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(Wireless-NewsWire.Com, April 30, 2024 ) The Smart Lighting Market Size is expected to reach USD 18.0 billion by 2029 from USD 9.5 billion in 2024, at a CAGR of 13.8% during the 2024-2029 period.
One of the key drivers in the smart lighting market is smart city initiatives. Currently, smart city initiatives are underway globally, presenting significant opportunities for technology firms, service providers, utility companies, and consultants. Smart lighting has become an integral part of the smart city concept, aiming to enhance electricity usage efficiency. Smart cities are viewed as catalysts for sustainable economic development, driven by rapid urbanization. The transformation of cities into smart entities is on the rise, propelled by energy efficiency, resource sustainability, and advancements in digital technologies.
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Smart lighting applications are expected to play a pivotal role in achieving sustainability goals and energy conservation within smart cities, offering substantial opportunities for lighting solutions. The smart city revolution is rapidly expanding, driven by the positive experiences of cities that have adopted intelligent lighting technologies and are advocating for others to follow suit to enhance energy efficiency, reduce maintenance costs, and curb carbon emissions.
The burgeoning demand for public safety, communication infrastructure, citizen participation, and the accelerated adoption of advanced technologies are key drivers propelling the smart city market forward. Additionally, increasing environmental concerns and the growing demand for cutting-edge technologies like IoT, data analytics, and 5G are further amplifying opportunities within the smart city landscape.
In the Asia-Pacific region, urbanization is occurring at a rapid pace, prompting both developed and developing nations to embrace smart city solutions. In India, multiple cities are actively working towards the smart city vision, supported by government initiatives such as the Smart Cities Mission. This concerted effort to leverage smart technologies is poised to bolster economic growth and enhance living standards, consequently fueling opportunities in the smart lighting market.
Across the Middle East, countries are also embracing smart lighting to advance their smart city agendas. Street lighting, which constitutes a significant portion of overall energy consumption, is a focal point for improving economic and social stability in developing nations. To address inefficiencies and safety concerns associated with conventional lighting solutions, many countries are implementing smart street lighting projects.
In July 2021, Signify Holding acquired Telensa Holdings Ltd, a UK-based specialist in wireless monitoring and control systems tailored for smart cities. With this acquisition, Signify Holding incorporates a narrow-band and TALQ-compliant solution into its portfolio of feature-rich, open, and secure systems. This strategic move allows Signify Holding to expand its customer base, offering affordable smart city infrastructure solutions utilizing unlicensed radio space. Telensa will retain its brand name and continue to market its systems independently.
Based on installation type, new installations currently lead the market. New installations involve setting up modern lighting systems that include state-of-the-art LED drivers and ballasts, sensors, switches, dimmers, and gateways. In contrast to retrofit installations, new installations entail a complete replacement of a traditional lighting system, involving the phase-out of the old lamp and its accompanying controls and fixtures, and the introduction of new lamps and associated controls and fixtures. Through a new installation, the entire system undergoes transformation and upgrade with the latest equipment, resulting in a completely revamped setup. New installations are commonly implemented in new construction projects across commercial, industrial, and residential spaces. They are also suitable for outdoor environments where traditional lighting systems were previously employed.
Based on offering, the hardware segment dominates the market currently and in the forecast period. The hardware segment encompasses lights and luminaires, and lighting controls. To ensure proper and seamless operation, smart lighting systems need suitable software alongside services such as pre-installation and post-installation support.
Based on end-use application, The indoor segment of the smart lighting market is projected to experience a higher CAGR throughout the forecast period. This growth can be attributed primarily to the rising emphasis on constructing environmentally friendly buildings and deploying smart lighting solutions in commercial settings, particularly in developing nations across the Asia Pacific region. Consequently, this trend is expected to drive expansion within the indoor smart lighting market.
Based on communication technology, the wired segment is projected to lead the market in the future. wired smart lighting systems boast enhanced security compared to their wireless counterparts. Communication via a wired network mitigates the risk of unauthorized access or eavesdropping, making them suitable for secure environments like government facilities or financial institutions.
Based on region, Europe dominate the smart lighting market currently, The growth of the European smart lighting market is further expected to be fueled by the increasing adoption of digital workspaces for efficient and flexible working environments. Examples like The Edge in Amsterdam showcase innovative smart office buildings in Europe. Commercial establishments are turning to Power over Ethernet (PoE) lighting solutions for intelligent controls, comfortable work environments, and flexible management. Lighting plays a crucial role in workplace ergonomics, and smart lighting solutions are instrumental in daylight harvesting, ensuring optimal illumination for occupants throughout the day.
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Key Market Players:
Key players in this market includes Signify Holding (Netherlands), Legrand (France), ACUITY BRANDS, INC. (US), ams-OSRAM AG (Austria), Honeywell International Inc. (US), Zumtobel Group (Austria), Wipro Lighting (India), Lutron Electronics Co., Inc (US), IDEAL INDUSTRIES, INC. (US) (Cree Lighting), LEDVANCE GmbH (Germany), Current (US), Savant Systems, Inc (US), Inter IKEA Systems B.V. (Netherlands), Dialight (UK), Schneider Electric (France), ABB (Switzerland), Lightwave (UK), RAB Lighting Inc. (US), Synapse Wireless Inc. (US), Panasonic Corporation (Japan), Leviton Manufacturing Co., Inc. (US), Syska (India), BUILDING ROBOTICS INC. (BRI), A SIEMENS COMPANY (US), Helvar (Finland), LIFX (US), Nanoleaf (Canada), Sengled GmbH (Germany), and TVILIGHT Projects B.V. (Netherlands).
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