The smart lighting market size is projected to cross $27.0 billion by 2023, growing at a CAGR of over 20.0% during 2018-2023. The growth is attributed to the rising interest of consumers towards the adoption of automation technologies such as internet of things (IoT), and increase in affordability and availability of smart automation technologies, globally.
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In terms of application, the smart lighting market is categorized into indoor and outdoor application. Due to increasing advancements in indoor smart lighting solutions, right from ceiling lamps to temperature control lighting systems, indoor applications led the global smart lighting industry in 2016. However, faster growth is expected from outdoor applications due to rapid adoption of smart outdoor lighting solution by municipalities of smart cities, rise in implementation of connected street lighting systems in emerging economies and growth in outdoor smart garden and lawn lighting adoption across medium and large residential spaces, globally.
In terms of service, the smart lighting market is categorized into smart phone application, and lighting as a service. The market for lighting as a service is expected to grow the fastest, during the forecast period. This is due to high cost of smart lighting solutions, as compared to traditional and legacy lighting systems. Consumers, particularly medium and small-scale users of smart lighting are attracted toward subscription based and pay as you go lighting models provided by various vendors in the market.
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The North American smart lighting market is expected to grow at a CAGR of 23.1%, to reach $7.1 billion by 2023. The U.S. being the hub of major lighting industry players, and one of the fastest growing implementers of advanced and connected lighting solutions among various developed countries in the world, led the market for smart lighting in North America. Due to local government in the U.S. taking initiatives to curb energy crises and adopt smart lighting solutions for energy conservations, the market in the country is also expected to grow faster as compared to Canada, during the forecast period.
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Some of the key players in the smart lighting market are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.