Global smart lighting market is estimated to be valued at US$ 10.3 Bn in 2019, driven by growing demand for energy-efficient lighting systems and growing government subsidies for efficient lighting products and initiatives towards eco-friendly energy-based products for street lighting. For instance, in India, government’s initiatives such as UJALA and Street Lighting National Program (SLNP) have focused on replacing conventional lighting products with LEDs and smart lighting solutions. As of April 2019, Energy Efficiency Services Ltd (EESL), through SLNP, has replaced over 8.9 Mn street lights in 1,400 Indian cities with LEDs. Over recent years, various smart street lighting projects have been initiated with across India. For instance, Philips Lighting India, has installed its Amplight connected street lighting system across municipalities in New Delhi, Varanasi, Hyderabad, and Pune, India.
In addition, decreasing cost of LEDs and growing awareness among consumers are some of the other factors that is expected to drive growth of the market in the near future.
Global Smart Lighting Market Insights, by Application:
In 2019, the indoor application, which includes residential, commercial, and industrial, is estimated to account for the largest revenue share of above 65% driven by increasing consumer spending and adoption of smart home devices especially in developed countries.
Global Smart Lighting Market Key Developments, Insights, and Trends:
Key players focus on acquiring other companies in order to broaden their product portfolio and enhance their local or regional presence
- In February 2019, Lutron Electronics, Inc. acquired Limelight wireless outdoor lighting control system in order to broaden its wireless controls segment
- In June 2019, Duquesne Light Holdings, Inc. (DLH) acquired majority equity interest of TEN Inc., a US-based energy solutions provider, in order to expand its local presence in the country
Global Smart Lighting Market Insights, by Region:
In 2019, the US smart lighting market currently dominates the global market and is estimated to account for over 40% revenue share in 2019. This is primarily due to the robust telecommunication infrastructure and growing adoption of IoT-based devices across the country. This is followed by the market in China which accounts for the second largest revenue share of over 15% in 2019 driven by growing government initiatives and subsidies in the country. The market in countries in Asia Pacific such as India, Japan and South Korea are expected to register significant market growth rate during the forecast period.
Global Smart Lighting Market Size and Forecast: Competition Landscape
Key and emerging players in the market focus on introducing new products in order to broaden their product portfolio and gain an upper hand in the regional market
- In June 2019, Koninklijke Philips N.V. launched its new series Philips Hue smart lights with Bluetooth connectivity
- In June 2019, Jaguar launched ‘Vivid’, a new range of smart bulbs, in order to enhance its presence in the smart lighting solution market
- In August 2019, ET2 Lighting, announced plans to integrate Philips Hue’s smart lighting technology into a line of its decorative luminaires
Some key smart lighting market players are:
- Koninklijke Philips N.V.
- OSRAM Licht AG
- Cree, Inc.
- General Electric
- Honeywell International Inc.
- Wipro Limited
- Skysa Inc.
- Ketra Inc.
- Lutron Electronics
- Hafele Group
- TP-Link Technologies Co., Ltd.
- Belkin International, Inc.
By Product Type:
- Hardware Component
- Lights and Luminaires
- Smart Bulbs/LEDs
- Fluorescent Lamps
- Lighting Controls (Sensors, Switches, Gateways, etc)
- Design & Engineering
- Installation Services
- Maintenance and Support Services
By Installation Type:
- New Installation
- Public Infrastructure
What Will You Discover in the Report?
- An in-depth analysis of the smart lighting market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the smart lighting market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the smart lighting market in near future
- Which current and upcoming technologies will shape up the smart lighting market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the smart lighting industry during the forecast period
- Who are the smart lighting industry leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- Smart Lighting Component Manufacturer
- Smart Lighting OEM
- Smart Lighting Solution Providers
- Consultants and Analysts
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