Smart Lighting Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

Smart Lighting Market will surpass USD 23 billion by 2025. The growth of the market is driven by the increasing adoption of LED lighting across the globe. The high performance and the energy-efficient nature of LED lighting are driving their adoption across the indoor & outdoor lighting applications. The decline in the average selling price of LED lamps also serves as the major driver for market growth. The stringent government regulations to restrict the use of inefficient lighting technologies are also accelerating the adoption of smart lighting solutions.
The increasing smart city development programs are also augmenting the demand for smart lighting solutions. As the worldwide population is increasing and the energy consumption is rising, governments & regulatory authorities across the globe are shifting toward advanced technology solutions to optimize energy consumption. As a result, governments are investing heftily in smart & connected technology solutions to automate operations and reduce energy consumption. This is encouraging the adoption of smart lighting solutions across the globe.
The increasing adoption of the intelligent street lighting system as well as the rising adoption of Li-Fi technology is serving as a major driver for market growth. However, the data safety and security problems related to the use of smart lighting are acting as an inhibitor in the market growth. Also, the performance, cost, and design issues are the major challenges in the implementation of smart lighting solutions.
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Hardware accounts for the majority share in the market. The market growth is credited to the increasing adoption of connected or smart bulbs across the globe. The proliferation of IoT devices is also serving as a major force driving the demand for the hardware market. On the other hand, the software market will grow at a CAGR of over 22% during the forecast period. The growing adoption of smart home and home automation solutions is driving market growth. Moreover, the integration of wireless technology into lighting solutions is also developing multiple new avenues for the growth of the software market.
Wired technology is a leading technology landscape with more than 70% share in the smart lighting market. The growth of the market is credited to the large-scale adoption of DALI and PLC protocols among residential & outdoor applications respectively. The reliability and the ability to withstand harsh environment condition is also supporting the market growth in the region. Whereas, the wireless technology market is projected to grow with a CAGR of over 21% during the forecast period due to numerous benefits offered by the technology including flexibility, convenience, and cost-effectiveness.
Indoor lighting applications are dominating the smart lighting market with more than 78% of share in the revenue. The market is driven by the growing demand for energy-efficient lighting solutions among residential, commercial, and industrial facilities. The supportive government initiatives for the promotion of energy-efficient lighting along with the ban on the use of inefficient lighting solutions is augmenting the market growth. the rising trend of connected bulb and home automation systems fosters the market growth. On the other hand, the outdoor lighting market is projected to attain a CAGR of over 20% during the forecast timeline. The increasing investments by government authorities in smart city development initiatives are accelerating the adoption of the smart lighting solutions.
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Europe accounts for more than 35% of share in the smart lighting market in 2018. The growth of the market is attributed to the widespread adoption of LED lamps across the region. The governments across the region have rolled multiple programs to phase out the production and use of inefficient lighting technologies. Moreover, the steady economic condition in the region along with the rising smart city development programs is fostering the market growth. On the other hand, the Asia Pacific's smart lighting market will grow at a CAGR of over 19% during the forecast period. The stringent government regulations on the use of inefficient lighting solutions are accelerating the adoption of smart lighting solutions.
The prominent vendors in the smart lighting market space are Acuity Brands, Cree, Deako, Echelon Corporation, GE Lighting, Osram, Philips Lighting, Schneider Electric, Silver Spring Networks, and Tvilight.