A new report published by Allied Market Research, titled, " Smart Lighting Market by offering, connectivity technology, lighting technology, application, and industrial vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," projects that the global smart lighting market size is estimated to reach $38.68 billion by 2026. In 2019, North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Europe. Emerging advancements in smart lighting; rapid adoption of residential, commercial, and industrial automation; and rise in penetration of smart infrastructure fuel the global smart lighting market growth.
Smart lighting is designed to manage luminance remotely. It ensures energy efficiency and includes automated controls and highly efficient fixtures that can adjust depending on conditions, such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effect to a space. Furthermore, these systems include general, accent, and task lighting. Besides this, smart lighting systems ensure lower energy usage and high cost savings.
Recent years have witnessed fast adoption of Zigbee wireless technology in the IoT market. Most smart devices used for residential and commercial purposes are equipped with Zigbee technology. It offers consumers easy-to-use control over installed LED light bulbs, LED fixtures, switches, and remotes, which creates lucrative smart lighting market opportunity globally.
According to smart lighting market, DALI has a major adoption in buildings as it provides manufacturers with reliable low-cost solutions. In addition, benefits of reconfiguration, switching of individual lights as per the need of illumination, and other remote access features drives the demand for DALI system in large space premises.
Among various regions, North America was the highest revenue generator in 2018 and maintain its dominance in the future. This is attributed to the rise in adoption of automation, which creates lucrative opportunities for smart lighting market forecast.
Asia-Pacific is projected to grow at the fastest rate throughout the smart lighting market analysis period, China in this region witnessed the highest demand for smart lighting in 2018, due to wide adoption of autonomous infrastructure and stringent government regulations associated with sustainable development. Moreover, enhancement in industrial autonomy and increase in expenditure in emerging markets such as Latin America and the Middle East to meet the demand for exponentially growing economies in these countries have strengthened the smart lighting market.
The smart lighting market is segmented on the basis of offering, connectivity technology, lighting technology, application, and industrial vertical. On the basis of offering, it is bifurcated into hardware and software. By connectivity technology, it is categorized into Bluetooth, Zigbee, WiFi, and DALI. On the basis of lighting technology, it is classified into LED, halogen, incandescent, Fluorescent, and CFL. The applications covered in the study includes indoor and outdoor lighting. By industrial vertical it is divided into commercial, residential, industrial, automotive and others. Region wise, it is analyzed as North America, Europe, Asia Pacific, and LAMEA.
Key Findings of the Smart Lighting Market:
- The DALI segment accounted for the highest smart lighting market in 2018, with $2,075.59 million, growing at a CAGR of 15.00%, from 2019 to 2026.
- The automotive industry generated the highest revenue, accounting for $1,398.08 million in 2018.
- Asia-Pacific is expected to dominate the smart lighting market share, garnering 23.70% of the total share during the forecast period.
Key players analyzed in the report for smart lighting industry are Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V. and Syska. The key players adopted various key strategies such as product launch, collaboration, partnership, acquisition, and agreements to drive the market.