Latest News- Smart Lighting Market: Commercial is expected to lead the Application segment during 2025-2029

The Smart Lighting Market is being driven by Emergence of smart lighting

The Smart Lighting Market is expected to grow at a CAGR of 18.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 26399.5 million. In the business realm, IoT (Internet of Things) technology is transforming the way we engage with the physical world, including the adoption of smart lighting solutions. IoT's advancements in wired and wireless technologies, as well as sensor innovations, are propelling its integration into smart lighting systems. These solutions, such as smart bulbs and luminaires, provide enhanced control and interactivity compared to conventional lighting. IoT enables these fixtures to generate valuable data, which can be utilized to optimize energy consumption and enhance awareness regarding building occupancy and the utilization of other systems. The emergence of smart device applications and cloud-connected lighting systems is expedited by IoT architectures, which are leveraged by companies to create cutting-edge IoT smart lighting solutions for both residential and commercial applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Commercial
  • Residential
  • Public infrastructure
  • Others
• Component
  • Hardware
  • Software
  • Services
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Emergence of smart lighting
• Increasing adoption of LEDs
• Rising need for light dimming

However, the market also witnesses some limitations, which are as follows:

• Technological challenges related to LEDs
• High average cost of LED fixtures
• Power, space, and cost constraints associated with integrating LED drivers

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Market Scope in Smart Lighting Market Research Report

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Research Analysis Overview

The Smart Lighting Market encompasses various components such as LED lights, drivers (LED and PoE), dimmers, ballasts, luminaires, and lighting controls. These technologies are increasingly being adopted in commercial spaces like offices and healthcare facilities, as well as residential areas, for energy conservation and smart home automation. Digital workspaces and outdoor lighting solutions are also gaining popularity. Gateways and relay units facilitate remote operation. The market is driven by the shift from traditional lighting technologies like incandescent and compact fluorescent bulbs towards energy-efficient alternatives, such as LED, which comply with the Ecodesign Directive. Halogen lighting technologies, including halogen incandescent bulbs, are gradually being phased out due to their energy inefficiency. The lumens per watt ratio is a key factor in evaluating the efficiency of lighting systems. Smart home technology and PoE lighting solutions are emerging trends in the market.

Market Research Overview

The Smart Lighting Market is a significant segment of the larger electrical components and equipment market. This market encompasses companies specializing in the production of ballasts, digital workspaces, dimmers, LED drivers, gateways, LED lights, lighting controls, luminaires, and outdoor lighting. Technavio's calculation of the global electrical components and equipment market size includes the revenues of manufacturers in various sectors such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market size considers the rental and leasing of electrical components and equipment to industrial, commercial, and residential consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/