The smart
lighting market is estimated to grow from USD 7.93 Billion in 2018 to USD
20.98 Billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The forecast
period for this report is considered between 2018 and 2023. The factors driving
the smart lighting market include modernization and development of
infrastructure to transform cities into smart cities, increased demand for
intelligent solutions for street lighting systems, need for energy-efficient
lighting systems, increasing adoption and decreasing cost of LEDs, and growing
awareness about energy savings among consumers and governments worldwide.
In this report, the smart
lighting market has been segmented on the basis of communication technology,
offering, application type, installation type, and geography. Among the communication
technologies considered in the report, the market for wireless technology is
estimated to grow at a higher CAGR during the forecast period. In wireless
technology, the use of wires is eliminated, thereby abolishing the need for
installation and protection of cables, which noticeably reduces the cost of the
wireless smart lighting systems.
APAC is expected to be the
fastest-growing market for smart lighting during the forecast period. The smart
lighting market has enormous growth potential in APAC, and these systems are
likely to be accepted by consumers as an integral part of a digitalized
household. Moreover, the emerging economies of China and India have a positive
impact on the overall market in APAC. The increased construction activities in APAC
are contributing significantly to the growth of the smart lighting market in
the region. The expected construction of ~200 million homes in China and 18
million homes in India is likely to provide several new opportunities for
energy-efficient lighting and home automation in the next few years in this
region. Rising government expenditure on public infrastructure, increasing the
adoption of energy-efficient lighting systems are the major driving factors for
the growth of the smart lighting market in APAC.
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The hardware segment is expected
to hold the largest share of the market based on offering by 2023 owing to the
fact that hardware components are the integral elements of the smart lighting
system. Hardware offerings have been further categorized into lights and
luminaires; and lighting controls. The lights and luminaires segment includes
smart bulbs and fixtures. Moreover, lighting controls include LED drivers and
ballasts, sensors, switches and dimmers, relay units, and gateways. Lights and
luminaries are the lighting components of the smart lighting systems. These
components broadly include smart bulbs such as fluorescent lights, light
emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). However, the
performance and characteristics of the light source used in lamps depend upon
the lighting task being performed. Choosing a right lamp type helps save energy
to a great extent.
Some of the major players in the
smart lighting market are Philips Lighting (Netherlands), Hafele Group
(Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell (US),
Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland),
Lutron Electronics (US), and General Electric (US).
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