The Smart Lighting Market size is projected to reach US$ 78.33 billion by 2031 from US$ 18.45 billion in 2023. The market is expected to register a CAGR of 19.8% in 2023—2031. The development of integrated lighting control systems and growing smart city projects are likely to remain key smart lighting market trends.
The smart lighting market is growing at a rapid pace. In recent years, the market for smart lighting has experienced substantial growth due to the ongoing and forthcoming smart city projects in developing economies.
Lights have become more popular and in demand in both commercial and residential environments due to their capacity to link with Internet of Things devices and produce a range of ambient lighting with simple smartphones or tablets. As needed, smart lights can be dimmed to a variety of color tones. They can also be connected via Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee, and they can be programmed to turn on or off. Furthermore, voice control over smart lights can be achieved through platform integration, such as Google Assistant, Microsoft Cortana, Apple Siri, and Amazon Alexa. In addition to lighting, these extensive feature sets also include an increasing number of IoT devices and smart assistant platforms, which have opened up new growth opportunities for the smart lighting market.
Turning on or off is made possible by the integrated control system from a single location. The cost-effectiveness of smart lighting and the increased awareness among consumers and the government alike of the need to conserve electricity are contributing to its expanding market share. The market for smart lighting has been able to grow globally because of the development of integrated lighting control systems.
Because smart lighting devices are being more widely used as a result of ongoing smart city projects, the worldwide smart lighting market is anticipated to rise significantly. The governments of developing countries are making large financial investments in the creation of smart cities. For numerous suppliers in the domains of consultancy, utility services, and information technology, this offers a substantial commercial opportunity. Because maximizing the use of available electricity is one of the main objectives of smart city development, and because smart lighting is becoming more and more popular because of its efficiency, smart lighting is consistent with smart city projects. It is projected that the implementation of smart lighting will significantly aid energy savings and sustainability.
Key segments that contributed to the derivation of the smart lighting market analysis are lighting types, applications, and connectivity technology.
The geographic scope of the Smart Lighting Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the smart lighting market. High technology adoption trends in various industries in the region have fuelled the growth of the smart lighting market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North America smart lighting market growth. Moreover, a strong emphasis on research and development in the developed economies is forcing North American players to bring technologically advanced solutions into the market. All these factors contribute to the region's growth of the Smart Lighting Market.
The regional trends and factors influencing the Smart Lighting Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Lighting Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 18.45 billion |
| Market Size by 2031 | US$ 78.33 billion |
| Global CAGR (2023 - 2031) | 19.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Lighting Types
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Lighting Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Lighting Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Smart Lighting Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Signify, Press Release, 2023)
(Source: Yeelight, Press Release, 2023)
The "Smart Lighting Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The development of smart cities is anticipated to play a significant role in the global smart lighting market in the coming years.
The global smart lighting market was estimated to be US$ 18.45 billion in 2023 and is expected to grow at a CAGR of 19.8% during the forecast period 2024 - 2031.
Development in integrated lighting control systems is the major factor that propels the global smart lighting market.
The global smart lighting market is expected to reach US$ 78.33 billion by 2031.
The key players holding majority shares in the global smart lighting market are Signify Holding, Legrand North America, LLC, ACUITY BRANDS, INC., Lutron Electronics Co., Inc., Leviton Manufacturing Co., Inc, Zumtobel, Honeywell, SAVANT TECHNOLOGIES LLC, Dialight, Panasonic.