Shining Brighter Together: Collaborative Innovations Driving the Smart Lighting Market in 2030
The global smart lighting market is poised for substantial growth, driven by technological advancements and increasing demand for energy-efficient lighting solutions. According to the latest market research report, the market size for smart lighting was valued at USD 10.5 billion in 2021 and is projected to grow at a remarkable CAGR of 20.1% during the forecast period.
For More Industry Insight Read: https://www.fairfieldmarketresearch.com/report/smart-lightingmarket
Smart lighting technologies have witnessed significant improvements, making them simpler to operate through remote control and offering enhanced functionalities. The adoption of robust Wi-Fi networking modules and improved LED drivers has further fueled the sales of smart lighting products. Moreover, the growing emphasis on enhancing building appearance and the rising environmental concerns regarding energy conservation are key factors contributing to the market's expansion. Europe stands as a global leader in human-centric lighting and lighting systems, with several European lighting associations actively implementing smart lighting controls in public and private spaces. The integration of smart streetlights with IoT devices ensures safety by providing extensive coverage, environmental monitoring, parking and traffic management information, and municipal surveillance. Sensors embedded in smart lights enable the collection of valuable data on activity patterns, sunlight intensity, occupancy, temperature changes, and humidity, empowering government agencies to monitor cities effectively.
The European Investment Bank (EIB) has also approved substantial investments totaling €4.9 billion in 2020 for infrastructure projects, focusing on clean energy, sustainable transportation, high-speed communications, social housing, and health and education. Such investments are expected to drive the development and sales of energy-efficient products like smart bulbs and lights, thereby propelling the smart lighting market during the anticipated time frame.
The COVID-19 pandemic had a temporary setback on the smart lighting market in 2020 and 2021, with companies experiencing financial losses. However, the market has rebounded strongly, with OEMs launching new products in early 2022 and expanding their dealer networks to boost sales and accelerate market development.
Key drivers for the smart lighting market include the increasing utilization of LED luminaires for outdoor illumination, which offers energy and cost savings. LED lighting control systems can significantly extend the lifespan of LED light sources and reduce maintenance costs. The demand for street lighting systems is also on the rise, accompanied by the growing prevalence of IoT and AI technologies, driving the adoption of smart lighting globally. Smart lighting's operational advantages, such as auto-dimming and intelligent illumination, find applications in various sectors, including vertical farming, automotive interiors, and smart homes.
Despite the market's growth potential, high starting prices of equipment and accessories for smart lighting systems pose a restraint. The initial cost of smart lighting systems is relatively higher due to expensive hardware components, software, control systems, and LED light sources. However, the longterm cost-saving benefits and energy efficiency of smart lighting solutions outweigh these initial costs.
In terms of market segmentation, new installations dominate the market share among installation types, primarily driven by residential, commercial, and industrial construction projects. Additionally, wireless connectivity is expected to witness the highest growth rate over the forecast period, with consumers increasingly preferring wireless technology for short-distance connections in smart lighting environments.
Europe leads the global smart lighting market, driven by the growing preference for indoor commercial smart lighting. The region sets standards for performance and safety, and manufacturers continuously update their product offerings to meet the evolving demands. North America follows closely, driven by increasing consumer acceptance of smart lighting and the region's focus on energy-efficient lighting solutions.
Prominent players operating in the global smart lighting market include Signify (Philips Lighting), Legrand S.A., Acuity Brands, Inc., Lutron Electronics, Leviton Manufacturing Company, Zumtobel Group, Honeywell International Inc., Hubbell Incorporated, GE Current, Dialight PLC, Helvar, Ideal Industries, Adesto Technologies, Panasonic, LightwaveRF PLC, RAB Lighting, Synapse Wireless, Syska LED, Wipro Enterprise Ltd, LG Electronics, ABB, Savant Systems Inc., and Enlighted Inc (a Siemens company).
With the market projected to experience significant growth, competition among key players is expected to intensify as they strive to innovate and offer advanced smart lighting solutions to meet the evolving customer needs.
Web: https://www.fairfieldmarketresearch.com/