Smart lighting market is anticipated to grow at a considerable CAGR of 20.6% during the forecast period. Owing to the rise in smart city projects across the globe, the smart lighting market has experienced significant growth in many outdoor applications such as roads and highways. Government authorities across the globe are focusing on initiatives and strategic partnerships to develop smart cities, hence improving market representation. Challenges such as environmental concerns and budget constraints incline the government to tackle these challenges with the support of digitalization. Moreover, driven by the requirement for sustainability and control, cities are upgrading the street lighting grid to LED which is much more energy efficient. For instance, in 2019, Los Angeles converted more than half of its 215,000 street lights to LED, over 110,000 of which are connected to and managed by the Interact City platform. Using the Interact City lighting management software, the Los Angeles Bureau of Street can remotely control street lights, monitor their status, and accurately report energy consumption. Additionally, In June 2020, The New York Power Authority (NYPA) partnered with Signify to support Smart Street Lighting NY. The project aims to replace at least half of the more than one million streetlights in the State of New York with energy-efficient and sustainable alternatives. To date, more than 50,000 LED streetlights have been installed or are currently being installed under the program.
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Among the end-use application segment, the indoor sub-segment is expected to cater to a prominent market share over the forecast period owing to rising demand for design aesthetics and tailored control of light in a single-source solution. Industry players are focusing on new product innovations in intelligent lighting systems that are ideal for indoor applications, fulfilling the demand for both aesthetics and automation. For instance, in 2020, Acuity Brands Lighting launched the new SLOT 1 line of linear LED luminaires from Mark Architectural Lighting. SLOT 1 is a collection of sleek, small form factor luminaires, for indoor lighting applications. The SLOT 1 family of LED luminaires comes with features such as low voltage power and control system, can be digitally connected to system-wide networked solutions devices and sensors, visually comfortable light output, modular design, and many more.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Smart Lighting Market Report Segment
By Offering
- Hardware
- Software & Services
By End Use Application
- Indoor
- Outdoor
By Communication Technology
- Wired
- Wireless
Global Smart Lighting Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart lighting market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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