PUBLISHER: Roots Analysis | PRODUCT CODE: 1857194
 
				PUBLISHER: Roots Analysis | PRODUCT CODE: 1857194
As per Roots Analysis, the global smart lighting market size is estimated to grow from USD 18.33 billion in the current year to USD 137.24 billion by 2035, at a CAGR of 20.08% during the forecast period, till 2035.

The opportunity for smart lighting market has been distributed across the following segments:
Type of Component
Type of Capability
Type of Lighting
Type of Lighting Technology
Type of Installation
Type of Application
Type of Sales Channel
Geographical Regions
Smart Lighting Market: Growth and Trends
Smart lighting represents a new trend in the realm of home automation and energy efficiency. As connected devices become more prevalent and the demand for sustainable living increases, smart lighting is poised to transform how we illuminate our living environments. In contrast to conventional lighting, smart lights can be managed or automated using various sophisticated technologies and interfaces, including voice assistants, sensors, mobile devices, and network connections.
The benefits of smart lighting include customization, remote management, adaptive illumination, energy savings, enhanced security, and improved safety. These benefits make it an attractive option for a range of settings, such as residences, workplaces, commercial properties, and outdoor spaces, offering both convenience and efficiency.
Regarding sustainability, smart lighting is increasingly recognized as a vital component in the development of nations and their environmental impact. Implementing smart lighting in commercial and industrial sectors has the potential to enhance both the economy and the environment. According to information from the United Nations Act Now, the energy supply industry is responsible for 35% of global greenhouse gas emissions. Nevertheless, ongoing efforts to raise awareness about the environmental effects of energy consumption have contributed to a slowdown in the global rate of greenhouse gas emissions, with smart lighting playing a significant role in this progress.
By utilizing automation, AI, and IoT technologies, stakeholders are providing advanced smart lighting solutions that feature remote control, voice activation, and energy-efficient functionalities. These characteristics of smart lighting greatly enhance homeowners' ability to manage their lighting preferences with unparalleled control and flexibility. As a result of the above mentioned factors, the smart lighting market is expected to grow significantly throughout the forecast period.
Smart Lighting Market: Key Segments
Based on type of component, the global smart lighting market is segmented into hardware, software, and services. According to our estimates, currently, the hardware components, particularly lights and luminaires, captures the majority of the market share. This can be attributed to the increasing demand and sales for smart bulbs and IoT-connected lighting devices.
However, the software segment is expected to grow at a higher CAGR during the forecast period, due to the rising adoption of IoT technologies integrated with smart lighting has led to higher software demand, which is crucial for controlling smart lights via devices like smartphones and tablets. Additionally, the capability of smart lights to connect with platforms such as Alexa, Google, Siri, and others enhances the growth of this segment by providing voice control features through these systems.
Based on type of connectivity, the global smart lighting market is segmented into hybrid, wired, and wireless. According to our estimates, currently, the wired segment captures the majority of the market share during the forecast period. This can be ascribed to the increasing implementation of smart lighting in both commercial and industrial sectors. Additionally, it is widely utilized across various sectors such as office buildings, shopping centers, and educational facilities where reliable and controlled lighting systems are crucial.
On the other hand, the wireless segment, which includes Bluetooth, EnOcean, Wi-Fi, ZigBee, and 6lowpan, is expected to grow at a higher CAGR during the forecast period. This is due to the rising demand for wireless connectivity, which is propelled by its high data transmission rates and capability to connect directly to home networks without the need for extra hubs or gateways.
Moreover, Bluetooth connectivity provides user-friendly direct control via smartphones and tablets without requiring an internet connection, significantly boosting the growth of this segment.
Based on type of lighting, the global smart lighting market is segmented into fixtures, lighting controls, and smart bulbs. According to our estimates, currently, the smart bulbs segment captures the majority of the market share. Smart bulbs are favored by consumers due to their affordability, user-friendly nature, and broad compatibility, which significantly contributes to the growth of this segment. Additionally, the lower upfront costs and straightforward installation further enhance the demand for smart bulbs, driving market expansion.
On the other hand, the fixtures segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to the rise in new construction within both the residential and commercial sectors, which often require comprehensive lighting solutions where smart fixtures, integrated with smart bulbs and controls, are essential.
Based on type of lighting technology, the global smart lighting market is segmented into CFL, fluorescent, halogen, incandescent, and LED. According to our estimates, currently, the Light Light-emitting diode (LED) segment captures the majority of the market share. This can be attributed to the advantages of LED, such as cost savings, compatibility with smart technology and energy efficiency.
On the other hand, the incandescent lighting segment is expected to grow at a higher CAGR during the forecast period. Incandescent lighting, one of the earliest forms of electric lighting, continues to be in demand due to its simplicity and compatibility for replacement with existing fixtures, which does not require special controls or devices.
Based on type of installation, the global smart lighting market is segmented into new installation and retrofit installation. According to our estimates, currently, the new installation segment captures the majority of the market share and this trend is unlikely to change in future. This can be attributed to the increased uptake of smart lighting in new buildings, where such systems can be easily integrated into initial construction plans, allowing for optimal wiring and placement.
On the other hand, the retrofit segment is expected to grow at a higher CAGR during the forecast period, driven by the rising consumer interest in SMART LIGHTING technologies aimed at enhancing living spaces with minimal disturbances.
Based on type of application, the global smart lighting market is segmented into indoor (commercial, industrial and residential) and outdoor (architectural, highways & roadways, lighting for public places and stadiums). According to our estimates, currently, the indoor segment captures the majority of the market share, due to the rapid urbanization occurring globally. This is especially true in developing nations, which are increasingly incorporating smart lighting systems into their new infrastructure projects, including buildings, schools, hospitals, and more.
On the other hand, the outdoor segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to the rise of smart city initiatives, along with the development of highways and roadways across the globe.
Based on type of sale channels, the global smart lighting market is segmented into direct sales and indirect sales. According to our estimates, currently, the indirect sales channel captures the majority of the market share, due to the rapid urbanization occurring globally. This can be attributed to the collaborations with e-commerce platforms, retailers, and distributors, which have enhanced the availability of smart lighting products. These channels offer extensive consumer reach and logistical support, creating more opportunities for manufacturers in the smart lighting sector.
Based on geographical regions, the smart lighting market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Europe captures the majority share of the market, due to the widespread adoption of smart lighting technology and a strong focus on energy efficiency and sustainability. However, the market in Asia Pacific is expected to grow at relatively higher CAGR during the forecast period.
Smart Lighting Market: Research Coverage
The report on the smart lighting market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits
 
                 
                 
                