The global Smart Light or Lightning Control Market is estimated to be valued at US$ 21.03 Bn in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart lights can be remotely controlled through smartphones or directly integrated into other home automation systems. They offer advantages such as energy saving, scheduling and automation capabilities. The demand for smart and energy efficient lights is increasing with growing concerns over energy consumption and carbon footprint.
Market key trends:
One of the key trends driving the growth of this market is the increasing adoption of IoT technologies. Integration of lighting solutions with IoT enables remote monitoring and control of lights from anywhere. This has resulted in the development of smart cities concept worldwide. Another major trend is the increasing demand for wireless lighting control systems. Wireless systems offer flexibility of installation and are more cost effective than wired solutions. This has propelled many vendors to invest in development of wireless products.
Segment Analysis
The global smart light or lighting control market is segmented by type, end-use, connectivity and geography. By type, the market is segmented into lighting fixture, light control and others. The lighting fixture segment dominated the market in 2022 owing to its wide application in both indoor and outdoor lighting. Further, the availability of efficient and long-lasting LEDs for lighting fixtures has increased their demand.
By end-use, the market is classified into residential, commercial, industrial and outdoor. The residential end-use sector held the largest market share in 2022 as consumers increasingly adopt smart lighting solutions to reduce energy costs and create ambiance at home. The commercial end-use segment is expected to grow at a high CAGR during the forecast period due to rising implementation of smart lighting in offices, malls, shops and other commercial spaces.
By connectivity, the market is divided into wired and wireless connectivity. The wireless connectivity segment is anticipated to register the highest CAGR from 2023 to 2030 as it offers easy installation and remote operations without any direct wiring.
Key Takeaways
- The Global Smart Light Or Lighting Control Market Demand is expected to witness high growth, exhibiting CAGR of 22.% over the forecast period, due to increasing demand for energy efficient lighting solutions and growing need for ambience control at homes and offices.
- Asia Pacific dominated the global market in 2022 holding around 30% share of the total market revenue. Rapid infrastructure development and growing construction activities in China, India and other Southeast Asian countries are driving the adoption of smart lighting systems in the region.
- North America is expected to be the fastest growing market during the forecast period owing to rising implementation of lighting control solutions in the US and Canada for smart city projects. Government initiatives to promote energy savings are also supporting market growth.
- Key players operating in the smart light or lighting control market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V., Legrand, Jaquar India. These players are focusing on new product launches and partnerships to gain higher revenue shares.
For more insights, read- https://www.marketwebjournal.com/smart-light-lightning-control-market-growth-and-trnds-analysis-share-size-demand-forecast/
