According to a report by Reports and Data, the global Smart Lighting Market is predicted to reach USD 38.87 billion by 2028, with a revenue compound annual growth rate (CAGR) of 20.3% over the forecast period. The rise in smart city projects in developing countries and the increasing adoption of Internet of Things (IoT) technology are some of the key factors expected to drive market growth during the forecast period. Smart lighting solutions are expected to play a significant role in the development of sustainable and energy-efficient smart cities.
The emergence of smart street lighting, which offers remote access and control to optimize performance and reduce maintenance costs, light pollution, energy consumption, and CO2 emissions, is expected to contribute to the growth of smart city projects worldwide. LED manufacturers are investing in IoT-enabled LED lighting systems, and companies such as Signify are introducing connected LED lighting systems with management software, which enhances city services, beautifies public spaces, and improves citizen safety.
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The report highlights that the hardware segment is expected to account for the largest revenue share in the global smart lighting market, with smart LED lighting's ability to reduce energy consumption and costs in industrial installations and office buildings boosting its demand. Wireless technology segment is expected to register robust revenue growth, while the indoor application segment is expected to account for a considerably large revenue share in the global smart lighting market, with the rising need for more energy-efficient lighting solutions for commercial, industrial, and residential buildings driving increasing usage of smart lighting for indoor applications. The smart lighting market in Europe is expected to account for the largest revenue share over the forecast period due to government initiatives to support highly connected infrastructure for smart city networks across countries in Europe.
Driving factors of Smart Lighting Market
- Increasing demand for energy-efficient lighting solutions
- Growing adoption of IoT technology
- Advancements in digital technology
- Rising focus on the development of smart cities in developing countries
- Government initiatives and investments in smart city projects
- Emergence of smart street lighting solutions
- Rising demand for intelligent solutions for street lighting to enhance security and public safety
- Upgradation of regular street lighting to connected smart street lighting solutions to optimize performance and operations
- Increasing investments by LED manufacturers in IoT enabled LED lighting systems
- Rising awareness regarding energy saving and reducing energy costs.
Some of the notable innovations in the Smart Lighting Market
IoT-enabled smart lighting systems: These systems use sensors, wireless communication, and cloud-based analytics to provide automated lighting control and energy management.
Connected smart street lighting: Upgraded street lighting solutions that can be remotely accessed, controlled, and managed to optimize performance and operations and offer benefits such as minimizing maintenance costs, reducing energy consumption, and lowering CO2 emissions.
Human-centric lighting: This type of lighting is designed to mimic natural light and adjust to the needs of human circadian rhythms, promoting better sleep and health.
Li-Fi: A wireless communication technology that uses light waves to transmit data, offering faster data transfer speeds and increased security compared to traditional Wi-Fi.
Voice-activated smart lighting: Smart lighting systems that can be controlled by voice commands, making it more convenient and accessible for users.
LiDAR-based occupancy sensing: This technology uses light to detect occupancy in a room, enabling lighting systems to automatically adjust based on the number of people present.
Smart lighting for horticulture: LED lighting systems that are optimized for plant growth and enable precise control over light spectrum, intensity, and duration, resulting in higher yields and more efficient use of resources.
Artificial intelligence (AI) powered lighting: AI algorithms that analyze user behavior, occupancy patterns, and environmental conditions to optimize lighting performance and energy efficiency.
Wireless charging smart lighting: Smart lighting systems that are integrated with wireless charging technology, enabling users to charge their devices while also using the lighting system.
LiDAR-based gesture recognition: Lighting systems that use LiDAR sensors to detect and interpret human gestures, enabling users to control lighting with simple hand movements.
The major players in the market report include
Signify N.V. (Philips Lighting N.V.), Legrand, Acuity Brands, Inc., Osram Licht AG, Hubbell Incorporated, Leviton Manufacturing Company, Inc., Lutron Electronics Company, Honeywell International Inc., Zumtobel Group, and Ideal Industries.
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