According to the new market research report “Smart Lighting Market by Offering (Hardware: Lights & Luminaires, Lighting Controls; Software, and Services), Communication Technology (Wired and Wireless), Installation Type, End-use Application, and Geography – Global Forecast to 2025″, published by MarketsandMarkets™, the Smart Lighting Market is estimated to grow from USD 13.4 billion in 2020 and projected to reach USD 30.6 billion by 2025, at a CAGR of 18.0%.
The major factors driving the growth of the smart lighting market include the advent of integrated lighting control systems, upcoming smart city projects in developing economies, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide.
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Smart lighting market for services to grow at highest CAGR between 2020 and 2025
Services play a major role before and after the installation of smart lighting systems. The services segment comprises pre-installation and post-installation services. The market for services is expected to grow at the highest CAGR during the forecast period, mainly driven by the rising adoption of smart lighting solutions and the use of lighting services to reduce energy cost and achieve energy conservation and ecological safety. The growth of the market for services is also ascribed to a high demand for engineering, consulting, and analytical services pertaining to smart lighting among end users.
Europe to hold major larger share of smart lighting market for indoor-end use application during forecast period
Europe held the largest share of the smart lighting market for indoor end-use application in 2019. This large share is attributed to the growing consumer awareness about smart lighting and adoption of energy-efficient products being offered in the smart lighting market. However, the high implementation cost of these solutions is one of the major factors inhibiting the growth of the market in the residential segment.
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APAC to hold largest share of smart lighting market by 2025
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rapid infrastructure building activities being undertaken in APAC, mainly in China and India, where smart lighting paves the way for the modernization of infrastructure. The modernization and development of infrastructure such as smart cities across the region, coupled with government policies to support energy-efficient lighting, would also drive the demand for smart street lights, thereby driving the market for smart lighting in this region.
Some of the major players in the smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Eaton Corporation (Ireland), General Electric Company (US), and OSRAM Licht (Germany), Lutron Electronics (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and Leviton Manufacturing Company, Inc. (US). Other players operating in the smart lighting market include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), and Enlighted Inc (a Siemens company) (US).
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