Smart Lighting Market Revenue, Region, Country, and Segment Analysis & Sizing For 2021–2028
The global smart lighting market size was USD 10.79
Billion in 2020 and is expected to register a CAGR of 19.7% over the
forecast period. Increasing use of smarter products and systems for the purpose
of enhancing security at home, office, or other settings, downsizing of fixed
cost, rationalization of power consumption, and accepting innovation of science
in daily life are some key factors driving global smart lighting market revenue
growth.
Smart lights consume less power and have longer life span
that other conventional lighting products and systems, which makes the former
more cost-effective. Using smart lights in offices can offer a significant
reduction in fixed cost. If health benefit factors are considered, companies
can also show a gesture of care for their employees by using smart lights in
offices. An increasing number of industries are showing a tendency towards
using smart lights instead of normal lights, which is boosting revenue growth
of the global smart lighting market.
Smart street lights can transform the way municipalities
manage cities, while delivering enormous saving, and government in many
countries are promoting usage of smart lights. Installing of various added
features in streetlights like light-sensing photocell, wireless transmitter,
image sensor, IP camera, digital signage, sound sensor, water detection,
seismic sensor, and speaker can ensure enhances safety and security of citizens.
Using smart lights in street lighting will also minimize power usage and can
make a city look more attractive. Similarly, households will also get
benefitted by installing smart lights.
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Comparatively high installation cost and higher maintenance
cost of smart lights than normal lights, makes it less lucrative among middle
income consumers, which covers a significant portion of the overall buyer
market. Moreover, lack of proper maintenance can hamper the effectiveness of
smart features. For example, sound sensor may stop working due to lack of
maintenance. Similarly, other features such as wireless transmitter, image
sensor, and water detection among others requires regular maintenance.
The global smart lighting market size is expected to
reach USD 45.47 Billion at a revenue CAGR of 19.7% in 2028. Smart
lights can be controlled from remotely and from a distance, operate
automatically, and these are some benefits driving market revenue growth.
COVID-19 has had a major negative impact on the smart
lighting market. A significant number of components used in smart lighting
comes from China, where the outbreak of this disease first occurred. This
majorly dented the supply of various components of smart lights, which further
affected the production of end products worldwide. Again due to frequent
lockdowns in the current situation, supply chain in the smart lighting industry
was badly impacted, mainly in North America and Europe. However,
the scenario of the smart lighting industry is improving, since the world has
recovered quite a bit from the COVID-19 pandemic from the second half of 2020.
Current Trends and Innovations
The advent of Li-fi or light fidelity is boosting growth of
the smart light market owing to additional benefits in comparison to normal LED
lights. Using Li-fi in street lights leads to low power consumption and cost.
In case of household use, Li-fi offers additional benefits like its level of
security, as the connection cannot be penetrated through walls, making it
difficult for unauthorized access.
Geographical Outlook
Asia Pacific market is a major contributor to the
global smart lighting market in terms of revenue share contribution. The
largest producers include China and Japan, while the largest
consumers market are North America and Europe.
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Strategic Initiatives
In March 2021, SMART Global Holdings, Inc. completed acquisition of Cree,
Inc.'s Cree LED Products business unit., which will help SMART Global Holdings, Inc. serve their customers better.
In December 2020, Lightserve announced the acquisition
of Illumetek. This is expected to make the smart lighting market grow stronger
and provide opportunity to expand current technical service capabilities of
Lightserve and Illumetek.
Some Key Highlights From the Report
- Software
segment accounted for a significantly large revenue share in 2020 as sound
sensor, wireless transmitter, image sensor, IP camera, and other smart
features that comes along with smart lights encourages government and
individual households to install smart lights, and this is expected to
drive deployment and support revenue growth of this segment.
- Fluorescent
light source segment revenue is expected to register a significantly
steady growth rate during the forecast period. This type of light source
uses less energy and also generates less heat in comparison to an incandescent
bulb. Due to longer lifespan these do not require frequent replacement.
These benefits are supporting deployment and driving revenue growth of
this segment.
- Smart
light with sensor are very trendy in today's market. The product does not
require manual operation, which makes daily life more convenient. Revenue
from the sensor segment was significantly robust in 2020 and the trend is
expected to continue over the forecast period.
- Major
players in the market report include Acuity Brands, Signify Holding,
Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele
GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled
Optoelectronics Co., Ltd., and Verizon.
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Emergen Research has segmented the global smart lighting
market on the basis of component, light source, type, end-use, and
region:
- Component
Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
- Light
Source
- LED
Light Source
- HID
Light Source
- Fluorescent
Light Sourc
- Type
Outlook (Revenue, USD Billion; 2018–2028)
- Smart
Bulbs
- Fixtures
- Lighting
Control
- Sensors
- Microcontroller
and Microprocessors
- Wireless
Receivers and Transmitters
- Other
- End-use
Outlook (Revenue, USD Billion; 2018–2028)
- Commercial
- Industrial
- Residential
- Public
Lighting
- Others
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- Regional
Outlook (Revenue, USD Billion; 2018–2028)
- North
Americ
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. U.K.
c. France
d. Spain
e. BENELUX
f. Rest of Europe - Asia
Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin
America
a. Brazil
b. Rest of LATAM - Middle
East & Africa
a. Saudi Arabia
b. UAE
c. Israel
d. Rest Of MEA
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