Smart Lighting Market to hit USD 9.9 billion in 2020

Post COVID-19 the size of the Smart Lighting Market is expected to rise from USD 9.9 billion in 2020 to USD 42 billion by 2030, at a CAGR of 31%. The growing demand for specialty lighting applications, such as horticulture and UV disinfection lighting, the requirement for a greater number of healthcare facilities to handle an increasing number of patients, and increasing demand for sterile areas of manufacturing in the pharmaceutical industry are the factors driving the growth of the smart lighting markets. The progressive shift from conventional lighting to connected lighting, the growth of IoT (Internet of Things) technology in the domain of lighting control systems, and the increasing demand for PoE-based lighting solutions in industrial and healthcare applications are anticipated to give significant opportunities for smart lighting market players in the coming years.

Smart lighting is programmed to remotely control luminance. This guarantees energy conservation and provides automated controls and extremely effective fixtures that can be changed based on conditions such as occupancy and exterior lighting. Lighting is a deliberate use of light to give a room or a place a functional and aesthetic effect. Smart lighting systems also include general, ceiling lights, and task lighting. In addition to this, these systems ensure lower energy use and cost savings.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

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Smart Lighting Market: Key Players

  • Oracle Signify (Philips Lighting) (Netherlands)
  • Legrand S.A. (France)
  • Acuity Brands, Inc. (US)
  • General Electric Company (US)
  • OSRAM Licht (Germany)
  • Zumtobel Group (Austria)
  • Hubbell Incorporated (US)
  • Dialight PLC (UK)
  • Ideal Industries, Inc. (Cree)
  • Schneider Electric (France)
  • Other Prominent Players

Smart Lighting Market: Segments

The services segment to grow at the highest CAGR in the forecast period of 2020-2030.

The services segment is anticipated to be adversely affected as it goes hand in hand with the hardware segment. Nonetheless, the effect will be comparatively less depending on the design of the offering, which is largely controllable remotely (online). Due to the increasing construction of hospitals and clean rooms, the service segment is projected to increase by 2021 that will further boost the demand for support and repair services.

Indoor lighting segment to retain a larger share

The section of the indoor lighting application retains a greater share in the smart lighting market. Compared with other/outdoor applications, COVID-19’s effect on residential lighting revenues is anticipated to be detrimental. Given that most business operations in commercial buildings are now moving indoors, demand for smart lighting in the residential segment is growing in scale for the indoor segment.

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Smart Lighting Market: Market Dynamics

Drivers

Demand for street lighting systems is rising

Technological advancements and innovations in various countries have reshaped the outdoor luminescence from on & off to smart lighting. Throughout the lighting industry, the introduction of IoT and AI technologies has increased the demand for smart lighting for city streets. This leads to an increase in the need for automated operating luminescence systems. The incorporation of artificial intelligence and IoT in lighting systems also offers operational effectiveness in different applications such as vertical farming, automotive interiors, and smart homes, such as auto-dimming and intelligent illumination as needed.

Restraint

Supply chain disturbances generate high demand and supply gaps, and consequently higher prices

With this coronavirus, companies continue to face a significant shortage of electronic components as chips. The production equation for demand and supply is not working. As the plants are shut down and the logistics take time, certain products are in short supply. The company also does not see regularization of supply until the stabilization of the situation. The whole supply chain has gone for a toss, with every week that has passed, the existing inventory is has gone down.

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The Smart Lighting Market report also contains analysis on:

Smart Lighting Market Segments:

  • By Installation Type
    • New Installation
    • Retrofit
  • By Offering
  • Hardware
    • Lights & Luminaires
      • Smart bulbs
      • Fixtures
    • Lighting Controls
      • LED drivers & ballasts
      • Sensors
      • Switches
      • Manual on/off switches
      • Electronic switches
    • Dimmers
      • Wired dimmers
      • Wireless dimmers
    • Relay units
    • Gateways
  • Software
    • Local/Web-Based
    • Cloud-Based
  • Services
    • Pre-installation Services
    • Post-installation Services
  • By End-use Application
  • Indoor
    • Residential
    • Commercial
    • Industrial
    • Others
  • Outdoor
    • Highways & Roadways Lighting
    • Architectural Lighting
    • Lighting for Public Places

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