NEW YORK — As per the recent market research study published by P&S Intelligence, the smart lighting market garnered $10,600.8 million in 2021, and it is projected to generate $47,674.3 million in 2030, rising at a rate of 18.2% from 2021 to 2030. It is ascribed to the surging demand for energy-efficient lighting, especially LEDs, and the development of smart cities.
LEDs Can Save $225 in Electricity Bills
In an average house, lighting consumes around 15% of the total electricity, and the usage of LEDs can save $225 in energy bills. The availability of a wide range of features, including energy usage monitoring, automatic on/off, and Bluetooth, Wi-Fi, and ZigBee connectivity, along with the rising adoption of IoT devices and smart assistant platforms, propels the smart lighting demand.
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The new installation category captures an approximately 60% industry share, led by the strong focus on removing conventional lighting systems from the mainstream and installing novel lamps and associated controls in their stead. This trend is easily visible in the newly constructed industrial, commercial, and residential spaces.
Lighting Control Holds Largest Industry Share
Among all kinds of hardware, lighting control captures the largest industry share, led by the rising count of technological advancements and transformations in smart lighting system controls.
LEDs To Experience Fastest Growth
LEDs will continue to experience the fastest growth in the smart lighting industry, driven by the technological advancements in LED lighting. The industry is also propelled by the rising consumer awareness of the advantages of more-energy-efficient and reliable lighting sources over the conventional incandescent lamps.
Rising Popularity of Wireless Connectivity
Wireless connectivity is massively preferred among consumers who need small-range connections; thus, its usage will continue to be higher in the coming years. Wireless technologies, including SmartThings, ZigBee, Wi-Fi, Bluetooth, and Z-Wave, connect lighting fixtures with smartphone apps, to provide remote control.
Increasing Indoor and Outdoor Smart Lighting Applications
Smart lighting is utilized in both indoor and outdoor applications, of which indoor application dominates the industry. Further, among the three major sectors, the usage of smart lighting for interior applications in the residential sector is projected to experience a high growth rate in the coming years. This would be due to the increasing popularity of fixtures and smart bulbs that can be controlled by users with a smartphone.
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Europe Is Strongest Catalyst for Global Smart Lighting Revolution
- Europe holds the largest industry share, and it is projected to generate approximately $18 billion in 2030.
- This is credited to the growing tech-enabled workspace adoption and acceptance of standard protocols for lighting control systems.
- North America captures the next-significant industry share, ascribed to the rising adoption of smart and energy-efficient solutions to resolve the lighting and high energy bill issues.
- APAC is projected to experience massive development in the market because of the growing residential and commercial illumination demand. The surging investments in smart city projects are also expected to boost the industry growth.