• The Global Smart Lighting market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.Due to the need for the energy efficient products coupled with the favorable government policies will grow the market for the Smart Lighting in the forecast period.
• Smart Lighting is a technology primarily designed for energy efficiency. It usually operated in such a way that the consumer will be able to control the lighting installed using an application on his/her smartphone. Most of these apps provide options which are called light recipes which are basically a host of different palettes that are suitable for a particular environment, say watching movie, or cooking, or reading.
• A general smart lighting network would generally use a mesh network. This means each smart bulb is wirelessly connected to its nearest neighbour. This entire network can be controlled by a hub that operates by plugging into a router. Recent developments have also shown smart bulbs can include complex technical components like motion sensors.
• The Global Smart Lighting Market is primarily driven by the increasing need for energy efficiency, and therefore favorable government policies that are aimed at promoting their use. This aside, the rapid rate of urbanization in has directly contributed to the increase in demand as the increase in construction activities implies a rise in the number of residential buildings, and commercial establishments’ favours the growth of the market. India, a one of the fastest developing countries in the world, has seen its urban population rise from ~31% in 2010, to ~34% in 2017, according to the World Bank. Another driver for this market is the shift in preferences of the consumers from traditional incandescent lamps to other energy efficient alternatives like LED bulbs, fluorescent bulbs etc.
• The market, however, is hindered by factors such as a lack of awareness among people, and a high initial setup cost.
• By Product Type, the Global Smart Lighting Market is segmented into Wired and Wireless lighting systems. Although the wireless lights segment is expected to show a healthy growth rate, the wired lighting segment will be dominating the market as these products are more reliable and give the end user more control. Nevertheless, the future seems to be of the wireless lighting systems as technological progress is expected to pave the way for their advancement.
• By Lighting Source, the Global Smart Lighting Market is segmented into LED Lamps, Fluorescent Lamps, and Incandescent Lamps, and others. The LED lighting segment is forecasted to dominate this segment, capturing a high market share. This is primarily because the LED lighting systems have emerged as an energy efficient and cost-effective alternative. This is the reason LED Lighting is endorsed by governments across the world. Philips Lighting, a major competitor, for example, saw a whopping 10% increase in their LED lighting share in total sales, from 55% to 65%.
• By Application, the Global Smart Lighting Market is segmented into lights for Indoor Use and Outdoor Use. The indoor smart lights dominate this segment owing to the increased adoption of such connected lighting systems in residential complexes, and commercial buildings. This, coupled with the fact that there is an increasing awareness on the customizations and power saving capabilities of smart lighting.
By geography, the global Smart Lighting market is segmented into
• North America,
• Asia-Pacific (APAC),
• South America,
• Middle East
• and Africa (MEA).
• Digital lumens,
• Legrand S.A,
• Acuity brands INC,
• Silver Spring Inc.,
• and Zumtobel.
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