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Smart Lighting Market Growth at a CAGR of 22.4% from 2021 to 2030

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The worldwide Smart Lighting market measurement is anticipated to achieve USD 56.90 billion by 2030 and is anticipated to increase at a CAGR of 22.4% from 2021 to 2030.

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Growth Factors

The market growth is attributable to the development of smart cities, the rising trend of smart homes, intelligent street lighting systems, and the need for implementing energy-efficient lighting systems. Although smart lights are expensive compared to general lights, their advantages outweigh the overall installation cost. However, the high price of smart lights restricted market growth as the purchasing capacity of the middle-class income group declined during the COVID-19 pandemic.

The new trend of home automation is penetrating houses with middle and high-income group consumers. The trend is further fueled by constantly evolving technology for smart homes; wherein smart lights can be connected to control the functions of electronic devices. Moreover, personal assistants such as Alexa, Crotona, and Siri can be synced with a smart light app to control lighting hue, brightness, on/off time, and other functions using only voice commands. Similar transformation using smart lights has also penetrated the commercial space.

Report Highlights

The smart lighting market is segmented into three components, namely hardware, software, and services. The hardware segment led the market with a revenue share of more than 67% in 2020. Smart lighting hardware has been further categorized into lamps and luminaires, wherein the smart lamp segment is exhibiting high growth potential during the period 2021 to 2028. The hardware segment demand is attributed to the popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.

The wireless connectivity segment is expected to register the fastest CAGR of over 30% over the forecast period. Wireless connectivity in a smart lighting environment is highly preferred among consumers that need connections within a small range, making it the highest growing segment over the forecast period. Wireless technology such as Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee connects lighting fixtures with smartphone apps to control the light bulb’s functions. The residential sector has majorly adopted wireless technology to control the luminaire hues and color for aesthetic purposes within a confined space.

The indoor lighting application segment dominated the market and emerged as the highest revenue contributor compared to outdoor lighting applications. The indoor application is further sub-segmented into residential, commercial and industrial. The residential segment is expected to attain a high growth rate over the forecast period due to the rising popularity of smart lighting bulbs and fixtures that can be controlled by the user for setting different lighting moods.

Europe is leading the way in drafting safety and uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and parking. Dedicated LED luminaires and LED replacement smart lamps are emerging as the key growth areas in the lighting industry in line with the continued advancements in LED designs and technology. While incumbent smart lighting manufacturers continuously update their product offerings, existing manufacturers are expanding their product portfolio to foray into the market.

Key Players

  • Acuity Brands
  • Signify Holding
  • Honeywell International Inc.
  • Itron Inc (Streetlight Vision)
  • Ideal Industries, Inc.
  • Häfele GmbH & Co KG
  • Wipro Consumer Lighting
  • YEELIGHT
  • Sengled Optoelectronics Co., Ltd.
  • Verizon
  • Schneider Electric SA
Report Coverage Details
Market Size US$ 56.90 billion by 2030
Growth Rate CAGR of 22.4% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Component, Connectivity, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Acuity Brands; Signify Holding; Honeywell International Inc.; Ideal Industries, Inc.; Häfele GmbH & Co KG; Wipro Consumer Lighting; YEELIGHT; Sengled Optoelectronics Co., Ltd.; Verizon

Market Segmentation

  • Component
    • Hardware
      • Lamp
      • Luminaire
    • Software
    • Services
  • Connectivity
    • Wired
    • Wireless
  • Application
    • Indoor
      • Residential
      • Commercial and Industrial
    • Outdoor
      • Highways and Roadways
      • Architectural
      • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
      • Mexico
    • MEA

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Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Table of Contents

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Distribution Channel Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape

6.1.3.1.        List of Suppliers

6.1.3.2.        List of Buyers

Chapter 7.  Global Smart Lighting Market, By Component

7.1.  Smart Lighting Market, by Component, 2021-2030

7.1.1.    Hardware

7.1.1.1.        Market Revenue and Forecast (2017-2030)

7.1.2.    Software

7.1.2.1.        Market Revenue and Forecast (2017-2030)

7.1.3.    Services

7.1.3.1.        Market Revenue and Forecast (2017-2030)

Chapter 8.  Global Smart Lighting Market, By Connectivity

8.1.  Smart Lighting Market, by Connectivity, 2021-2030

8.1.1.    Wired

8.1.1.1.        Market Revenue and Forecast (2017-2030)

8.1.2.    Wireless

8.1.2.1.        Market Revenue and Forecast (2017-2030)

Chapter 9.  Global Smart Lighting Market, By Application

9.1.  Smart Lighting Market, by Application, 2021-2030

9.1.1.    Indoor

9.1.1.1.        Market Revenue and Forecast (2017-2030)

9.1.2.    Outdoor

9.1.2.1.        Market Revenue and Forecast (2017-2030)

Chapter 10.      Global Smart Lighting Market, Regional Estimates and Trend Forecast

10.1.        North America

10.1.1.  Market Revenue and Forecast, by Component (2017-2030)

10.1.2.  Market Revenue and Forecast, by Connectivity (2017-2030)

10.1.3.  Market Revenue and Forecast, by Application (2017-2030)

10.1.4.  U.S.

10.1.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.1.4.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.1.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.1.5.  Rest of North America

10.1.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.1.5.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.1.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.        Europe

10.2.1.  Market Revenue and Forecast, by Component (2017-2030)

10.2.2.  Market Revenue and Forecast, by Connectivity (2017-2030)

10.2.3.  Market Revenue and Forecast, by Application (2017-2030)

10.2.4.  UK

10.2.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.4.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.2.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.5.  Germany

10.2.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.5.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.2.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.6.  France

10.2.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.6.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.2.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.7.  Rest of Europe

10.2.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.7.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.2.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.        APAC

10.3.1.  Market Revenue and Forecast, by Component (2017-2030)

10.3.2.  Market Revenue and Forecast, by Connectivity (2017-2030)

10.3.3.  Market Revenue and Forecast, by Application (2017-2030)

10.3.4.  India

10.3.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.4.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.3.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.5.  China

10.3.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.5.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.3.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.6.  Japan

10.3.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.6.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.3.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.7.  Rest of APAC

10.3.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.7.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.3.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.        MEA

10.4.1.  Market Revenue and Forecast, by Component (2017-2030)

10.4.2.  Market Revenue and Forecast, by Connectivity (2017-2030)

10.4.3.  Market Revenue and Forecast, by Application (2017-2030)

10.4.4.  GCC

10.4.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.4.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.4.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.5.  North Africa

10.4.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.5.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.4.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.6.  South Africa

10.4.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.6.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.4.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.7.  Rest of MEA

10.4.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.7.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.4.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.5.        Latin America

10.5.1.  Market Revenue and Forecast, by Component (2017-2030)

10.5.2.  Market Revenue and Forecast, by Connectivity (2017-2030)

10.5.3.  Market Revenue and Forecast, by Application (2017-2030)

10.5.4.  Brazil

10.5.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.5.4.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.5.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.5.5.  Rest of LATAM

10.5.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.5.5.2.      Market Revenue and Forecast, by Connectivity (2017-2030)

10.5.5.3.      Market Revenue and Forecast, by Application (2017-2030)

Chapter 11.  Company Profiles

11.1.              Acuity Brands

11.1.1.  Company Overview

11.1.2.  Product Offerings

11.1.3.  Financial Performance

11.1.4.  Recent Initiatives

11.2.              Signify Holding

11.2.1.  Company Overview

11.2.2.  Product Offerings

11.2.3.  Financial Performance

11.2.4.  Recent Initiatives

11.3.              Honeywell International Inc.

11.3.1.  Company Overview

11.3.2.  Product Offerings

11.3.3.  Financial Performance

11.3.4.  Recent Initiatives

11.4.              Itron Inc (Streetlight Vision)

11.4.1.  Company Overview

11.4.2.  Product Offerings

11.4.3.  Financial Performance

11.4.4.  Recent Initiatives

11.5.              Ideal Industries, Inc.

11.5.1.  Company Overview

11.5.2.  Product Offerings

11.5.3.  Financial Performance

11.5.4.  Recent Initiatives

11.6.              Häfele GmbH & Co KG

11.6.1.  Company Overview

11.6.2.  Product Offerings

11.6.3.  Financial Performance

11.6.4.  Recent Initiatives

11.7.              Wipro Consumer Lighting

11.7.1.  Company Overview

11.7.2.  Product Offerings

11.7.3.  Financial Performance

11.7.4.  Recent Initiatives

11.8.              YEELIGHT

11.8.1.  Company Overview

11.8.2.  Product Offerings

11.8.3.  Financial Performance

11.8.4.  Recent Initiatives

11.9.              Sengled Optoelectronics Co., Ltd.

11.9.1.  Company Overview

11.9.2.  Product Offerings

11.9.3.  Financial Performance

11.9.4.  Recent Initiatives

11.10.           Verizon

11.10.1.               Company Overview

11.10.2.               Product Offerings

11.10.3.               Financial Performance

11.10.4.               Recent Initiatives

11.11.           Schneider Electric SA

11.11.1.               Company Overview

11.11.2.               Product Offerings

11.11.3.               Financial Performance

11.11.4.               Recent Initiatives

Chapter 12.  Research Methodology

12.1.              Primary Research

12.2.              Secondary Research

12.3.              Assumptions

Chapter 13.  Appendix

13.1.              About Us

13.2.              Glossary of Terms

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