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.

Global Smart Lighting Market Insights Forecasts to 2033

• The Global Smart Lighting Market Size was Valued at USD 12.64 Billion in 2023
• The Market Size is Growing at a CAGR of 15.3% from 2023 to 2033
• The Worldwide Smart Lighting Market Size is Expected to Reach USD 52.51 Billion by 2033
• Asia-Pacific is expected to grow the fastest during the forecast period.

The Global Smart Lighting Market Size is anticipated to exceed USD 52.51 billion by 2033, growing at a CAGR of 15.3% from 2023 to 2033.

Market Overview

Smart Lighting, is a term that describes lighting products that can be controlled over a distance from applications with the following features: timers and schedules, motion detection, voice commands, and color adjustment. Smart lighting is also known as connected lighting because it may be easily integrated into a building's or city's infrastructure for sharing information on its operation status. Smart lights are usually combined with sensors that make them a point-of-intelligence device to collect information about activity patterns, daylight levels, occupancy, temperature, or humidity changes. Further, technological innovations and advancements in other nations have brought an era of outdoor illumination that can transform from on to off into smart illumination. There is a surge of smart illumination in the streets as this technology of IoT and AI has entered into the illuminations industry to ensure an increase in demand for city street illumination smart. In this scenario, luminescence systems require operation and are rising accordingly. In addition, the government policies that support energy conservation and environmental protection with strict rules and regulations deter the usage of incandescent lamps, which will boost the demand for LED smart lighting. Therefore, the LED technology has potentially revolutionized the whole lighting industry and penetrated into the smart lighting segment wherein LED is a preferable choice between vendors and consumers, and this has helped to upgrade the smart lighting market globally over the past few years.

Report Coverage

This research report categorizes the market for the global smart lighting market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global Smart Lighting market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global smart lighting market.

Driving Factors

Benefits including controlled power usage, long-life lighting, multi-scene options within one lamp/luminaire, and high availability of modern decorative lighting products, among others, are going to lead to penetration growth of smart lights. Full penetration has yet to be seen in residential, commercial, and industrial applications of smart lighting. Therefore, several government initiatives that encourage the use of LED-based smart lights are likely to increase their demand shortly. The introduction of the Internet of Things (IoT) and its increasing set of applications in lighting systems has fueled the growth of the market. Advances in technologies that permit the easy integration of ambient sensing and voice control into lighting systems have opened up and diversified the scope of smart lighting applications.

Restraining Factors

Smart lights have a higher initial cost as compared to conventional lights and might make several residential owners and low-budget end-users opt for alternate or traditional energy-saving lighting. That is, this may restrict smart lights from being adopted in full scale. Moreover, sometimes, smart lights may not be compatible with traditional infrastructures and fittings because of differences in form factor and circuitry. In such a scenario, sometimes, the switch would need to be replaced.

Market Segmentation

The global smart lighting market share is classified into component, connectivity, and application.

• The hardware segment is projected to hold the largest share of the market during the forecast period.

Based on the 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. Demand comes through the hardware segment as many are interested in the possibility of connected lighting bulbs or fixtures that can change color, dim, or have an on/off feature utilizing a controlling device like smartphones or tablets.  

• The wireless segment is expected to grow at a significant CAGR during the forecast period.

Based on the 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. Consumers that are demanding contacts with a minimal range tremendously favor wireless connectivity in smart lighting. Lighting fixtures are connected by wireless technology such as Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee through smartphone apps to control light bulb functions. The luminaire hues and colors in the residential sector have majorly adopted wireless technology for aesthetic purposes in confined spaces.

• The outdoor segment is expected to grow at the fastest CAGR during the forecast period.

Based on the 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. Smart outdoor lights provide options for intelligent control of a range of applications such as gardening, building exterior lights, highways and roadways illumination, architectural lighting, and light sources for public places. Operation varies through motion sensors, wall panels, mobile devices, and even voice commands.

Regional Segment Analysis of the Global Smart Lighting Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is projected to hold the largest share of the global smart lighting market over the forecast period.

Europe is projected to hold the largest share of the global smart lighting market over the forecast period. Strong environmental and energy regulations along with very well-set infrastructure in that region act as the strongest drivers of market growth. Also, the governments are trying hard to boost the production of energy-efficient products and technologies across that region along with a well-set and robust presence of industries due to continuous and hectic endeavors in developing further advanced technologies for the production of new innovative, energy-saving products and sustainable energies which ultimately boosts the smart lighting market size significantly. Dedicated LED luminaires and brilliant alternative lamps are emerging as the new trend in the lighting industry due to the continuous developments in LED design and technology.

Asia Pacific region is expected to grow at the fastest CAGR growth during the forecast period. The smart lighting demand of the Asia Pacific is based on the changing situation in the lighting across the sectors of commercial. Increased office, retail, and entertainment building construction creates fresh demands for smart lighting. Another key factor is that of China, which has grabbed the largest market share of the Asia-Pacific smart lighting market while the India smart lighting market is the fastest-growing over the forecast period.

Competitive Analysis

The report offers the appropriate analysis of the key organizations/companies involved within the global smart lighting along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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 Market Developments

• 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.

• In March 2023, Itron, Inc. entered into a contract with Duquesne Light Company (DLC) to enhance efficiency of operations, upgrade the infrastructure, and support smart city applications. Itron will provide DLC with its smart street lighting solution that includes LED lights, sensors, and software that dim, collect data, and control traffic.

 Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 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, By 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