Product Code: MRFR/SEM/0485-CR
Global Smart Lighting Market Research Report Information by Installation Type (New Installation, Retrofit Installations), By Offering (Hardware, Software, Services), End Use Application (Indoor, Outdoor), Communication Technology (Wired, Wireless), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) Forecast till 2032
Market Overview
The Smart Lighting Market is anticipated to demonstrate a substantial compound annual growth rate (CAGR) of 18.2% during the forecast period. Advancements in the integrated lighting control system and the proliferation of smart city initiatives in developing countries are the primary market drivers that are fostering market growth. The market is expanding due to the increasing prevalence of IoT-based smart home automation and government regulations mandating the use of LEDs.
Energy and cost reductions are the primary justifications for substituting conventional lighting with LEDs. Conventional light sources, such as incandescent, fluorescent, high-intensity discharge (HID), and high-pressure sodium lamps, are being replaced by LEDs in outdoor illumination applications. Highways, roadways, public spaces, and stadiums comprise most outdoor illumination applications. According to the United States Department of Energy (DOE), LED lighting will account for 86% of all lighting sales by 2035 because of the advantages it provides over conventional lighting.
Market segment insights
Smart Lighting Market segmentation is determined by the type of installation, which includes new installations and retrofit installations.
The Smart Lighting Market has been segmented into hardware, software, and services based on the offerings.
The Smart Lighting Market has been divided into two segments: indoor and outdoor, as determined by the end-use applications. Residential, commercial, and industrial are the three sub-segments of the interior application.
The Smart Lighting Market has been divided into wired and wireless segments based on communication technology.
Regional Perspectives
In 2024, North America holds a 41.5 percent market share in the Smart Lighting Market. This may be attributable to the early adoption of smart lighting technology in both commercial and residential areas, as well as the strong industry presence. Smart street lighting systems are being rapidly implemented in major communities in the United States and Canada to achieve benefits such as remote administration and energy savings.
Europe is at the forefront of the development of standardized performance standards and safety protocols for specific indoor commercial smart lighting applications, including garages, highways, and parking. As LED designs and technology continue to evolve, dedicated LED luminaires and LED replacement smart bulbs are becoming significant development areas in the lighting industry.
China, India, Japan, South Korea, Malaysia, Indonesia, Thailand, and the remainder of APAC comprise the APAC region. The commercial and residential application segments are anticipated to generate the highest demand, resulting in a compound annual growth rate (CAGR) of 23.7% in the Asia Pacific region during the forecast period. It is anticipated that China will generate the most revenue and possess the largest global market share.
The GCC countries, South Africa, and the remaining MEA countries comprise the Middle East and Africa. The establishment of smart city ventures and the growing emphasis on the construction of eco-friendly smart and intelligent city structures are the primary factors contributing to the incremental and steady growth of smart lighting in the MEA region.
Major Players
Control4 Corp. (Snap One LLC), Lutron Electronics Co. Inc., Signify Holding, Wyze Labs Inc., Sengled, Inter IKEA Holding, Acuity Brands Inc., Hubbell Incorporated, Crestron Electronics Inc., Insteon, EGLO Leuchten GmbH, Eve Systems GmbH, LG Electronics Inc., Wiz Connected Lighting Co. Ltd, and Wipro Lighting Limited are among the top players in the smart lighting sector.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
- 2.1 DEFINITION
- 2.2 SCOPE OF THE STUDY
- 2.3 RESEARCH OBJECTIVE
- 2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
- 3.1 OVERVIEW
- 3.2 DATA FLOW
- 3.2.1 DATA MINING PROCESS
- 3.3 PURCHASED DATABASE:
- 3.4 SECONDARY SOURCES:
- 3.4.1 SECONDARY RESEARCH DATA FLOW:
- 3.5 PRIMARY RESEARCH:
- 3.5.1 PRIMARY RESEARCH DATA FLOW:
- 3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED
- 3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE
- 3.6 APPROACHES FOR MARKET SIZE ESTIMATION:
- 3.6.1 CONSUMPTION AND NET TRADE APPROACH
- 3.6.2 REVENUE ANALYSIS APPROACH
- 3.7 DATA FORECASTING
- 3.7.1 DATA FORECASTING TECHNIQUE
- 3.8 DATA MODELING
- 3.8.1 MICROECONOMIC FACTOR ANALYSIS:
- 3.8.2 DATA MODELING:
- 3.9 TEAMS AND ANALYST CONTRIBUTION
4 MARKET DYNAMICS
- 4.1 INTRODUCTION
- 4.2 DRIVERS
- 4.2.1 INCREASING DEMAND FOR ENERGY EFFICIENCY AND COST SAVINGS
- 4.2.2 GOVERNMENT REGULATIONS MANDATING THE USE OF LEDS
- 4.2.3 GROWING POPULARITY OF IOT BASED SMART HOME AUTOMATION
- 4.3 RESTRAINTS
- 4.3.1 HIGH INITIAL COST AND COMPATIBILITY ISSUES
- 4.3.2 SECURITY AND PRIVACY CONCERN
- 4.3.3 LACK OF AWARENESS AND UNDERSTANDING COMPLEX INSTALLATION AND SETUP
- 4.4 OPPORTUNITY
- 4.4.1 GROWING SMART CITY PROJECTS IN DEVELOPING NATIONS TO SPUR MARKET OPPORTUNITIES
- 4.4.2 HEIGHTENED CONSUMER DEMAND FOR PERSONALIZATION AND AESTHETICS
- 4.4.3 RAPID TECHNOLOGICAL ADVANCEMENTS
- 4.5 COVID-19 IMPACT ANALYSIS
- 4.5.1 IMPACT ON OVERALL ICT MARKET
- 4.5.2 IMPACT ON GLOBAL SMART LIGHTING MARKET
- 4.5.3 IMPACT ON SUPPLY CHAIN OF GLOBAL SMART LIGHTING MARKET
- 4.5.4 IMPACT ON MARKET DEMAND OF SMART LIGHTING MARKET
- 4.5.5 IMPACT ON PRICING OF SMART LIGHTING MARKET
5 MARKET FACTOR ANALYSIS
- 5.1 VALUE CHAIN ANALYSIS
- 5.1.1 RAW MATERIAL SUPPLIER
- 5.1.2 TECHNOLOGY PROVIDERS
- 5.1.3 MANUFACTURING & ASSEMBLY
- 5.1.4 LOGISTICS AND DISTRIBUTION
- 5.1.5 RETAILERS
- 5.1.6 END USERS
- 5.2 PORTER'S FIVE FORCES MODEL
- 5.2.1 THREAT OF NEW ENTRANTS
- 5.2.2 BARGAINING POWER OF SUPPLIERS
- 5.2.3 THREAT OF SUBSTITUTES
- 5.2.4 BARGAINING POWER OF BUYERS
- 5.2.5 INTENSITY OF RIVALRY
6 GLOBAL SMART LIGHTING MARKET, BY INSTALLATION TYPE
- 6.1 OVERVIEW
- 6.2 NEW INSTALLATION
- 6.3 RETROFIT INSTALLATIONS
7 GLOBAL SMART LIGHTING MARKET, BY OFFERING
- 7.1 INTRODUCTION
- 7.2 HARDWARE
- 7.3 SOFTWARE
- 7.4 SERVICES
8 GLOBAL SMART LIGHTING MARKET, BY END USE APPLICATION
- 8.1 INTRODUCTION
- 8.2 INDOOR
- 8.3 OUTDOOR
9 GLOBAL SMART LIGHTING MARKET, BY COMMUNICATION TECHNOLOGY
- 9.1 INTRODUCTION
- 9.2 WIRED
- 9.3 WIRELESS
10 GLOBAL SMART LIGHTING MARKET, BY REGION
- 10.1 OVERVIEW
- 10.1.1 GLOBAL SMART LIGHTING MARKET, BY REGION, 2018-2032 (USD MILLION)
- 10.2 NORTH AMERICA
- 10.2.1 US
- 10.2.2 CANADA
- 10.2.3 MEXICO
- 10.3 EUROPE
- 10.3.1 GERMANY
- 10.3.2 UK
- 10.3.3 FRANCE
- 10.3.4 RUSSIA
- 10.3.5 ITALY
- 10.3.6 SPAIN
- 10.3.7 REST OF EUROPE
- 10.4 ASIA-PACIFIC
- 10.4.1 CHINA
- 10.4.2 INDIA
- 10.4.3 JAPAN
- 10.4.4 SOUTH KOREA
- 10.4.5 MALAYSIA
- 10.4.6 THAILAND
- 10.4.7 INDONESIA
- 10.4.8 REST OF ASIA PACIFIC
- 10.5 SOUTH AMERICA
- 10.5.1 BRAZIL
- 10.5.2 ARGENTINA
- 10.5.3 REST OF SOUTH AMERICA
- 10.6 MIDDLE EAST & AFRICA
- 10.6.1 GCC COUNTRIES
- 10.6.2 SOUTH AFRICA
- 10.6.3 REST OF MIDDLE EAST & AFRICA
11 COMPETITIVE LANDSCAPE
- 11.1 INTRODUCTION
- 11.2 COMPETITOR DASHBOARD
- 11.3 PUBLIC PLAYERS STOCK SUMMARY
- 11.4 COMPARATIVE ANALYSIS: KEY PLAYERS FINANICAL
- 11.5 COMPANY MARKET SHARE ANALYSIS, 2023
- 11.6 KEY DEVELOPMENTS & GROWTH STRATEGIES
- 11.6.1 NEW PRODUCT LAUNCH/ DEVELOPMENT
- 11.6.2 MERGER & ACQUISITION
- 11.6.3 PARTNERSHIP/COLLABORATION, INVESTMENT, EXPANSION, AND OTHERS
12 COMPANY PROFILES
- 12.1 CONTROL4 CORP. (SNAP ONE LLC)
- 12.1.1 COMPANY OVERVIEW
- 12.1.2 FINANCIAL OVERVIEW
- 12.1.3 PRODUCTS OFFERED
- 12.1.4 KEY DEVELOPMENTS
- 12.1.5 SWOT ANALYSIS
- 12.1.6 KEY STRATEGIES
- 12.2 LUTRON ELECTRONICS CO. INC.
- 12.2.1 COMPANY OVERVIEW
- 12.2.2 FINANCIAL OVERVIEW
- 12.2.3 PRODUCTS OFFERED
- 12.2.4 KEY DEVELOPMENTS
- 12.2.5 SWOT ANALYSIS
- 12.2.6 KEY STRATEGIES
- 12.3 SIGNIFY HOLDINGS
- 12.3.1 COMPANY OVERVIEW
- 12.3.2 FINANCIAL OVERVIEW
- 12.3.3 PRODUCTS OFFERED
- 12.3.4 KEY DEVELOPMENTS
- 12.3.5 SWOT ANALYSIS
- 12.3.6 KEY STRATEGIES
- 12.4 SENGLED
- 12.4.1 COMPANY OVERVIEW
- 12.4.2 FINANCIAL OVERVIEW
- 12.4.3 PRODUCTS OFFERED
- 12.4.4 KEY DEVELOPMENTS
- 12.4.5 SWOT ANALYSIS
- 12.4.6 KEY STRATEGIES
- 12.5 WYZE LABS INC
- 12.5.1 COMPANY OVERVIEW
- 12.5.2 FINANCIAL OVERVIEW
- 12.5.3 PRODUCTS OFFERED
- 12.5.4 KEY DEVELOPMENTS
- 12.5.5 SWOT ANALYSIS
- 12.5.6 KEY STRATEGIES
- 12.6 INTER IKEA HOLDING
- 12.6.1 COMPANY OVERVIEW
- 12.6.2 FINANCIAL OVERVIEW
- 12.6.3 PRODUCTS OFFERED
- 12.6.4 KEY DEVELOPMENTS
- 12.6.5 SWOT ANALYSIS
- 12.6.6 KEY STRATEGIES
- 12.7 ACUITY BRANDS INC.
- 12.7.1 COMPANY OVERVIEW
- 12.7.2 FINANCIAL OVERVIEW
- 12.7.3 PRODUCTS OFFERED
- 12.7.4 KEY DEVELOPMENTS
- 12.7.5 SWOT ANALYSIS
- 12.7.6 KEY STRATEGIES
- 12.8 HUBBELL INCORPORATED
- 12.8.1 COMPANY OVERVIEW
- 12.8.2 FINANCIAL OVERVIEW
- 12.8.3 PRODUCTS OFFERED
- 12.8.4 KEY DEVELOPMENTS
- 12.8.5 SWOT ANALYSIS
- 12.8.6 KEY STRATEGIES
- 12.9 CRESTRON ELECTRONICS INC.
- 12.9.1 COMPANY OVERVIEW
- 12.9.2 FINANCIAL OVERVIEW
- 12.9.3 PRODUCTS OFFERED
- 12.9.4 KEY DEVELOPMENTS
- 12.9.5 SWOT ANALYSIS
- 12.9.6 KEY STRATEGIES
- 12.10 INSTEON
- 12.10.1 COMPANY OVERVIEW
- 12.10.2 FINANCIAL OVERVIEW
- 12.10.3 PRODUCTS OFFERED
- 12.10.4 KEY DEVELOPMENTS
- 12.10.5 SWOT ANALYSIS
- 12.10.6 KEY STRATEGIES
- 12.11 EGLO LEUCHTEN GMBH
- 12.11.1 COMPANY OVERVIEW
- 12.11.2 FINANCIAL OVERVIEW
- 12.11.3 PRODUCTS OFFERED
- 12.11.4 KEY DEVELOPMENTS
- 12.11.5 SWOT ANALYSIS
- 12.11.6 KEY STRATEGIES
- 12.12 EVE SYSTEMS GMBH(ABB)
- 12.12.1 COMPANY OVERVIEW
- 12.12.2 FINANCIAL OVERVIEW
- 12.12.3 PRODUCTS OFFERED
- 12.12.4 KEY DEVELOPMENTS
- 12.12.5 SWOT ANALYSIS
- 12.12.6 KEY STRATEGIES
- 12.13 LG ELECTRONICS INC.
- 12.13.1 COMPANY OVERVIEW
- 12.13.2 FINANCIAL OVERVIEW
- 12.13.3 PRODUCTS OFFERED
- 12.13.4 KEY DEVELOPMENTS
- 12.13.5 SWOT ANALYSIS
- 12.13.6 KEY STRATEGIES
- 12.14 WIZ CONNECTED
- 12.14.1 COMPANY OVERVIEW
- 12.14.2 FINANCIAL OVERVIEW
- 12.14.3 PRODUCTS OFFERED
- 12.14.4 KEY DEVELOPMENTS
- 12.14.5 SWOT ANALYSIS
- 12.14.6 KEY STRATEGIES
- 12.15 WIPRO LIGHTING LTD
- 12.15.1 COMPANY OVERVIEW
- 12.15.2 FINANCIAL OVERVIEW
- 12.15.3 PRODUCTS OFFERED
- 12.15.4 KEY DEVELOPMENTS
- 12.15.5 SWOT ANALYSIS
- 12.15.6 KEY STRATEGIES
- 12.16 LIFX(FEIT ELECTRIC)
- 12.16.1 COMPANY OVERVIEW
- 12.16.2 FINANCIAL OVERVIEW
- 12.16.3 PRODUCTS OFFERED
- 12.16.4 KEY DEVELOPMENTS
- 12.16.5 SWOT ANALYSIS
- 12.16.6 KEY STRATEGIES