The global smart lighting market size was valued at USD 14.72 billion in 2021. It is projected to reach USD 94.16 billion by 2030, registering a CAGR of 22.9% during the forecast period (2022–2030). Smart lights can connect with the Internet of Things (IoT) devices and generate a variety of ambient lighting using only smartphones or tablets. This has increased its popularity and demand in both commercial and residential settings. Smart lights can be controlled via Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee and can be dimmed with different color tones depending on the situation. They can also be scheduled to turn on and off, track lighting energy consumption, and be dimmed with different color tones. In addition, smart lights can be voice-controlled through integration with platforms such as Google Assistant, Amazon Alexa, Apple Siri, and Microsoft Cortana.
Smart lighting systems can be sensor-integrated or sensor-free. Sensor-integrated lighting can adjust the brightness of the lights in response to the presence of people and daylight. Integrated lighting systems without sensors are still considered intelligent because they are programmable. Smart lighting consists of various types, including smart bulbs, fixtures, and lighting controls, and provides light from various sources, including LED, HID, and other light sources.
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Advancement in Integrated Lighting Control System to Favor Market Growth
The integrated control system enables users to turn on or off from a single location. The market share of smart lighting is also growing due to the benefit of cost-effectiveness and the growing awareness of the need to save electricity among consumers and government alike. The development of an integrated lighting control system has allowed for an expansion in the market for smart lighting in international markets.
Security Issue with IoT Smart Lightning to Hinder Market Growth
Connected lights are a network of LED fixtures with sensors and cameras, and all data is stored in the cloud to be accessed anywhere. Hackers can exploit internet-connected smart lighting products, which could be disastrous. A hacker can remotely access a wireless network to control bright lighting, door unlocking, security camera systems, etc. Someone hacking a home's smart systems could unlock doors, monitor cameras, and turn them off.
An intruder can also remotely turn off the lights in hospitals and other public venues, causing severe damage. Wireless lighting solutions become less reliable as distance and number of obstacles increase. Each connected luminaire communicates with the nearest connected luminaire to create a mesh nodal network. In such cases, the data transfer rate is not significantly affected; however, when a large number of wireless sensors, data loss increases due to obstacles and interference caused by unlicensed signals can interfere with wireless communication.
Growing Smart City Projects in Developing Nations to Spur Market Opportunities
The global smart lighting market is expected to grow significantly due to the increased penetration of smart lighting devices as a result of ongoing smart city projects. The development of smart cities is attracting significant financial investment from the governments of developing nations. This presents a significant business opportunity for a variety of vendors in the fields of information technology, utility services, and consulting. Smart lighting is coherent with smart city projects because one of the primary goals of smart city development is to make better use of available electricity, and smart lighting is gaining popularity due to its efficiency. It is anticipated that the application of smart lighting will play a significant role in the achievement of sustainability as well as energy savings.
The global smart lighting market is segmented into application, component, and technology types.
Based on application type, the market is segmented into residential, commercial, industrial, outdoor, and automotive. The indoor segment is expected to hold the largest share of the smart lighting market during the forecast period. This growth is primarily attributable to the increasing emphasis on green building construction and smart lighting installation in the commercial sector, particularly in developing nations.
Based on component type, the market is divided into fixtures and control. The category of fixtures is anticipated to maintain its dominance during the forecast period. The fixtures are further subdivided into critical products, including compact fluorescent lights (CFL), light-emitting diodes (LED), organic light-emitting diodes (OLED), and high-intensity discharge (HID) lamps, and plasma lamps.
Based on technology, the market is bifurcated into wired technology and wireless technology. The wireless segment dominates the global smart lighting market and is expected to maintain its dominance during the forecast period. In a smart lighting environment, consumers need connections within a small range to prefer wireless connectivity. Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee wirelessly link light fixtures to smartphone apps that control the light bulb's functions.
The global smart lighting market is segmented by North America, Europe, Asia-Pacific, Latin America, and The Middle East Africa.
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The Asia-Pacific dominates the global smart lighting market due to the increasing demand from the commercial and residential application sectors. China is projected to become the most significant contributor to global revenue and the country with the largest market share worldwide. It is anticipated that countries such as Japan, India, and South Korea will be at the forefront of smart lighting adoption due to their expanding economies and rising investments in smart city projects. The changing lighting scenario heavily influences the demand for smart lighting in Asia-Pacific in commercial sectors.
The global smart lighting market’s major key players are