Global Smart Lighting Market Research Report, 2023-28

Technological advancements and lifestyle changes have increased daily energy consumption since the industrial revolution. With scarce resources and rising energy costs, it is critical for everyone to conserve energy or use available energy wisely. The concept of smart lighting has emerged over the years in residential, commercial, and industrial settings, with an emphasis on energy conservation. Smart lighting can bring opportunities for energy savings in residential surroundings to produce a comfortable ambiance and preserve user well-being as technology advances. Smart energy-efficient lighting uses less electricity while producing the same amount of light. Smart lighting is intended to control brightness remotely. It promotes energy economy by incorporating automated controls and extremely efficient fixtures that can be modified based on factors like as occupancy and external lighting. Lighting is the deliberate use of light to add functional and aesthetic value to a space. These systems also feature general, accent, and task lighting. Aside from that, smart lighting systems ensure decreased energy consumption and significant cost savings. The global smart lighting market is driven by factors such as increased need for intelligent street lighting systems, increased demand for energy-efficient lighting systems, and widespread adoption of LED bulbs and lights. The high installation and maintenance costs of smart lighting systems, on the other hand, are impeding industry expansion. Furthermore, advances in wireless communication technology are driving the development of smart city projects, particularly in Asia-Pacific, and the adoption of IoT technology for smart lighting presents attractive potential for the worldwide smart lighting market's growth. According to the research report, “Global Smart Lighting Market Research Report, 2023-28” published by Actual Market Research, the market is anticipated to cross USD 45 Billion market size by 2028, increasing from USD 15.67 Billion in 2022. The market is projected to grow with 20.02% CAGR by 2023-28. Because of its capacity to link with IoT devices and provide a range of ambient lighting using only smartphones or tablets, lights have gained in popularity and demand in both commercial and residential areas. Smart lights can be dimmed with different colour tones depending on the occasion, scheduled to turn on and off, tracked in terms of energy use, and connected to other devices by Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee. The lighting industry has evolved in terms of energy efficiency, financial savings, consumer convenience, and safety as smart technology has advanced. The global market for smart lighting is expected to rise at a rapid pace over the forecast period. This is due to the combination of the physical security and smart lighting businesses, the transformation of the lighting sector into the electronics industry, and the inclusion of voice control features to upcoming goods. The pressing issue of the global energy crisis encourages the use of intelligent lighting. Increasing demand for smart homes, the benefits of customization, and the falling average selling price (ASP) of LED bulbs are among the factors propelling the smart lighting market forward. The global smart lighting market, however, is hampered by LED design challenges, a lack of regulatory standards, and interoperability concerns. Furthermore, smart lights can be speech controlled via platforms such as Google Assistant, Amazon Alexa, Apple Siri, and Microsoft Cortana. Sensor-integrated or sensor-free smart lighting solutions are available. Sensor-integrated lighting can alter light brightness in response to the presence of people and daylight. Because they are configurable, integrated lighting systems without sensors are nevertheless considered intelligent. Smart lighting comes in a variety of forms, including smart bulbs, fixtures, and lighting controllers, and it emits light from a variety of sources, including LED, HID, and others.

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Based on offering, the global smart lighting market is segmented into hardware, software, and services. Over the projected period, the hardware category is expected to increase at a much faster rate in terms of sales. Hardware components are in high demand because they are an essential component of smart lighting systems. The growing demand for more energy-efficient lighting solutions to reduce energy usage and energy bills is driving up demand for LED. Furthermore, the segment's revenue is being driven by the conversion of existing traditional lights to smart LED lighting due to the benefits of LED lighting such as lower heat emission, increased energy efficiency, reduced maintenance, and eco-friendliness. Luminaries and lighting controllers are included in the Smart Lighting Market segmentation based on hardware type. The luminaries segment dominated the market in 2022 and is expected to grow at the fastest rate during the forecast period, 2023-2028. This is due to the installation of new track lights and light poles as a result of commercial building space expansion and the development of smart city projects. However, due to increased technical innovation and ever-changing controls in smart lighting systems, lighting controls will be the fastest-growing category over the projection period. As a result, increasing controls enable intelligence in lighting goods, which has a beneficial impact on market growth. Wipro Lighting announced Aqua, a sleek collection of designer office space lighting solutions to brighten up workspaces, in March 2022. Aqua offers a wide range of curved luminaires suited for expressing an architect's design purpose. They are easy to install and feature adjustable height suspension, which adds to the charm of the place. With a flexible design, customizable shape, and no visible hardware, Wipro Lighting's Aqua is a blend of beauty and sophistication for modern environments. Smart lighting is used in indoor and outdoor applications, of which the indoor category dominates the market. Indoor applications are further classified as residential, commercial, and industrial. Among them, the residential category will experience rapid expansion throughout the projection period due to the growing popularity of smart bulbs and fixtures that can be controlled by users to provide varied mood-based lighting. Furthermore, the need to control energy consumption in office buildings and warehouses that are open 24 hours a day, seven days a week is driving demand for intelligent lighting in commercial and industrial settings. Installing smart lights with built-in sensors guarantees that the lights are only turned on when needed based on the movement of persons detected by sensors. Furthermore, the brightness can be adjusted automatically dependent on the amount of natural light flowing in from outside. However, the market demand for smart lighting in commercial applications is driven by the requirement to provide energy-efficient lighting and track outdoor activities. This phenomenon occurs only when intelligent street lighting is applied. The need for intelligent lighting in commercial areas is predicted to rise, contributing significantly to the segment's rapid growth throughout the forecasted period. Over the projected period, the wireless connectivity segment is expected to grow at the quickest rate, with a CAGR of more than 20%. Wireless connectivity in a smart lighting environment is popular with consumers who require connections within a short distance, making it the fastest expanding category over the projected period. Wi-Fi, Bluetooth, SmartThings, Z-Wave, and ZigBee wireless technology connects lighting fixtures to smartphone apps that control the light bulb's functionality. Wireless technology has been widely used in the residential sector to adjust luminaire colours and colour for aesthetic purposes inside a constrained space. The wired connection segment, on the other hand, emerged as the top revenue generator in 2020 and is predicted to maintain its dominance throughout the forecast period. For ranges greater than 30 feet, wired connections are required. Ethernet, as an exception, can give wired connectivity within 100 metres, but DALI, DSI, and DLVP enable connectivity above 1000 feet. The growing use of smart lighting in commercial and industrial settings is boosting the demand for wired connectivity in the smart lighting industry. In 2022, wireless had the largest segment share. Wireless networking in a smart lighting system is quite popular among consumers who need connections within a short distance. However, wired connection is expected to be the fastest-growing category during the forecast period, owing to the increasing adoption of smart lighting in commercial and industrial areas, which is boosting the market for wired connectivity in the smart lighting arena.

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Covid-19 Impacts: With travel bans in place and logistics halted, importing lighting supplies becomes extremely difficult. Furthermore, lighting manufacturing facilities came to a halt as their employees were unable to continue their activities due to social distancing rules. The impact on the supply chain slowed not only new lighting projects, but also on-going installations. Many energy efficiency agencies discontinued residential and commercial lighting programmes that helped homeowners and business owners pay for retrofits and new installations for safety considerations. Customers did not pursue new lighting installations because of the uncertain future, even if the agency offered lighting services. Furthermore, the DOE encouraged non-profit applicants to restrict low-income weatherization projects. The impact of COVID-19 on the lighting industry pushed demand to its lowest point. The smart lighting market grew steadily in the aftermath of the COVID-19 epidemic, as businesses resumed normal operations and residential needs increased. The demand for smart lighting surged since it could be operated with little to no touch via voice commands and motion, lowering the risk of people touching the surface and contracting COVID-19. Smart lighting is popular in office spaces and residences, and this trend is projected to continue in the future years. Recent Developments:

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• In March 2022, Acuity Brands, Inc. has come up with Verjure which is a professional horticulture LED lighting solution which provides efficacious and consistent performance for indoor horticulture applications. • In the same year, Wipro Lighting introduced Aqua, a chic line of custom office space lighting solutions, to enliven work areas. Diverse curved luminaires from Aqua can be used to convey an architect's design purpose. • In July 2022, Signify, the global pioneer in lighting, unveiled a new line of intelligent WiZ lighting solutions to provide smart lighting aficionados with better comfort and efficiency daily. WiZ smart lighting has expanded its established line with various tables and lighting fixtures, a compact light switch, and additional roof lights and lamps, allowing consumers a broad range of alternatives to make their house all interconnected with lighting systems. In May 2022, Signify has acquired Fluence from ams OSRAM. In January 2022, Signify has launched its new range of Philips Hue smart lighting products that are made to create a perfect ambiance inside and outside the home. • In November 2022, GE Current has expanded the partnership with Florida Lighting Associates to cover additional territory in Florida; this partnership will drive specifications that concentrate on dependability, quality, and the level of service the customer demands and include its connected controls portfolio and advanced lighting.