Smart Lighting Market Share, Growth and Forecast
Smart lighting is intended to control illumination from a distance. It guarantees energy efficiency and incorporates automated controls as well as highly effective fixtures that can be modified based on factors like occupancy and external lighting conditions. Lighting represents a deliberate application of light to enhance both practical and aesthetic aspects of a space. Moreover, these systems encompass general, accent, and task lighting functions. Furthermore, smart lighting systems encourage significant cost savings and lower energy use.
According to SPER market research, ‘Global Smart Lighting Market Size- By Component, By Connectivity, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Smart Lighting Market is predicted to reach 168.65 billion by 2034 with a CAGR of 22.31%.
Drivers:
The market is expanding due to the rising demand for energy-efficient lighting solutions. Smart lighting systems are engineered to minimize electricity usage by enabling more accurate control over lighting levels and schedules. In addition, the rising implementation of energy-efficient technologies in illumination, particularly light-emitting diode (LED) lighting, is further enhancing market growth. Additionally, the broad integration of sensors and connectivity, which enables smart lighting to adapt to the availability of natural light or the occupancy status in a room, serves as a catalyst for growth. Furthermore, the enactment of various policies by governments and environmental organizations worldwide, which advocate for the adoption of energy-efficient lighting solutions to lower carbon emissions and address climate change, is invigorating market development.
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Restraints:
The internet-connected devices associated with the smart lighting system present significant cybersecurity risks that could obstruct market growth. Given that smart lighting systems rely on internet connectivity and IoT infrastructures, they are vulnerable to potential breaches, cyber-attacks, and misuse. If hackers take advantage of network vulnerabilities, the lighting network, along with potentially other connected devices within a building or smart city setup, could be compromised. These threats encompass unauthorized modifications of light levels, data theft, and disruption of essential services, among others.
The market was dominated by Europe, which in 2024 had the biggest revenue share. The area is leading the way in creating consistent performance and safety requirements for particular indoor commercial smart lighting applications, such as parking lots, garages, and roads. The emergence of dedicated LED luminaires and LED replacement smart lamps represents significant growth opportunities within the lighting sector, driven by ongoing advancements in LED design and technology. Some of the key market players are Acuity Brands Lighting, Inc, Signify Holding, Honeywell International Inc, Itron Inc, IDEAL INDUSTRIES, INC, and others.
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