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.
Get more information on Smart Lighting Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
Market Scope |
|
Report Coverage |
Details |
Page number |
207 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.5% |
Market growth 2025-2029 |
USD 26399.5 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
17.5 |
Key countries |
US, Germany, China, UK, France, Japan, India, Canada, Italy, and The Netherlands |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
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.
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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted