Ocean View, DE -- (SBWIRE) -- 04/14/2020 -- Rise in smart city projects and innovations in home automation are driving smart lighting market forecast significantly. The growing urban population has triggered initiatives by the government to provide access to efficient LED lights, along with deploying AI and IoT in building automation systems for commercial, residential and industrial spaces. The Ministry of Housing and Urban Affairs in India had set up a smart cities mission with a view of developing over 100 cities in the country over a span of five years.

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Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company's smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market.

Over the years, there has been a considerable rise in the infrastructural development of residential, commercial and industrial spaces owing to the rise in disposable incomes in both developed and emerging nations. Technological advancements and growing innovations aiming to simplify the condition of living is steering home automation. Energy savings, home security, enhanced comfort, home control monitoring and user convenience are some the vital factors resulting in the rising adoption of home automation globally.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Acuity Brands, Eaton, Cree, OSRAM, GE, Honeywell, Hubbell Incorporated, Philips Lighting, Schneider Electric, Lutron Electronics, Zumtobel Lighting, Silver Spring Networks

Hardware segment holds majority share in smart lighting industry owing to the growing adoption of smart or connected bulbs throughout the world. Augmenting application of IoT devices is serving as a key driving force to accelerate the demand for hardware sector. Simultaneously, the software segment is predicted to grow at a CAGR of more than 22% over 2019-2025. Expanding adoption of home automation solutions and smart homes are fueling smart lighting market outlook. Also, the incorporation of wireless technology into lighting solutions has also been advancing numerous new avenues for the growth of software sector.

Wired technology is an important technology landscape with over 70% share in smart lighting market. The growth of wired technology segment can be accredited to the large-scale adoption of PLC and DALI protocols among outdoor and residential applications respectively. The ability and reliability to survive severe environment condition is backing smart lighting market outlook. The wireless technology segment is anticipated to grow with a CAGR of more than 21% over 2019-2025. The growth can be attributed to a number of benefits provided by the technology such as convenience, cost-effectiveness, and flexibility.

Indoor lighting applications have been noted to dominate smart lighting market with over 78% of share in the overall revenue. Growing application are being driven by the expansion in demand for energy-efficient lighting solutions among commercial, industrial, and residential facilities. Favorable government initiatives to encourage energy-efficient lighting coupled with the prohibition on usage of inefficient lighting solutions has been augmenting smart lighting market outlook. Encouraging trend of home automation systems and connected bulb has fostered industry growth.

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Europe is expected to evolve as one of the most significant revenue pockets for smart lighting market, owing to the significant number of smart city projects and increased adoption of smart LED lighting systems. The European Union innovation partnership on smart cities and communities is a program established by the European Commission that brings together small businesses, industries and cities together. The aim of the program is to enhance the urban lifestyle through sustainable solutions and addresses specific challenges across varied policy areas such as mobility, energy and transport.

Additionally, Europe is witnessing a rise in usage of LED owing to widespread awareness of sustainable sources of energy. Reports estimate that global smart lighting market will surpass USD 23 billion valuation by 2025, with Europe accounting for a notable portion of the overall share.

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