The Global Smart Lighting Market is estimated to account for US$ 20.55 Mn in terms of value by the end of 2021. The technology behind smart lights allows to automate many processes and functions. With a simple touch, user can set the mood, dim the light, or switch it on and off. Moreover, smart lights can control many devices at once. By implementing IoT data analytics, users can maximize energy savings from intelligent lighting control. This technology will open the door to a number of other smart city services, such as weather monitoring, emergency broadcast, environmental sensing, digital advertising, and video surveillance.
Global Smart Lighting Market: Drivers
Rise in number of smart city projects all over the world is expected to fuel growth of the global smart lighting market over the forecast period. The demand for smart lighting solutions in roadways & highway applications is increasing due to growing smart city projects. Government authorities in many countries including China, Germany, Italy and India are focused on partnership with one another for development of smart cities, which in turn is enhancing the market representation. Moreover, major operators in the smart city segment are likely to get grants from their respective governments for upgrading their R&D centers. This in turn is expected to boost the market growth.
Global Smart Lighting Market: Opportunities
Rise in development of human-centric lighting solutions is creating growth opportunities in the global smart lighting market. Lighting solutions can impact humans emotionally and biologically. With the use of human centric lighting solutions, factors such as health, mood and wellbeing of people can be enhanced, as it allows them to adjust the directions, luminance and correlated color temperatures. Such lighting solutions improve safety, concentration, as well as efficiency in educational and workplace environments. Thus, growing development of human-centric lighting solutions is supporting the market growth.
Global Smart Lighting Market: Restraints
The global smart lighting market is likely to be impacted by factors such as interoperability issues between components of different network. Current lighting control systems are affected by integrating multiple interoperable technologies under one roof. There are various options for lighting control; however, there are no uniform standards, which makes the integration of solutions difficult. Thus, lack of incompatibility and interoperability in components creates issues for end users. This factor in turn is expected to obstruct growth of the global smart lighting market over the forecast period.
Global Smart Lighting Market - Impact of Coronavirus (Covid-19) Pandemic:
The coronavirus outbreak resulted into halt in production as well as disrupted supply chains in various industries. This further weakened industrial output and reduced light-manufacturing output. Among various others, the global smart lighting market was adversely impacted by the Covid-19 pandemic. Many countries imposed lockdown regulations under which, the construction activities in several regions were closed down temporarily. This further affected lighting products demand and affected the market growth negatively. However, the market is likely to regain growth, as the pandemic situation has returned to normal in many region.
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Key Takeaways:
The global smart lighting market was valued at US$ 20.55 Mn in 2021 and is forecast to reach a value of US$ 63.98 Mn by 2030 at a CAGR of 25.5%% between 2022 and 2030.
Control System segment held dominant position in the global smart lighting market in 2021, accounting for 61.12% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Smart Lighting Market Trends:
Growing adoption of wireless lighting control solutions is trending in the global smart lighting market. Several market vendors are adopting wireless lighting control solutions for providing seamless integration of devices to other electronic devices and control all of them remotely. Furthermore, lasers are likely to replace LEDs for lighting solutions, as they are highly compact compared to LED diode and generate up to 1000 times more light with the use of 1/3rd of the electricity. Thus, this trend is expected to propel growth of the market over the forecast period.
Increasing number of market players focusing on offering novel solutions is a growing trend in the global smart lighting market over the forecast period. According to research, a circadian rhythm controls the energy levels, sense of alertness, and mood of humans, and the brain regulates this depending on the light signals received from the environment. Thus, manufacturers are focusing on development of new lighting control solutions that can benefit human health and this factor is driving the market growth.
Global Smart Lighting Market: Competitive Landscape
LG Electronics, Control4 Corp., Eve Systems GmbH, Lutron Electronics Co. Inc., Awox SA, Signify Holdings, Insteon (Smartlabs Inc.), Wyze Labs Inc., Crestron Electronics Inc., Sengled USA Inc., Cooper Lighting Solutions, General Electric Company, Wiz Connected Lighting Co. Ltd., and IKEA Systems BV.
Global Smart Lighting Market: Recent Developments
In September 2020, Lutron Electronics Co. Inc. entered into partnership with Ring. This partnership will allow the company to set its smart lighting solutions to switch on whenever a motion is detected by a linked Ring device. Caseta by Lutron, compatible Ring device and RA2 Select Smart Lighting Control supports the new integration.
In September 2019, Acuity Brands Inc. completed acquisition of the Luminaires Group, who provides specification-grade luminaires to institutional, commercial, municipal markets, and hospitality.
