The smart lighting market is poised to grow at a considerable growth rate over the forecast period with opportunities in commercial as well as residential sectors. The factors such as development and modernization of cities and transmute them into smart cities, decreasing the cost of LED lightings, increasing initiatives of governments and private organizations about energy savings, etc. are anticipated to drive the industry growth in the next five years.

Smart lighting is a pioneering technology comprising features such as automated controls that facilitate light adjustments on daylight availability and occupancy, thus, enabling cost-saving and energy efficiency. Light control systems decrease energy consumption by dimming the lights or turning them off when not in use depending on the daylight availability. Smart lighting systems are proficient in communicating signals wirelessly to several networks, gathering different types of data including nearby traffic conditions, and facilitating to decrease crime rates, over traditional lightings.

High luminous efficiency, greater lifespan, reduced energy use, and reducing the average selling price of the LED lightings are anticipated to drive the Smart Lighting Market

Most of the smart lighting systems are using IoT and other innovative technologies that help in monitoring and controlling energy consumption. IoT offers new functionalities by enabling technological developments in critical areas and enhance the quality of life. These areas include emergency response, personalized healthcare, smart manufacturing, traffic management, smart energy utilization & distribution, and home security. However, the threat to privacy and security are the main restraints associated with the smart lighting solution. As smart homes are integrated via the internet, they are susceptible to being hacked. Additionally, there are possibilities that an intruder may remotely switch off the lights in locations such as public venues, hospitals, or other social events, thus, leading to severe consequences.

Privacy and security are the key areas of concern that arise for such systems. Smart lighting systems are a sophisticated set of LED fixtures with integral cameras and sensors connected to a wireless network. All the information is fed in the cloud for easy access to the user even from remote locations.

Indoor smart lighting is anticipated as the largest application for the smart lighting industry.

Within the application fragment, the indoor application is likely to possess the largest market size from 2019 to 2025. Smart lighting can be installed as per the necessities of a specific room or the entire house within the residential application. The integration of smart lighting and wireless technology would enable the industry for residential indoor smart lighting to rise at a higher pace. The commercial smart lightings applications comprise the adoption of these lighting systems in shopping malls, offices, hospitality infrastructure, and retail shops. Decreasing energy consumption has become a foremost objective for governments, utilities, building owners, and other stakeholders. Substituting current lights with more energy-efficient systems such as LEDs can help reduce enormous energy consumption. On the other hand, optimizing light levels according to the workers’ requirements, switching off the lights when not needed,  and decreasing the overall lighting energy demand can be the solutions to achieve energy reduction on a large scale.

Asia-Pacific will lead the growth in this market

Asia Pacific region is projected to be the fastest-growing industry for smart lighting within the forecast period. It is expected that the smart lighting market will experience enormous growth within the region, and be accepted by the users as an essential part of a digitized household. Furthermore, evolving economies of India and China have an affirmative impact on the total Asia Pacific market. The rising construction activities within the region are contributing to the rise of the smart lighting market. Increasing government budgets on public infrastructure, rising implementation of energy-efficient lighting systems are some of the key factors backing the growth of the smart lighting industry within the nations.

Key Market Players

•    Philips Lighting
•    General Electric
•    Eaton
•    Acuity Brands
•    OSRAM
•    Cree
•    Hubbell
•    Zumtobel Group
•    Honeywell
•    Hafele Group
•    Legrand
•    Lutron Electronics
•    Others

Market Segments: Smart Lighting Market 

• By Component
  • Hardware
  • Software
  • Services
• By Connectivity Technology
  • Wired Technology
  • Wireless Technology
• By Applications
  • Indoor
    • Residential
    • Commercial
    • Industrial
  • Outdoor
    • Highways & Roadways
    • Architectural
    • Public Places
• By Region
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
  • Central & South America
    • Brazil
    • Chile
    • Mexico
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
  • The Middle East and Africa

Key Sources 
•    Industry Associations
•    Patent Websites
•    Company Annual Reports
•    Company Websites
•    Key industry leaders
•    Ministry of Electronics & IT (Govt. of India) articles
•    IEEE journals
•    Technology consultants
•    System Integrators
•    Energy & utility experts
•    Others

Key Questions Answered
•    What are the key growth regions and countries?
•    What are the important types and technologies being used?
•    What are the market players doing, in terms of research and development?
•    Which are the new applications for this market?
•    What are the integrations happening?
•    What are the recent news, developments, mergers, or large value deals?

Key Stakeholders
•    Products & solution providers
•    System Integrators 
•    Regulatory Authorities
•    Research and Innovation Organizations
•    Technocrats
•    Suppliers and Distributors
•    Other Channel Partners