The global smart lighting market is estimated to exceed US$ 19.11 billion in 2023 to US$ 106.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 21% during the forecast period from 2024 to 2032.
Smart lighting, with its remote controllability often through smartphone apps, provides various functionalities like timers, schedules, motion detection, voice commands, and color adjustments. Based on self-monitoring, analysis, and reporting technology (SMART), smart lighting systems go beyond basic illumination, offering enhancements in security, safety, convenience, health, wellness, and energy efficiency. Additionally, these systems effortlessly integrate with other smart home devices and can be managed through wireless transmissions like Wi-Fi radios and Bluetooth.
Government Initiative to Promote Energy Efficiency
The demand for smart lighting is increasing as consumers seek to upgrade their home lighting systems due to their efficiency and user-friendly nature. Additionally, government initiatives supporting energy efficiency, environmental protection, and strict laws against using incandescent bulbs are likely to drive the global smart lighting market.
Urban areas experience high energy demand due to large populations and a strong presence of commercial establishments. It is projected that by 2030, 40% of the population will live in cities, making energy-efficient and cost-effective lighting systems a central challenge in these centers.
Governments worldwide are taking steps to establish smart cities, with initiatives such as the Zero Subsidy Unnat Jyoti by Affordable LEDs for All (UJALA) and the LED Street Lighting National Program (SLNP) by the Government of India. These initiatives have resulted in significant energy savings and avoided peak demand, demonstrating the impact of government efforts in promoting energy efficiency.
In Hong Kong, smart lighting solutions are being deployed as part of the smart city goal, enhancing city management through collecting real-time data on weather, environment, and traffic. These government initiatives for promoting energy efficiency are likely to drive market growth.
High Installation and Maintenance Cost
The total cost of ownership (TCO) of smart lighting encompasses direct and indirect expenses incurred throughout the life cycle of owning or using a smart lighting product. This includes the initial purchase price, installation, deployment, operation, upgrading, production, and maintenance costs.
Smart lighting systems are composed of various components, such as sensors, control systems, dimmers, switches, and software. The cost of these systems can vary based on their complexity and features.
For instance, basic systems typically include smart switches and dimmers that can be controlled remotely or through a mobile app, costing between $200-$500 per room. Advanced systems with additional features like voice control integration, color-changing lights, scheduling, and integration with other smart home devices can cost between $500- $2000 per room. In addition, whole-house systems' costs depend on factors such as the size of the home, the number of rooms, light fixtures, and the type of system used, ranging from $3000 – $10,000+.
The initial costs of smart lights are higher than conventional lights, which may lead some residential owners and low-budget end-users to opt for alternate or conventional energy-saving lighting, potentially limiting the adoption of smart lights to a certain extent.
Additionally, smart lights may be incompatible with conventional infrastructures and fittings due to differences in form factor and circuitry, sometimes necessitating the replacement of switches and limiting the use of smart lighting fixtures with certain types of lighting sources.
Adoption of Advance Technologies
The emergence of the Internet of Things (IoT) and its expanding range of applications in lighting systems has significantly bolstered market growth. Furthermore, technological advancements enabling seamless integration of features such as ambient sensing and voice control in lighting systems have broadened and diversified the scope of smart lighting applications.
With the rise of AI and the Internet of Things (IoT), the world is evolving into a "Smart World" characterized by smart technologies, smart buildings, and smart cities, among other innovations. Smart lighting controls indoor and outdoor lights via smartphones, tablets, or intelligent assistants like Alexa.
The demand for smart lighting has surged in both commercial and residential settings due to its capacity to interface with IoT devices and create a diverse range of ambient lighting using only smartphones or tablets. Smart lights can be dimmed with various color tones to suit different situations, schedule their on/off times, monitor their energy consumption, and connect to other devices through Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee.
By Solution
The software segment is anticipated to experience the fastest growth in the smart lighting market, driven by the increasing adoption of smart lighting for data-driven purposes in critical areas. In addition, the rising demand for smart lighting applications facilitates control using smartphones or tablets.
Additionally, these applications enable the integration of smart lights with platforms such as Alexa, Cortana, and Siri for voice command control. The immense popularity of creating ambient atmospheres and aiding in data collection in smart cities is projected to boost the growth of this segment over the forecast period.
The demand for smart lighting is driven by the growing adoption of smart lighting for data-driven causes in crucial areas. The software segment held the majority share of the market revenue, and the apps also assist in connecting smart lights with smart platforms such as Cortana, Alexa, and Siri to control using voice commands.
Furthermore, advancements in wireless technology and a surge in IoT technology for hyper-connectivity between devices in smart infrastructure are expected to increase the growth of the smart lighting market revenue.
By Connectivity
The wired segment accounted for the largest revenue share in 2023 and is expected to grow at the fastest CAGR during the forecast period. Wired connections are essential for ranges above 30 feet, with exceptions such as Ethernet facilitating connections within 100 meters, while DALI, DSI, and DLVP provide connectivity beyond 1000 feet. The increasing adoption of smart lighting in commercial and industrial spaces is driving the demand for wired connectivity in the smart lighting space.
By Application
The indoor segment accounted for the largest revenue share in 2023. It is further sub-segmented into residential, commercial, and industrial applications. The residential segment is likely to experience a high growth rate over the forecast period. This is due to the increasing popularity of smart lighting bulbs and fixtures. As a result, users can control it to create different lighting moods.
Additionally, the demand within commercial and industrial spaces is driven by the necessity to control lighting consumption, especially in areas that require continuous power supply. Smart lighting with built-in sensors ensures that lights are used only in necessary areas based on movement captured by the sensors. Furthermore, the light settings can automatically adjust based on outside lighting within the premises.
Regional Analysis
Asia Pacific is poised to experience the fastest Compound Annual Growth Rate (CAGR) during the forecast period, primarily driven by escalating demand from the commercial and residential application segments. Notably, countries such as Japan, India, and South Korea are expected to lead the charge in adopting smart lighting. Furthermore, China is projected to contribute the largest revenue, exerting significant influence over the global market share.
The proliferation of the Internet of Things (IoT) is anticipated to play a pivotal role in propelling the development of the lighting market in China, thereby fostering the growth of connected smart lighting systems in the country. China may account for approximately 4.1 billion IoT connections, representing nearly one-third of the global IoT connections, by 2025. Consequently, smart lighting systems are expected to be the primary beneficiary of this trend during the forecast period.
In India, the demand for smart lighting is projected to surge due to the increasing preference for features such as voice recognition, remote operation, and the enhanced experience of smart home automation. Additionally, the rising adoption of LED lights across various sectors, including residential, healthcare, and commercial spaces such as hotels and workspaces, along with the escalating disposable income, are anticipated to further drive the growth of these devices in the future.
Key Companies Profiled in the Global Smart Lighting Market
Market Segmentation Outline
By Solution
By Connectivity
By Application
By Region
1 INTRODUCTION OF GLOBAL SMART LIGHTING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SMART LIGHTING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SMART LIGHTING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SMART LIGHTING MARKET, BY SOLUTION
5.1 OVERVIEW
5.2 HARDWARE
5.2.1 BULBS
5.2.2 TUBES
5.2.3 STRIPS
5.2.4 CUSTOM LIGHTS
5.2.5 LIGHTING CONTROLS
5.2.5.1 SWITCHES
5.2.5.2 DIMMERS
5.2.5.3 SENSORS
5.2.5.4 GATEWAYS
5.2.5.5 DRIVERS & BALLASTS
5.2.5.6 FIXTURES
5.3 SOFTWARE TOOLS/APPS
5.4 SERVICES
5.4.1 CONSULTATION, DESIGN & INTEGRATION
5.4.2 LIGHTING AS A SERVICE
6 GLOBAL SMART LIGHTING MARKET, BY CONNECTIVITY
6.1 OVERVIEW
6.2 WIRED
6.3 WIRELESS
7 GLOBAL SMART LIGHTING MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 INDOOR
7.2.1 COMMERCIAL
7.2.1.1 RETAIL
7.2.1.2 HOSPITALITY
7.2.1.3 OFFICES
7.2.1.4 HOSPITAL
7.2.1.5 OTHERS
7.2.2 RESIDENTIAL
7.2.3 INDUSTRIAL
7.2.4 OTHERS
7.3 OUTDOOR
7.3.1 ARCHITECTURAL LIGHTING
7.3.2 STREET LIGHTING
7.3.3 PUBLIC INFRASTRUCTURE
8 GLOBAL SMART LIGHTING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SMART LIGHTING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ACUITY BRANDS, INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 CISCO SYSTEMS, INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CREE, INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 EATON
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 DECO LIGHTING, INC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 DIALIGHT
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 GENERAL ELECTRIC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 HONEYWELL INTERNATIONAL INC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 KONINKLIJKE PHILIPS NV
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 SYSKA
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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