CHICAGO, April 26,
2024 /PRNewswire/ -- The smart lighting
market is expected to reach USD 18.0
billion by 2029 from USD 9.5
billion in 2024, at a CAGR of 13.8% during the 2024-2029
period according to a new report by
MarketsandMarkets™. Various companies are investing in
smart lighting which gives an opportunity for growth in the smart
lighting market. The smart lighting market is continuously
developing, with the presence of multiple players. Currently
Europe is contributing
significantly to the growth of the smart lighting market.
Similarly, the Asia Pacific,
North America and RoW regions are
expected to be the growing market for the forecasted period.
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Browse in-depth TOC on "Smart Lighting
Market"
100 – Tables
80 – Figures
210 – Pages
Smart Lighting Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 9.5 billion
|
Estimated Value by
2029
|
$ 18.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 13.8%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Installation Type,
Offering, End-use Application, Communication Technology and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Interoperability
challenge between multiple network components
|
Key Market
Opportunities
|
Rising demand for
PoE-based lighting solution in healthcare and commercial
application
|
Key Market
Drivers
|
Maximizing efficiency
with IoT-integrated smart lighting solutions
|
The hardware segment currently leads the smart lighting market and
is expected to have the largest market share in the forecast
period.
Smart lighting systems encompass hardware components such as
luminaires, sensors, switches, dimmers, relays, controllers, and
gateways. The hardware segment of the smart lighting market is
further categorized into lights and luminaires and lighting
controls. The adoption of smart lighting controls has seen a steady
increase as a measure to curb energy consumption. Moreover,
heightened awareness regarding energy management has propelled the
growth of the lighting controls market. Additionally, governmental
regulations mandating the use of energy-efficient products have
spurred the adoption of lighting controls. However, the growth of
these systems has been constrained by the high installation costs
and lengthy payback periods associated with LED lights.
In November 2023, Signify Holding
launched Philips radii auto-linkable ultra efficient solar lights
which are designed to synchronize and illuminate simultaneously
upon motion detection. Utilizing ultra efficient technology, these
solar lights can illuminate outdoor areas for up to six nights
before requiring recharging from sunlight. Available as pedestal
and wall lights, they ensure consistent performance even on cloudy
days, providing reliable lighting for gardens and other outdoor
spaces.
In January 2024, at the Consumer
Electronics Show in Las Vegas,
Legrand, a renowned global specialist, and premier single-source
provider of electrical wiring solutions, unveiled its newest
addition to the radiant collection of smart lighting. This latest
offering features new Matter-enabled Wi-Fi smart devices, slated
for release in 2024. This advancement represents the next evolution
of the Smart Lighting with Wi-Fi line, introducing the Matter
standard to light switches, dimmers, and outlets. It underscores
Legrand's ongoing dedication to innovation in the realm of smart
lighting.
The wireless segment of the smart lighting market is
predicted to register the highest CAGR in the forecast
period.
In a wireless system, control devices establish communication
wirelessly using radio frequency (RF) waves and other technologies,
negating the necessity for physical wiring. Wireless communication
protocols are essential for facilitating communication among
evolving technologies. Although still in its nascent stages of
adoption, wireless technology is increasingly viewed as the future
due to its capacity to eliminate wiring requirements and enable the
integration of additional monitoring and control points. Among the
prevalent wireless technologies for smart lighting are ZigBee, BLE,
EnOcean, Wi-Fi, 6LoWPAN, and wireless hybrid protocols. Wireless
connectivity presents novel opportunities for energy and cost
savings, particularly in commercial settings where a vast network
of lights needs to be managed within a confined area.
In July 2021, Signify Holding
acquired Telensa Holdings Ltd, a UK-based specialist in wireless
monitoring and control systems tailored for smart cities. With this
acquisition, Signify Holding incorporates a narrow-band and
TALQ-compliant solution into its portfolio of feature-rich, open,
and secure systems. This strategic move allows Signify Holding to
expand its customer base, offering affordable smart city
infrastructure solutions utilizing unlicensed radio space. Telensa
will retain its brand name and continue to market its systems
independently.
In March 2021, Honeywell
International Inc. entered into an agreement to acquire a
controlling interest in Fiplex Communications, Inc., a Miami-based company specializing in
in-building communication systems. Fiplex's products, including
bi-directional amplifiers (BDAs), ensure uninterrupted radio
coverage within buildings, enhancing the safety of first responders
and occupants in challenging environments. This acquisition will
broaden Honeywell International Inc.'s offerings in in-building
connectivity and communication solutions, with Fiplex's solutions
serving as a platform for innovation within Honeywell International
Inc. wireless portfolio.
Establishing guidelines for enhanced lighting system
efficiency.
A standard protocol establishes guidelines for data
representation, signaling, authentication, and error detection to
facilitate the connection, communication, and data exchange between
computing or control endpoints. Digital protocols can be
unidirectional or bidirectional. Bidirectional protocols enable
devices or luminaires to share data for effective communication.
Currently, ZigBee and DALI are the primary protocols used in
lighting solutions. Implementing standard protocols like KNX and
DALI for control applications has enhanced the operational
efficiency of lighting systems.
Next-generation standard protocols evolve by incorporating
previous generation standards like the European Home Systems
Protocol (EHS), BatiBUS, and the European Installation Bus (EIB or
Instabus). With standard protocols, lighting systems can
synchronize and connect with other automation systems, promoting
better device compatibility and simplifying installation processes
for smart lighting. Existing standards focus on making components
compatible with control systems to facilitate their integration
into smart lighting systems. Additionally, adopting standard
protocols helps to lower installation costs.
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Smart lighting market for the Asia
Pacific region to register the highest CAGR between 2024 and
2029 forecast.
The Asia Pacific region is
poised to emerge as the fastest-growing market for smart lighting
systems in the forthcoming forecast period. With its vast
potential, the smart lighting industry is expected to gain
widespread acceptance among consumers in the Asia Pacific region, becoming an integral part
of digitized households. The escalating construction endeavors
across Asia Pacific significantly
contribute to the market's expansion, presenting numerous
opportunities for energy-efficient and advanced lighting systems.
China and India are forecasted to witness the
construction of approximately 200 million and 18 million homes,
respectively, paving the way for novel energy-efficient lighting
solutions and advanced lighting technologies.
Moreover, the surge in smart city and infrastructure projects
initiated by governments is expected to further catalyze the demand
for energy-efficient lighting solutions and advanced lighting
systems in the coming years. Government initiatives offering
subsidized LED lights are anticipated to play a pivotal role in
propelling the accelerated growth of the Asia Pacific smart lighting market.
Key Players
The report profiles major players in the smart lighting
companies are Signify Holding (Netherlands), Legrand
(France), ACUITY BRANDS, INC. (US), ams-OSRAM AG
(Austria), Honeywell International
Inc. (US), Zumtobel Group (Austria), Wipro Lighting (India), Lutron Electronics Co., Inc (US),
IDEAL INDUSTRIES, INC. (US) (Cree Lighting), LEDVANCE GmbH
(Germany), Current (US), Savant
Systems, Inc (US), Inter IKEA Systems B.V. (Netherlands), Dialight (UK), Schneider
Electric (France), ABB (Switzerland), Lightwave (UK), RAB Lighting
Inc. (US), Synapse Wireless Inc. (US), Panasonic Corporation
(Japan), Leviton Manufacturing
Co., Inc. (US), Syska (India),
BUILDING ROBOTICS INC. (BRI), A SIEMENS COMPANY (US), Helvar
(Finland), LIFX (US), Nanoleaf
(Canada), Sengled GmbH
(Germany), and TVILIGHT Projects
B.V. (Netherlands).
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