Global Smart Lighting Market, By Hardware (Lamps Type and Component Type), By Software (On-Premise and On Cloud), By Technology (WIFI,Bluetooth, Zigbee, EnOcean and Others), By Application (Residential, Commercial, Industrial) And Opportunities And Forecast 2023-2030

Smart Lighting Market Overview

The Smart Lighting market is experiencing significant growth owing to the increasing demand from commercial and residential sector. Since smart lighting are scientifically proven to be one of the major contributors to the energy efficiency approach, various commercial businesses have encouraged its adoption.

Additionally, Ongoing and Upcoming Smart City Projects in Developing Economies along with Technology Advancement in Smart Lighting further fuel the growth of the Smart Lighting market.

On the other hand, High initial costs of smart equipment and accessories is likely to hamper the global Smart Lighting market during the forecast period.

Covid-19 Impact on Smart Lighting Market:

Like many other industries, COVID-19 badly knocked the electronic and semiconductor industry. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the growth of the overall sector. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.

Smart Lighting Market Segment Overview

Based on Hardware, the market is segmented into Lamps Type and Component Type. The lamp types segment is expected to dominate the global market in 2020 and the segment is also projected to grow at the highest CAGR during the forecast period. Increased use of smart LEDs in offices pushes the commercial market in a cost-effective way is driving the market for Lamps Type market.

Based on Software, the global Smart Lighting market is segmented into On-Premise and On-Cloud. On-Cloud dominated the overall Smart Lighting market in 2019. These systems offer sensors controlling option, which will further drive the demand of the market over the coming years.

Based on the Technology, the market is segmented into WIFI,Bluetooth, Zigbee, EnOcean and Others. WIFI technology dominated the overall Smart Lighting market in 2019.

Based on Application, the global Smart Lighting market is segmented into Residential, Commercial, and Industrial. In 2019, Commercial application segment accounted for the highest market share. The rising demand for commercial buildings from developing regions and increase in improvised occupants experience are expected to accelerate the market growth during the forecast period.

Market Analysis, Insights, and Forecast – By Hardware

·       Lamps Type
·       Component Type

Market Analysis, Insights and Forecast – By Software

·       On-Premise
·       On Cloud

Market Analysis, Insights, and Forecast – By Technology

·       WIFI
·       Bluetooth
·       Zigbee
·       EnOcean
·       Others

Market Analysis, Insights, and Forecast – By Application

·       Residential
·       Commercial
·       Industrial

Smart Lighting Market Regional Overview

The regional analysis includes the adoption of electric traction motor products across North America, Europe, Asia-Pacific (APAC), Latin America Middle East & Africa (MEA).  APAC is the largest and fastest-growing Smart Lighting market. The building and infrastructure sectors are the major consumers of Smart Lighting in the region. The presence of a large number of manufacturers makes the region the most important market for Smart Lighting. Moreover, increasing investments by the government on public infrastructure are increasing the growth of the market in the region.

Smart Lighting Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)

Smart Lighting Market Competitor overview

Some key developments and strategies adopted by manufacturers in Smart Lighting are highlighted below.

·       In October 2019, Signify company has announced to acquired Cooper Lighting Solutions from Eaton. 

Smart Lighting Market, Key Players

·       Acuity Brands, Inc.
·       Cisco Systems, Inc.
·       Cree, Inc.
·       Eaton
·       Deco Lighting, Inc.
·       Dialight
·       General Electric
·       Honeywell International Inc.
·       Koninklijke Philips N.V.
·       Syska