NEWS
NEWS
Global smart LED lighting market size and forecast from 2021 to 2028
25-06-2022
The global smart LED lighting market size was valued at USD 10.9 billion in the year 2020 and is estimated to grow at a compound annual growth rate (CAGR) of 20.4% from 2021 to 2028.
The penetration of smart LED lights is expected to increase because of controlled power usage, longer life, multiple light setting in a single lamp, and availability of a wide range of modern decorative lighting products. The adoption of smart LED lighting in the residential, commercial, and industrial sectors has not reached its full potential. Hence, various government initiatives to promote the use of smart LED lights are expected to boost their demand. Countries such as China, Brazil, Colombia, Mexico, France, Spain, and Germany have completely banned the sale of incandescent lamps to encourage the adoption of LED lights.
The smart LED lighting market is divided into three components, namely hardware, software, and services. The hardware segment led the market with a revenue share of more than 57% in 2020. Smart lighting hardware has been further classified into lamps and luminaries, wherein the smart lamp segment is exhibiting high growth potential during the period 2021 to 2028. The hardware segment demand is attributed to the popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.
The software segment is also expected to register the highest CAGR . The demand for Smart Lighting is driven by the increasing adoption of smart LED lighting for data-driven causes in critical areas. Also, the software application is required by each brand to facilitate the controlling of lights using smartphones or tablets. The apps also help in connecting smart lights with smart platforms such as Alexa, Crotona, and Siri to control using voice commands.
The indoor smart LED lighting application segment covered most of the market share and grew at the highest revenue. The indoor application is further categorized into residential, commercial and industrial. The residential segment is expected to keep a high growth rate owing to the rising popularity of smart lighting bulbs and fixtures that can be controlled by the user for setting different lighting moods.
The outdoor segment is expected to register the highest CAGR . The outdoor segment is further categorized into highways & roadways, architecture, and others. The outdoor architectural application covers lighting for patio, gardens, exterior walls, and outdoor premises of the residential or commercial space.
Europe takes the lead in making safety and uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and parking. A majority of dedicated smart LED lights vendors can be particularly noted for applications, such as down-lighting, task lighting, landscape lighting, general ambient illumination, and outdoor general area lighting.
Asia Pacific is expected to emerge as a prominent region because of the surging demand from the commercial and residential application segments. China is projected to grow at the largest revenue rate . Countries, including Japan, India, and South Korea, are expected to be at the forefront of smart LED lighting adoption due to their rising economies and increasing investments in smart city projects. The smart lighting demand in the Asia Pacific is largely affected by the changing of lighting across commercial sectors.
The companies are competing to capture a maximum distribution network for more market share. The traditional manufacturers and new players in the market understand the importance of distribution networks. The practice of wider integration is increasing among manufacturers. A strong distribution network can achieve rapid replacement of traditional lights with LED smart lights. Technological innovation has resulted in reducing product prices greatly and increased the penetration of smart lighting around. Some of the world-famous players in the global smart LED lighting market are:
Acuity Brands
Signify Holding
Honeywell International Inc.
Itron Inc (Streetlight Vision)
Ideal Industries, Inc.
Hafele GmbH & Co KG
Wipro Consumer Lighting
YEELIGHT
Sengled Optoelectronics Co., Ltd.
Verizon
Schneider Electric SA
The penetration of smart LED lights is expected to increase because of controlled power usage, longer life, multiple light setting in a single lamp, and availability of a wide range of modern decorative lighting products. The adoption of smart LED lighting in the residential, commercial, and industrial sectors has not reached its full potential. Hence, various government initiatives to promote the use of smart LED lights are expected to boost their demand. Countries such as China, Brazil, Colombia, Mexico, France, Spain, and Germany have completely banned the sale of incandescent lamps to encourage the adoption of LED lights.
The smart LED lighting market is divided into three components, namely hardware, software, and services. The hardware segment led the market with a revenue share of more than 57% in 2020. Smart lighting hardware has been further classified into lamps and luminaries, wherein the smart lamp segment is exhibiting high growth potential during the period 2021 to 2028. The hardware segment demand is attributed to the popularity of connected lighting bulbs and fixtures that can change hues, dim lights, and switch on/off using a controlling device such as a smartphone or tablet.
The software segment is also expected to register the highest CAGR . The demand for Smart Lighting is driven by the increasing adoption of smart LED lighting for data-driven causes in critical areas. Also, the software application is required by each brand to facilitate the controlling of lights using smartphones or tablets. The apps also help in connecting smart lights with smart platforms such as Alexa, Crotona, and Siri to control using voice commands.
The indoor smart LED lighting application segment covered most of the market share and grew at the highest revenue. The indoor application is further categorized into residential, commercial and industrial. The residential segment is expected to keep a high growth rate owing to the rising popularity of smart lighting bulbs and fixtures that can be controlled by the user for setting different lighting moods.
The outdoor segment is expected to register the highest CAGR . The outdoor segment is further categorized into highways & roadways, architecture, and others. The outdoor architectural application covers lighting for patio, gardens, exterior walls, and outdoor premises of the residential or commercial space.
Europe takes the lead in making safety and uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and parking. A majority of dedicated smart LED lights vendors can be particularly noted for applications, such as down-lighting, task lighting, landscape lighting, general ambient illumination, and outdoor general area lighting.
Asia Pacific is expected to emerge as a prominent region because of the surging demand from the commercial and residential application segments. China is projected to grow at the largest revenue rate . Countries, including Japan, India, and South Korea, are expected to be at the forefront of smart LED lighting adoption due to their rising economies and increasing investments in smart city projects. The smart lighting demand in the Asia Pacific is largely affected by the changing of lighting across commercial sectors.
The companies are competing to capture a maximum distribution network for more market share. The traditional manufacturers and new players in the market understand the importance of distribution networks. The practice of wider integration is increasing among manufacturers. A strong distribution network can achieve rapid replacement of traditional lights with LED smart lights. Technological innovation has resulted in reducing product prices greatly and increased the penetration of smart lighting around. Some of the world-famous players in the global smart LED lighting market are:
Acuity Brands
Signify Holding
Honeywell International Inc.
Itron Inc (Streetlight Vision)
Ideal Industries, Inc.
Hafele GmbH & Co KG
Wipro Consumer Lighting
YEELIGHT
Sengled Optoelectronics Co., Ltd.
Verizon
Schneider Electric SA
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