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Smart Lighting Market - Forecasts from 2021 to 2026

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  • 115 Pages
  • November 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5510676
The smart lighting market is projected to witness a compound annual growth rate of 15.02% to grow to US$21.791 billion by 2026, from US$8.182 billion in 2019.

The market is expected to surge in the coming years due to the growing IoT penetration, increasing trend of smart homes, and surging enhancement and advancement in LED technology. The rising urban population is also expected to play a major role in the market growth. According to the data given by the World Bank, 68% of the global population is expected to reside in urban areas by 2050, up from 55% in 2018. The increasing electricity consumption is also expected to enhance the market growth, as consumers and other users have been looking at more affordable and energy-saving solutions. The International Energy Agency had stated in its New Policies Scenario that in all regions and fields, the annual electricity demand is expected to increase by around 2%, till 2040. The report had also stated that the global electricity consumption is expected to increase from 25,679 billion kWh to around 40,443 billion kWh. Moreover, the rising investment in the development of smart homes and cities is also expected to play a major role in the market growth. Moreover, the increase in social and cultural events, such as concerts, sports matches, and other related events are also expected to have a positive impact on the market. These developments are expected to enhance investments in the smart lighting market.

The rising construction of smart cities and smart buildings provides robust potential for the smart lighting market.

The market is expected to surge in the coming years, due to the rise in the demand for smart cities and homes, worldwide. Smart cities include smart lighting systems, for various applications and end-users, such as smart streetlights. China has been making significant developments in the market. According to the USCC, the country’s smart city solutions market has been more than US$1.1 trillion in 2019 and is growing at a significant rate. The country has also been developing around 500 smart city projects. India is also making a significant impact in the market. According to the country’s Ministry of Housing Affairs, projects worth INR 183,428 Crores have been tendered and around 100 smart cities have been on the planning stage. In Europe, in August 2021, Tipperary County Council in Ireland announced that it had piloted a smart lighting system in three locations of Clonoulty, Drangan, and Thurles. The novel deployments had been part of the Interreg Northwest Europe Smart-Space project. This development is expected to have a positive impact on the market. Major companies have been making significant developments in the market. For instance, Legrand, a specialist in network and electrical solutions, announced the expansion of its designer outlets and switches to include smart lighting solutions that have been featuring and containing Netatmo smart home technology. These developments are expected to play a major role in the market growth, in the coming years. 

Pandemic Insights

Major companies have been making significant developments in the market. For instance, Philips Hue, a key smart light producer, has announced a novel smart light system for the house, which also contains built-in Spotify integration within its Hue app. The company’s novel products consist of a new ceiling and four gradient-enabled smart lights. There are also two brighter smart bulbs in the company’s product lineup. These developments are expected to enhance the market growth, in the coming years.

The smart lighting market had been growing at a healthy pace before the outbreak of the COVID-19 pandemic. However, the COVID-19 pandemic harmed the market growth as the lockdowns were implemented in most parts of the world which disrupted the supply chain and hence had a negative impact on production. Furthermore, the government of countries such as China and India postponed the residential projects in their countries, which is further estimated to have a negative impact on the smart lighting market. Also, China, which is a major supplier of electrical components shut down its manufacturing facilities in the initial months of the outbreak as a measure to curb the spread of the coronavirus, and hence the lack of electrical components’ supply from China harmed the smart lighting market in various countries. Moreover, the decline of end-user industries such as automotive during the pandemic further broke the back of the smart lighting market.

Key Developments:

  • August 2021, Product Launch. Signify launched a wide range of unique smart wi-fi enables lights in the country. Sold under the brand Philips, this Wiz smart light portfolio includes an LED downlighter, T-bulb, and T-beamer. These wi-fi-enabled smart bulbs can be connected with home automation devices like Google Assistance for touch-free operation.
  • 2020, Venture. Honeywell International partnered with Signify to deploy integrated, smart lighting solutions for commercial buildings. The collaboration integrates Signify's Interact connected lighting system and software, and its UV-C disinfection lighting, with Honeywell Building Management Systems and the Honeywell Forge enterprise performance management platform.

Market Segmentation:

By Type

  • LED Lamps
  • Fluorescent Lamps
  • High-Intensity Discharge Lamps

By Application

  • Commercial
  • Industrial
  • Residential
  • Automotive
  • Others

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Others
  • Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Others
Frequently Asked Questions about the Smart Lighting Market

What is the estimated value of the Smart Lighting Market?

The Smart Lighting Market was estimated to be valued at $8.18 billion in 2019.

What is the growth rate of the Smart Lighting Market?

The growth rate of the Smart Lighting Market is 15.0%, with an estimated value of $21.79 billion by 2026.

What is the forecasted size of the Smart Lighting Market?

The Smart Lighting Market is estimated to be worth $21.79 billion by 2026.

Who are the key companies in the Smart Lighting Market?

Key companies in the Smart Lighting Market include Acuity Brands Lighting, Lutron Electronics, Johnson Controls, Osram, Daintree Networks, General Electric, Honeywell International, Philips and Svarochi.

Table of Contents

1.1. Market Definition
1.2. Market Segmentation
2.1. Research Data
2.2. Assumptions
3.1. Research Highlights
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5.1. Introduction
5.2. LED Lamps
5.3. Fluorescent Lamps
5.4. High-Intensity Discharge Lamps
6.1. Introduction
6.2. Commercial
6.3. Industrial
6.4. Residential
6.5. Automotive
6.6. Others
7.1. Introduction
7.2. North America
7.2.1. United States
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. UK
7.4.2. Germany
7.4.3. France
7.4.4. Italy
7.4.5. Spain
7.4.6. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Israel
7.5.4. Others
7.6. Asia Pacific
7.6.1. Japan
7.6.2. China
7.6.3. India
7.6.4. Australia
7.6.5. Others
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9.1. Acuity Brands Lighting
9.2. Lutron Electronics
9.3. Johnson Controls
9.4. Osram
9.5. Daintree Networks
9.6. General Electric
9.7. Honeywell International
9.8. Philips
9.9. The Smart Lighting Company
9.10. Svarochi

Companies Mentioned

  • Acuity Brands Lighting
  • Lutron Electronics
  • Johnson Controls
  • Osram
  • Daintree Networks
  • General Electric
  • Honeywell International
  • Philips
  • The Smart Lighting Company
  • Svarochi