Smart Lighting Market Revenue, Industry Growing Demand, Size, Share and Forecast - 2031

The smart lighting market is anticipated to grow at a considerable CAGR of 20.6% during the forecast period. Factors such as government policies encouraging the use of LED lights and stringent regulations discouraging the usage of incandescent lamps are anticipated to bolster the demand for LED smart lighting. LED lights offer benefits such as energy efficiency, cost-effectiveness, and a longer lifespan as compared to another lighting. These lights are highly efficient as they consume almost 75% lesser energy and last up to 25 times longer than incandescent lighting. Additionally, LED lights are free from any mercury content with no harmful greenhouse gas emissions. Resultantly, LED technology has potentially changed the entire lighting industry and penetrated the smart lighting segment wherein LED is a preferable choice among vendors and consumers. Hence, several government initiatives have been promoting the use of smart LED lights which is ultimately affecting the growth of the smart lighting market. 

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For instance, in January 2019, Governor Andrew M. Cuomo funded $7.5 million for municipalities across the State intended for the installation of new SMART LED street lights as part of the Governor's Smart Street Lighting NY program. Moreover, countries including the US and China have imposed a complete ban on the sale of incandescent lamps to encourage the adoption of LED lights. For instance, in November 2019, the California Energy Commission (CEC) voted to move forward with further restrictions on the sale of general service lamps. China has also banned the production of all incandescent light bulbs to encourage the use of alternative lighting sources such as LEDs  

The major reasons for installing LEDs over conventional lights include energy and cost savings and they are increasingly replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. According to the US DOE, by 2035, the majority of lighting installations are anticipated to use LED technology, and energy savings from LED lighting might top 569 TWh annually. LED lighting solutions outfitted with a dynamic lighting control system would lower the amount of lighting energy consumed. These advantages have supported construction enterprises associated with building highways and stadiums to deploy smart LED lighting systems. 

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Market Coverage

• Segment Covered- 

o             By Offering

o             By End Use Application

o             By Communication Technology

• Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

• Competitive Landscape- Honeywell International Inc., Hubbell Inc., Lutron Electronics Co., Inc., Sengled Optoelectronics Co., Ltd., Signify Holding (Philips Hue), and others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Smart Lighting Market Report Segment

By Offering

• Hardware
• Software & Services

By End Use Application

• Indoor
• Outdoor

By Communication Technology

• Wired
• Wireless

Global Smart Lighting Market Report Segment by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe 

Asia-Pacific

• China
• India 
• Japan
• South Korea
• Rest of Asia-Pacific 

Rest of the World

• Latin America 
• Middle East & Africa

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