient lighting solution for residential, industrial, commercial and automotive sector
The key growth staregies adopted by smart lighting industry players include product launch and collaboration
The global smart lighting market is expected to generate revenue worth $8.68 billion in 2018
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