Global Smart Lighting Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Smart Lighting Market Overview

The Smart Lighting Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

Smart Lighting Market Report offers in-depth insights, revenue details, and other vital information regarding the global smart lighting market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.

The Smart Lighting Market report also offers insightful and detailed information regarding the various key players operating in the global smart lighting market and their financials, apart from strategies, acquisitions & mergers, and market footprint.

Smart lighting is one of the most significant growing segments of home automation.

Smart lighting is internet-capable and makes use of an intelligent system that controls light depending upon various parameters such as occupancy, temperature, movement, amount of natural light, etc.  Smart lighting can be scheduled, customized, and can be controlled remotely or by hand, or voice commands

The primary factors driving the growth of the global smart lighting market are increasing usage of wireless technology and increasing adoption of the Internet of Things (IoT).

In addition, government initiatives toward smart cities are further propelling the demand for smart lighting in the global market.

Furthermore, rapid urbanization, digitization, changing lifestyle and consumer preferences, and high disposable income are expected to further fuel the growth of the global smart lighting market during the forecast.

Integration of smartphones with lighting systems has offered users the freedom to customize, change and set lights with different colors.

High installation cost is one of the key factors restraining the growth of the global smart lighting market. On the other hand, the lack of standardized wireless control platforms is holding back demand for smart lighting in the global market.

The emerging trend of light fidelity (Li-Fi) technology and the increasing adoption of smart lighting in commercial and residential sectors are expected to create promising opportunities for major vendors in the global smart lighting market during the forecast period.

Europe is expected to account for the largest share in terms of revenue in the global smart lighting market owing to the rising deployment of smart lighting in the infrastructure and automobile sector and stringent government regulation toward green buildings.

The market in the Asia Pacific is expected to be the fastest-growing market over the forecast period. This growth is attributed to rising infrastructure activities and government initiatives toward smart cities in emerging economies in this region.

Global Smart Lighting Market Segmentation:

Global smart lighting market segmentation by component:

• Relays
• Controllable breakers
• Sensors
• Switch actuators
• Dimmer actuators

Global smart lighting market segmentation by light source:

• LED light source
• Fluorescent light source
• Compact fluorescent light source
• High intensity and discharge light source

Global smart lighting market segmentation by product type:

• Smart bulbs
• Fixtures
• Lighting control

Global smart lighting market segmentation by application:

• Commercial
• Residential
• Industrial

Global smart lighting market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa