Northbrook, IL 60062 -- (SBWIRE) -- 10/10/2022 -- The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period.
In recent years, the market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation.
These factors will drive market growth through the end of the forecast period. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.
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Top 5 Key Market Players in Smart Lighting Industry
Signify (Philips Lighting) (Netherlands),
Legrand S.A. (France),
Acuity Brands, Inc. (US),
Lutron Electronics (US), and
Leviton Manufacturing Company, Inc. (US)
LEDs are replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Outdoor lighting applications primarily include highways, roadways, public places, and stadiums. According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.
Lighting solutions have a biological and emotional impact on human beings. Human-centric lighting solutions can boost the well-being, mood, and health of individuals as they can be adjusted in terms of directions, correlated color temperatures (CCTs), and illuminance.
In 2020, Europe accounted for the largest share of the smart lighting market. The growth of the European smart lighting market is also expected to be driven by the growing adoption of digital workspaces for smart, cost-efficient, and flexible working environment.
The Edge in Amsterdam is a leading example of a smart office building in Europe. Commercial buildings have been deploying PoE lighting solutions, as these solutions offer intelligent lighting controls, a comfortable work environment, and flexible control.
The significant size of the European market is attributed to the increasing awareness about energy conservation, and the implementation of various government initiatives. Huge disposable income, improved standard of living, and an increased deployment of smart lighting solutions in residential, commercial, and government sectors are the factors accelerating the growth of the smart lighting market in Europe.