Global $45 Bn Smart Lighting Market Outlook to 2028 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Smart Lighting Market Outlook, 2028” report has been added to ResearchAndMarkets.com’s offering.

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.

In recent years, the market for smart lighting has experienced significant growth, owing primarily to ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation.

These factors will drive market growth through the projected period’s conclusion. Furthermore, the increase in demand for IoT-enabled lighting fixtures and smart lighting solutions, as well as the increasing use of LED lights and luminaires in outdoor lighting, will boost smart lighting demand in the near future.

The concept of smart houses has become a reality as a result of modern technical breakthroughs likes as Bluetooth, IoT, and cloud computing. With smart home features being adopted in more and more common households, there is a growing need for smart LED lighting systems that can be connected to other electrical devices and controlled remotely.

Smart lighting systems driven by LED lights are also projected to provide attractive potential for LED applications in commercial and industrial settings. In today’s lighting market, the smart lighting system is one of the most modern lighting technologies and energy management systems.

Every luminaire in the smart lighting system has sensors and automatic control functions that monitor and react to occupancy, pre-selected light levels, and changes in ambient daylight levels. One of the important characteristics that include reducing energy usage and boosting controls factor in conformity with consumers’ expectations is automated sensing functionality.

As a result, smart lighting systems are extremely efficient, intelligent, and quickly reconfigurable to react to changes in the environment or the needs of users. Whatever the application, the smart lighting system may provide automated energy savings as well as exceptional flexibility to improve the user experience. Smart lights are made up of multiple networked components, including lighting fixtures that collect data about their surroundings and allow users to control or alter equipment based on their needs.

Furthermore, technological breakthroughs that enable the simple integration of functionalities such as environmental sensing and voice control in lighting systems have broadened and diversified the spectrum of smart lighting applications.

Recent Developments

• In February 2023, the world leader in lighting, Signify, provided connected lighting systems, smart poles, and LED street lighting to the industrial parks in Huanggang City, Hubei Province, China. With the help of this massive smart pole project, the province will be able to reduce energy use and emissions while also modernizing the city’s infrastructure.
• In February 2023, Honeywell Carbon Capture Technology to be used by ExxonMobil.
• In February 2023, Signify helped the German municipality of Eichenzell become a future-proof smart city through intelligent street lighting. Its BrightSites solution brings fast, wireless broadband connectivity to the city, allowing Eichenzell to cater to next-generation IoT applications and future 5G densification. Signify installed LED lighting, which is managed by the Interact City System. Eichenzell can continuously monitor and manage all lights from a single dashboard.
• In January 2023, Savant Company GE Lighting announced the expansion of its smart home ecosystem, Cync. Cync unveiled its entire Dynamic Effects entertainment lineup, which includes 16 million colors, pre-set and custom light shows, on-device music syncing, and other features. In addition, following a successful launch last year, Cync has expanded its Wafer light fixture line.
• In February 2023, Signify supplied LED street lighting, intelligent poles, and a connected lighting system to the industrial parks in Huanggang City in Hubei Province, China. The city opted for Signify’s BrightSites smart poles, Philips LED streetlights, and Interact connected lighting system. This combination provides high-quality, energy-efficient LED lighting and two-way communication on a cloud-based platform.
• January 2023 – Lutron plans to provide new solutions and upgrade existing products that enable AV professionals to offer high-quality, future-ready lighting control while allowing clients to achieve their interior design dreams, removing the need to choose between aesthetics and experience.

Competitive Landscape

Competitive Dashboard

• Business Strategies Adopted by Key Players
• Key Players Market Share Insights and Analysis, 2022
• Key Players Market Positioning Matrix
• Porter’s Five Forces

Company Profiles

• Signify N.V.
• Honeywell International Inc.
• Panasonic Holdings Corporation
• Legrand S.A.
• Osram Licht Ag
• Eaton Corporation Plc
• ABB Ltd
• Hubbell Incorporated
• General Electric Company
• Wipro Enterprise Ltd
• Zumtobel Group AG
• Everlight Electronics Co, Ltd
• Itron Inc.
• Opple Lighting Co. Limited
• Lumileds Holding B.V.
• Seoul Semiconductor
• Dialight Plc
• Havells India Limited
• Acuity Brand Inc.
• NVC Lighting Technology Corporation

Considered in this report

• Geography: North America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Countries covered in the report:

• United States
• Canada
• Mexico

By Offerings:

• Hardware
• Software
• Services

By Application:

• Indoor
• Outdoor

By Indoor:

• Commercial
• Residential
• Industrial
• Others

By Price Range:

• Highways & Roadways
• Architectural Lighting
• Light for public places

For more information about this report visit https://www.researchandmarkets.com/r/np0xp5

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