Global smart lighting market is forecasted to reach $27,064 million by 2023 and is expected to witness a CAGR of over 20% during the forecast period. The growth is attributed to the rising interest of consumers towards the adoption of automation technologies such as internet of things (IoT), and increase in affordability and availability of smart automation technologies, globally.
On the basis of service, lighting as a service (LaaS) is expected to witness higher demand as compared to smart phone application, during the forecast period. Its market is projected to cross $17,000 million mark by 2023.
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LED as an efficient lighting source contributed largest revenue to this industry and it is expected to witness highest demand during the forecast period. Smart LED based lighting solutions enable users with digital control using a programmable microcontroller-based lighting architecture.
The smart lighting market is categorized into lighting source, communication medium, product, application, and service. The global market is driven by the new innovations and rapid increase in sales of smart light emitting diode (LED) solutions.
Europe has been the largest smart lighting market, accounting for more than 35% of global revenue whereas the sales in Asia-Pacific is expected to witness the fastest growth, during the forecast period.
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Some of the major players operating in this industry are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., and Legrand SA.
Smart Lighting Market Segmentation
- Light Emitting Diode
- Fluorescent Lamp
- High Intensity Discharge Lamp (HID)
- Digital Addressable Lighting Interface (DALI)
- Powerline Communication
- Power Over Ethernet
- Public Arenas
- Smart Phone Application
- Lighting as a Service (LaaS)
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