Reports and Data has released a latest report stating that the global Smart Lighting Market size is projected to reach USD 38.87 billion by 2028 with a revenue CAGR of 20.3% over the forecast period. The growth of the market is primarily driven by the increasing number of smart city projects in developing countries and rising adoption of IoT technology. The lighting industry is expected to play a significant role in the development of smart city projects by providing smart lighting solutions that ensure sustainability and energy saving. Governments in various countries, such as India, have committed to developing smart cities, which is expected to boost the market revenue growth. Additionally, there is a rising demand for intelligent solutions for street lighting to enhance security and improve public safety. The emergence of smart street lighting is a catalyst for the rapid development of smart cities globally.
LED manufacturers are investing in the development of IoT-enabled LED lighting systems, and companies such as Signify introduced Interact City, a connected LED lighting system with management software that enhances city services, beautifies public spaces, and improves citizen safety. The hardware segment is expected to hold the largest revenue share in the global smart lighting market due to increasing demand as it is an integral part of smart lighting systems. The wireless technology segment is expected to register robust revenue growth, with technologies utilizing wireless sensor networks being increasingly developed for applications such as street lighting and traffic management. The indoor application segment is expected to hold a considerably large revenue share in the global smart lighting market, and the new installations segment revenue is expected to expand significantly over the forecast period.
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Europe is expected to account for the largest revenue share in the smart lighting market, with government initiatives supporting highly connected infrastructure for smart city networks across European countries.
Driving factors of Smart Lighting Market
- Increasing number of smart city projects in developing countries
- Rising adoption of Internet of Things (IoT) technology
- Sustainable resources
- Rising demand for more energy efficient solutions
- Advancements in digital technology
- Emergence of smart street lighting
- Rising demand for intelligent solutions for street lighting to enhance security and public safety
- Upgradation of regular street lighting to connected smart street lighting solutions
- Ability of smart LED lighting to reduce energy consumption and cost
- Rising awareness regarding energy saving owing to rising energy costs and increasing need for more energy-efficient lighting solutions.
Some of the notable innovations in the Smart Lighting Market
- Internet of Things (IoT) enabled LED lighting systems: These systems use wireless connectivity to allow for remote control and monitoring of lighting fixtures, which can improve energy efficiency and enhance city services.
- Connected lighting systems: These systems can be programmed to respond to specific events or conditions, such as occupancy or daylight levels, to provide customized lighting solutions.
- Human-centric lighting: This technology uses advanced sensors and algorithms to mimic natural daylight, which can improve mood, productivity, and overall well-being.
- Li-Fi: This emerging technology uses light waves to transmit data, which can provide high-speed wireless connectivity and eliminate the need for Wi-Fi.
- Li-Fi-enabled smart lighting: By combining Li-Fi with smart lighting systems, it is possible to create secure, high-speed wireless networks that can be used in a variety of applications.
- Energy harvesting: This technology captures energy from ambient sources, such as light or motion, to power wireless sensors and other low-power devices, which can reduce the need for batteries or external power sources.
- Artificial intelligence (AI): By incorporating AI into smart lighting systems, it is possible to create intelligent lighting solutions that can learn and adapt to user preferences and environmental conditions.
- Voice control: With the integration of voice assistants such as Amazon Alexa and Google Assistant, it is possible to control smart lighting systems using voice commands, which can enhance convenience and accessibility.
Major companies in the market report include
Signify Holding, Legrand, ACUITY BRANDS LIGHTING, INC., OSRAM GmbH, Hubbell, Leviton Manufacturing Co., Inc., Lutron Electronics Co., Inc., Honeywell International Inc., Zumtobel Group, IDEAL INDUSTRIES, INC.
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