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) is transforming the way we engage with the physical world, with smart lighting being a prime example. IoT's integration with advanced wired and wireless technologies, as well as sensor innovations, is fueling the proliferation of IoT in smart lighting systems. These solutions, including smart bulbs and luminaires, offer enhanced control and interactivity compared to conventional lighting. IoT enables smart lighting fixtures to generate valuable data, which can be utilized to optimize energy usage and enhance awareness of building occupancy and the utilization of other building systems. The emergence of smart device applications and cloud-connected lighting systems is being expedited by IoT architectures, which are instrumental in the development of next-generation 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
• Connectivity
  • Wired
  • Wireless
  • Wired
  • Wireless
• Distribution Channel
  • Online
  • Offline
• 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

In the realm of Smart Lighting, various technologies and innovations are shaping the future of illumination. These include 'Smart Lighting Hubs' and 'Gateways' that facilitate 'Lighting Networks' and 'Mesh Networking'. 'Lighting Control Protocols' enable 'Dynamic' and 'Adaptive Lighting', while 'Human-Centric Lighting' offers 'Circadian Lighting' and 'Light Therapy'. 'Light Pollution Reduction' and 'Lighting Analytics' ensure efficiency, with 'Remote Monitoring' and 'Lighting Management Platforms' offering optimization and customization. 'Lighting Certification' and 'Smart Lighting Research' continue to drive development in this field.

Market Research Overview

The Smart Lighting Market is a significant segment of the expansive global electrical components and equipment industry. This market encompasses companies specializing in the production of smart bulbs, connected lighting, LED lighting, and IoT lighting, in addition to smart home integration and home automation solutions. Technavio's market analysis for the electrical components and equipment sector includes manufacturers of 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, rental and leasing of electrical components and equipment to industrial, commercial, and residential clients is also taken into account when calculating the market size.. 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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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/