The Smart Light or Lightning Control Market is estimated to be valued at US$ 21.03 Bn in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart lighting systems involve integrated lighting control systems and sensors that can be operated and monitored through web-based and smartphone applications. These lighting solutions incorporate wireless connectivity which allows users to control lights via smartphones. They provide flexibility, low energy consumption and enhance environmental sustainability. Common applications of smart lighting include residential, industrial and commercial applications for enhanced security, energy efficiency and user convenience.
Market Dynamics:
Technology development and innovations are acting as key drivers for the smart lighting control market growth. Advancements in wireless communication technologies such as Wi-Fi, Bluetooth, Zigbee and radio frequencies have enabled connectivity between lights and mobile devices. For instance, emerging Li-Fi technology provides high-speed wireless communication through light and uses visible light communication for data transmission. This has improved connectivity and expanded application scope. Additionally, growing focus of governments and municipalities towards implementing smart city initiatives and promoting energy efficient infrastructure is fueling the adoption of smart lighting systems. For example, European Union’s smart city programs emphasize on employing renewable energy sources and intelligent lighting systems. This is expected to further propel the market expansion over the forecast period.
Segment Analysis
The smart lighting control market can be segmented into lighting source, lighting type, connection type, and application. The dominating segment currently is the lighting source segment, with LED-based lighting sources accounting for over 60% share due to their advantages such as high energy efficiency, low power consumption, and long lifespan over traditional lighting sources.
PEST Analysis
Political: Favorable government policies promoting adoption of energy-efficient lighting solutions are driving market growth. For instance, new EU policies aim to phase out incandescent bulbs by 2023.
Economic: Cost savings achieved through reduced energy consumption and maintenance costs are increasing adoption of smart lighting control systems worldwide.
Social: Rising awareness among consumers about need for sustainability and energy conservation is boosting demand.
Technological: Advancements in IoT, wireless communication technologies enable greater connectivity and control of lighting systems through mobile apps.
Key Takeaways
The Global Smart Lighting And Control Market Growth is expected to witness high, exhibiting a CAGR of 22% over the forecast period, due to increasing adoption of LED lighting and integration of IoT-based controls. The market size for 2023 is estimated to be US$ 21.03 billion.
Regional analysis: North America dominates currently holding over 35% share due rising infrastructure investment. Asia Pacific is expected to experience fastest growth due rising construction spending and government initiatives for smart cities in countries like China and India.
Key players operating in the smart lighting and control market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V., Legrand, and Jaquar India. These players are focusing on integrating advanced lighting control technologies and strengthening distribution channels to tap into growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
