The smart lighting market is expected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026. APAC has the highest growth rate and is projected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and Australia. China is projected to lead the smart lighting market in APAC owing to the availability of cost-effective land for setting up manufacturing plants as well as for new constructions of commercial spaces, presence of multiple lighting manufacturers, and continuing growth in commercial and industrial buildings as well as smart offices. The booming commercial and industrial sectors would further fuel the adoption of smart lightings in APAC. Factors such as the high initial cost of deployment, and security and reliability issues of smart with IoT-based lighting systems are restraining the growth of the smart lighting market. Growing smart office and smart retail trends, geographical opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination toward energy-efficient lighting solutions are the major opportunities for the smart lighting market. The smart lighting market witnessed a considerable decline in 2020 as a result of COVID-19, but the market has a huge potential as the region has major manufacturing and assembling plants, which could be an opportunity for players in the smart lighting market after it recovers from the COVID-19 crisis by 2023. The smart lighting market is projected to reach a value of USD 10,476 million by 2026 due to the demand for increasing contactless payments, government schemes for national ID cards, and rising e-commerce shopping.
The major companies in the smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and GE Current (US). Other players operating in the smart lighting market include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), Savant Systems Inc. (GE Lighting) (US), and Enlighted Inc. (a Siemens company).
To know about the assumptions considered for the study download the pdf brochure
Top 2 Players in smart lighting Market:
SIGNIFY HOLDING (PHILIPS LIGHTING)
Philips Lighting changed its name to Signify. Signify is an industry leader in connected lighting systems and services and is leveraging the Internet of Things (IoT) to help transform homes, buildings, and urban spaces. The company has its lighting business in over 60 countries and its manufacturing facilities in Europe, South America, and Asia Pacific. Signify is a global market leader with recognized expertise in the development, manufacturing, and application of innovative green lighting products, energy-efficient lighting products, systems, and services. It offers its products under lighting brands, such as Philips, interact, Wiz, Philips Hue, and Color Kinetics. Signify installed the first commercial Power over Ethernet (PoE) connected lighting system for smart offices in the Nordics using Cisco network technology in February 2018. The technology was integrated into a newly built smart office in Albertslund Municipality in Copenhagen, Denmark, allowing office workers to personalize their office lighting using a smartphone app. It included occupancy sensors integrated with the company’s SmartBalance and PowerBalance luminaires with the deployed system. The newly built smart office was integrated with almost 400 LED light fixtures, which were connected to Cisco’s secure networking technology and powered by a small electric charge carried by the network’s ethernet cables. Signify has also achieved 100% carbon neutral in its operations while also ensuring zero waste to landfills. It uses 100% renewable energy for all its operations. Signify operates through four major segments—Lamps, LED, Professional, and Home. The Lamps segment comprises conventional lamps and electronic components (ballast and drivers); the LED segment focuses on LED lamps; the Professional segment includes lighting systems and services for professional consumers, and the Home segment covers consumer luminaires and home systems.
The company offers smart lighting systems, including products such as starter kits, smart light bulbs, lightstrips, lamps & fixtures, and controls. It also offers various smart lighting control components such as sensor-based switches, dimmer switches, and user interfaces in a broad range of keypads and touchscreens. Signify offers these smart lighting products under the Philips Hue brand. It offers a broad range of PoE-enabled luminaires, including Day-Brite, Ledalite, LuxSpace, and Lightolier, for different applications. The company provides Philips connected lighting system that uses PoE technology, which allows meeting sustainability goals and helps in financial savings by space optimization and employee productivity enhancement.
ACUITY BRANDS INC.
Acuity has one operating segment serving the North American lighting market and select international markets. The company sells its products under several brands, such as Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Antique Street Lamps, Sunoptics, eldoLED, Distech Controls, nLight, ROAM, Sensor Switch, Power Sentry, IOTA, and Atrius. The company offers conventional lighting solutions and connected lighting control technology for consumer, industrial, and decorative lighting applications. Key offerings of the company include luminaires and lighting control components and systems, which include sensor-based light switches, smart dimmers, and integrated lighting systems for indoor and outdoor applications.
The company operates 18 manufacturing facilities—8 in the US, 6 in Mexico, 2 in Europe, and 2 in Canada. It sells lighting solutions through independent sales agents, electrical wholesalers, and sales representatives, covering specific geographic areas. Its products are delivered directly or through a network of distribution centers, regional warehouses, and commercial warehouses.
Smart Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology and Geography - Global Forecast to 2026
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE