Global Smart Lighting Market Size To Exceed USD 52.51 Billion By 2033 | CAGR of 15.3%
Category: Semiconductors & ElectronicsGlobal Smart Lighting Market Size To Exceed USD 52.51 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Smart Lighting Market Size Expected to Grow from USD 12.64 Billion in 2023 to USD 52.51 Billion by 2033, at a CAGR of 15.3% during the forecast period 2023-2033.
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Browse key industry insights spread across 220 pages with 113 Market data tables and figures & charts from the report on the Global Smart Lighting Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Connectivity (Wired and Wireless), By Application (Indoor and Outdoor), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/smart-lighting-market
Smart lighting is probably the newest trend in both the domain of home automation and a trend of energy efficiency, due to the increased adoption of connected devices and the consequent urge for sustainable lifestyle options. Smart lighting will no doubt transform the way our homes are lit up henceforth. Smart lights unlike regular lighting can be remotely controlled or automated by integrating them through advanced technologies including voice assistants, sensors mobiles, and network connectivity. Some of the advantages include offering personalization, remote control operation, smart illumination, energy efficiency, safety, and security. It is one of those advantageous systems that are being selected by various environments and applications including domestic, office, business settings, and outdoor fields because it provides convenience with effectiveness. Some of the most important factors that push up the smart lighting market but the most important drive in this regard is growing energy-efficient and convenient solutions in lighting. The increasing number of consumers prefer to reduce their energy expenditure and carbon footprint, making the demand for energy-effective smart bulbs and lights advance. Smart lights are somewhat expensive compared to typical lights and may lead multiple residential users and low-priced end-users to choose alternates or traditional energy-saving illumination. That is, smart lights might not be fully integrated.
The hardware segment is projected to hold the largest share of the market during the forecast period.
On the basis of component, the global smart lighting market is categorized into hardware, software, and services. Among these, the hardware segment is projected to hold the largest share of the market during the forecast period. There has been an increase in the demand for smart, connected lights, ambient lights with changing colors and strength, as well as the controls and sensors that accompany automation. Market growth is also boosted by the increasing rate of technological advancement and constantly shifting controls of smart lighting systems.
The wireless segment is expected to grow at a significant CAGR during the forecast period.
On the basis of connectivity, the global smart lighting market is categorized into wired and wireless. Among these, the wireless segment is expected to grow at a significant CAGR during the forecast period. Due to the increasing demand for Wi-Fi-based lighting resolutions, the falling cost of smart LED lights, and the growing saturation of wireless internet among households, wireless connectivity becomes a preference for consumers in need of connections within a very short range, making this category to grow faster in the forecast period.
The outdoor segment is expected to grow at the fastest CAGR during the forecast period.
On the basis of application, the global smart lighting market is categorized into indoor and outdoor. Among these, the outdoor segment is expected to grow at the fastest CAGR during the forecast period. This factor is due to the growing deployment of connected street lighting systems in emerging economies and outdoor smart garden and lawn lighting adoption growth in medium-sized and large residential places.
Europe is projected to hold the largest share of the global smart lighting market over the forecast period.
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Europe is projected to hold the largest share of the global smart lighting market over the forecast period. Europe has the extreme share in the smart lighting market, and this position is going to remain in the coming years also. Growth in the region is mainly attributed to the growing adoption of tech-enabled workspaces along with the booming adoption of standard protocols for the lighting control system. The increasing concern among people for the environment will also help in expanding this market. The European lighting market has been working in consultation with European controllers to ensure wider acceptance of intelligent and human-centric lighting and smart buildings.
Asia-Pacific is expected to grow at the fastest pace in the global smart lighting market during the forecast period. There are rapidly growing trends for digitalization and development among major countries such as China, India, and Japan, which are driving big-scale smart city and infrastructure projects. Such large-scale deployments also include big deployments of smart street lamps and connected lighting systems in public places. Increased consumer disposable income is also accelerating the adoption of smart lighting in residential places.
Major vendors in the global smart lighting market are Acuity Brands Lighting, Inc., Signify Holding, Honeywell International Inc., Itron Inc., IDEAL INDUSTRIES, INC., Häfele America Co., Wipro Lighting, YEELIGHT., Sengled Optoelectronics Co., Ltd., Verizon, Schneider Electric, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In January 2024, Legrand, one of the world's premier global specialists and single-source providers of electrical wiring solutions, made an announcement of its latest offering in the radiant collection of smart lighting at the Consumer Electronics Show in Las Vegas, NV.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global smart lighting market based on the below-mentioned segments:
Global Smart Lighting Market, By Component
- Hardware
- Software
- Services
Global Smart Lighting Market, By Connectivity
- Wired
- Wireless
Global Smart Lighting Market, By Application
- Indoor
- Outdoor
Global Smart Lighting Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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