Smart Lighting Market is poised to reach approximately USD 30,658.36 Million registering a 17.5% CAGR by 2027

Market Overview

The smart lighting system has become a new trend followed by today’s generation. Smart lights are highly adopted due to their energy efficiency feature. The Smart Lighting Market will obtain a strong market valuation of USD 30,658.36 million and a CAGR of 17.5 % in the forecast period by 2027.

The key drivers have ensured the market’s growth. The growing advancement in the lighting control system and adoption of smarter technologies is driving the Smart Lighting Market. The system allows access to control LED lights. Smart lighting has been included in smart city projects of various developing countries worldwide. The initiatives were taken to make the system cost-effective are increasing its adoption. Moreover, the awareness among the public to save electricity along with the government’s support is aiding the market to reach its estimated value.

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The smart lighting Market has noticed a downfall in the pandemic due to fewer demands and a halt in installation. The product engagement by the brand also decreased. But in the post-pandemic days, the industrial players are focusing on innovative features and other tactics, which is expected to drive the market to reach its CAGR in the forecast period.

Smart Lighting Market Report Scope:

Market Segmentation

The Smart Lighting Market is segmented into major sections based on type, communication, light source, software, technology, and service and application.

The segment is segregated into smart lamps, smart bulbs, fixtures, street lights, traffic lights, LED drivers and ballasts, wireless dimmers, relay units, sensors and switches, and gateways.

The light source of the market is categorised into the fluorescent light source, orange light source, HID light source, LED light source, and other light sources.

The communication segment has wired communication technology and wireless communication technology.

The software segment comprises cloud-based, smartphone applications, and web-based applications, while the service comprises pre-installation and post-installation services.

The application segment of the market includes commercial, residential, industrial, and outdoor lighting like architectural lighting, highway, public places, and roadways lighting.

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Regional Analysis

The geographical growth report of the Smart Lighting Market showcases the top regions covered, such as the North American and South American countries, Asia Pacific, Europe, Africa and other regions.

As per the previous forecast data, the European region has dominated the market, and it is expected to maintain its growth flow in the future. Followed by the European Union, the North American region shows an outstanding growth revenue rate because of the higher adoption of energy-efficient solutions. The Asia Pacific region also shows a progressive growth rate due to the low labor cost and raw material availability for smart lighting systems. Moreover, the other regions are also expected to notice robust growth opportunities in the upcoming forecast period.

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Industry News

• In April 2021, Leviton expanded its functionality and compatibility for its Decora Smart Wi-Fi lighting control portfolio. The company has also announced its new Decora Smart Wi-Fi 2nd, Gen. The portfolio features four new products -15A Switch, a 600W Dimmer, Mini Plug-in Switch and Dimmer.
• In February 2021, IDEMIA and Honeywell declared their strategic alliance for the invention of a seamless, intelligent building ecosystem, including implementing the smart lighting system.

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