Smart Lighting Market Size, Key Players Outlook, Latest Trends and Forecast up to 2027

Increasing number of smart city projects, along with the emergence of integrated lighting systems and the rising number of government initiatives, are the major factors that are driving the growth of the smart lighting market.

Dublin, Ireland - July 7, 2020 /MarketersMedia/ —

Smart lighting refers to the advanced lighting technology specially designed to provide an energy-efficient way to manage the lighting systems of homes and buildings. It comprises of high-efficiency fixtures and automated controls which are used to adjust the lighting system based on different conditions such as daylight availability.

The major factors contributing to the increasing demand of the global smart lighting market include the emergence of integrated lighting systems and the expanding number of smart city projects in developing economies across the globe. Several governments are mainly focusing on developing sustainable smart cities that use information and communication technologies (ICTs) and other means to improve quality of life, the efficiency of urban operation and services while meeting the needs of present and future generations in relation to economic, social and environmental aspects. For instance, Dubai’s government has launched the “Dubai Plan 2021”, which aims to transform the city into a leading smart city. The combination of these factors will surge the demand for smart outdoor lighting systems across the globe.

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The rising awareness about the benefits of LEDs along with the declining price of LEDs is the significant factor responsible for the growth of the smart lighting market size over the coming years. The LED lights offer several advantages such as it is energy-efficient, have a longer lifespan, and works in extreme temperatures. With the integration of lighting systems to smartphones and the development of the numerous smart home systems such as Amazon Alexa, Google Assistant, and Samsung SmartThings Hub, will attract a large number of customers towards the adoption of smart lighting for the home.
The emergence of the coronavirus crisis is adversely impacting the global smart lighting market around the globe. The strict lockdown has affected the raw material supplies of electronic components due to the temporary shutdown of manufacturing plants in China. The rapid disruption in the supply chain is resulting in a sharp fall in demand for smart lighting systems. However, the market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

On the basis of installation, the new installation segment is projected to emerge as the maximum revenue generating segment over the forecast period. This is due to the rising demand for smart lighting systems across various places such as homes, corporate offices, parking spaces, and shopping malls. In addition to this, with the evolution of wireless technologies and the continuous development in electronics and sensor technology, it has become necessary for the customers to opt for smart lighting systems. Thus, all these factors are responsible for driving the growth of the segment in the coming years.
Based on the offering, the hardware segment is predicted to witness considerable growth in the next six years, attributed to the continuous product innovation in the lighting controls, including lamps and luminaries. The integration of lighting control products with lights & luminaries has enabled the embedding of software on microcontrollers, thereby adding as a competitive advantage to the lighting control system. These systems offer sensors controlling options, which will further drive the demand of the market over the coming years.

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On the basis of end-use applications, the outdoor segment is poised to expand over the forecast period due to the increasing usage of smart lighting systems on roads, highways, traffic lights, and other public places such as parking areas. The smart road lighting system improves visibility on the roads, thereby increasing the safety level on the roads. Several countries, such as Norway, are using the smart road lighting system to address the problem of useless illumination of densely or rarely traveled roads while saving energy.

Based on the Communication Technology, the Power over Ethernet (PoE) wired communication technology segment is expected to experience a higher CAGR during the forecast period owing to the decline in the price of LEDs and the growing awareness about the benefits of LEDs among the end-users. In addition to this, the growing adoption of PoE solutions across various industries, such as commercial and healthcare, will surge the growth of the smart lighting market. The key market players are focusing on developing more efficient and power-saving lighting products, which will create new opportunities in the smart lighting market.

On the basis of the region, the Asia-Pacific region is anticipated to dominate the market during the forecast period owing to the growing emphasis on the minimization of the energy consumption by using smart lighting system in various developing nations such as India, China, and Japan. The government initiatives to offer LED lights at a subsidized price along with its remarkable benefits such as environment-friendly, less power consumption, and contains no harmful substances, will drive the growth of the Global Smart Lighting market in this region. Moreover, the continuous development of highways and roads with an aim to reduce power consumption will surge the demand for smart street lighting systems. The smart lighting system is cost-effective, provides high visibility, and is controlled by a real-time system. With the rapid urbanization and the increasing population of developing economies, it has become necessary to develop smart cities in order to optimize the usage of space and resources. Many countries such as Japan, South Korea, Singapore, and Vietnam are focusing on the development of smarter cities by emphasizing smart home technology, smart roader, and digitalization. All these factors will complement the growing demand of the market in this region.

The research report on the smart lighting market provides an in-depth analysis of the market revenue based on installation type, offering, end-use application, communication technology, and regions for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.

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