According to the recent study the Smart Lighting Market is projected to reach an estimated $21.7 billion by 2027 from $10.2 billion in 2021, at a CAGR of 13% from 2021 to 2027. Growth in this market is primarily driven by development of smart cities, increasing wireless technology, and increasing awareness towards energy saving.
Browse 103 figures / charts and 108 tables in this 195 -page report to understand trends, opportunities and forecast in smart lighting market by product type (smart bulbs, fixtures, control systems), light source (light emitting diode, fluorescent lamps, high-intensity discharge lamps, and others), application (indoor lights and outdoor lights), communication technology (wired and wireless), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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"Control system market is expected to remain the largest segment during the forecast period."
Based on product type, the smart lighting market is segmented into smart bulbs, fixtures, control systems. Lucintel forecasts that the control system market is expected to remain the largest segment due to growth in home automation and to improve energy efficiency.
"Within the smart lighting market, the light emitting diodes (LEDs) segment is expected to remain the largest light source"
Based on light source the light emitting diodes (LEDs) segment is expected to witness the highest growth over the forecast period due to the declining cost of LEDs, low maintenance and high energy efficiency is expected to spur the growth of this segment over the forecast period.
"Europe will dominate the smart lighting market in near future"
Europe is expected to remain the largest market due to the growing standard of living and increasing automation in Germany, France, and the United Kingdom building and construction industries.
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Major players of smart lighting market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Zumtobel Group, CREE Inc, AMS, Signify N.V., Savant Systems, SemiLEDs Corporation are among the major smart lighting providers.
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