Northbrook, IL 60062 -- (SBWIRE) -- 04/29/2022 -- The smart lighting market is expected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026.
Major drivers for the growth of the market are ongoing and upcoming smart city projects in developing cities, improved smart standards for higher power, introduction of new features such as data analytics and API event generation, rising demand of IoT enabled lighting fixtures, increasing use of LED lights and luminaires in outdoor lighting, etc.
The increased digital transformation throughout the globe and adoption of ever-changing technology is also a reason for the increased demand of smart lighting in commercial and industrial sectors. Moreover, the lower manufacturing cost and rapid infrastructure building and increasing government initiatives for energy efficient buildings as well as huge untapped market in countries of APAC act as growth opportunities for developers of smart lighting.
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The smart lighting market for retrofits installation in APAC is projected to have the highest CAGR during the forecast period. This growth is attributed to the stringent government regulations on the use of inefficient lighting solutions, particularly in China, Japan, and emerging economies in the region. Increasing demand for advanced lighting control systems is driving the market for smart lighting software. The smart lighting software market in APAC is expected to record the highest CAGR due to the escalated demand for software-based energy management solutions in China, Japan, India, and the Rest of APAC.
The smart lighting market for indoor end-use application is expected to grow at a higher CAGR during the forecast period. This growth is mainly due to the increasing focus on constructing green buildings and installing smart lights in the commercial segment, especially in the developing countries in the APAC region. This, in turn, would spur the growth of the indoor smart lighting market. The advent of integrated lighting control systems, upcoming smart city projects in developing economies, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide are the major factors contributing to the growth of the smart lighting market. However, disruption in the smart lighting supply chain due to COVID-19 and interoperability issues between different network components are proving to be a challenge for the market.
The smart lighting market is segmented based on offering into hardware, software, and services. The market is also segmented based on end-use application into indoor and outdoor. Based on installation type, the market is segmented into new installations and retrofit installations. Based on communication technology, the market is classified into wired and wireless. Based on region, the smart lighting market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The smart lighting market in these regions is further segmented into different countries.