Smart Lighting Market Analysis

Smart Lighting Market Analysis

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Based on application, the smart lighting market is divided into indoor lighting and outdoor lighting. The indoor lighting segment dominated the global market with a share of over 70% in 2023.

• The growing trend towards smart homes, where various devices & systems are connected and controlled through smart technology is driving the demand for smart indoor lighting. Consumers are increasingly adopting smart lighting solutions to improve comfort, energy efficiency and overall home automation. Indoor smart lighting systems are designed to seamlessly integrate with popular smart home ecosystems like Amazon Alexa, Google Assistant and Apple HomeKit. This integration allows users to control interior lighting via voice commands or a centralized smart home platform, helping to grow segments.

   

• Smart room lighting systems allow users to personalize and personalize their lighting experiences. This includes adjusting light levels, changing colors, and creating lighting conditions for different activities (e.g. reading, relaxing, or entertaining). An emphasis on an enhanced user experience supports lighting smart indoor controls play a big role.

Based on component, the market is divided into hardware, software, and services. The hardware segment is expected to register a CAGR of over 15% during the forecast period.

• The integration of smart lighting systems with the Internet of Things (IoT) is a key factor driving the hardware segment growth. Smart bulbs, luminaires, and light controls are equipped with connectivity features, enabling users to control & monitor lighting remotely through smartphones, tablets, or other IoT devices.

   

• Smart bulbs are becoming more technologically advanced, offering features such as color-changing capabilities, tunable white light, and compatibility with voice assistants & smart home ecosystems. These advancements make smart bulbs more appealing to consumers, contributing to increased sales and segment growth.

Asia Pacific smart lighting market is expected to grow at a CAGR of over 17% till 2032. Many countries in Asia Pacific are experiencing rapid urbanization and industrialization as cities expand and modernize energy efficient, safe, urban areas whole life And to increase demand smart lighting solutions are on the rise Many cities in the Asia-Pacific region are investing in smart city initiatives to improve urban infrastructure and services. Smart lighting is an integral part of these systems, helping to save energy, improve public safety and improve quality of life.

The market in China is developing at increasing rates fostered by urbanization processes, the introduction of advanced technologies and an increase in the number of smart homes. Smart lighting systems will benefit the Chinese government since efficiency is one of the objectives of its energy policy. For instance, in August 2023, Signify, a world leader in lighting, inaugurated its biggest LED lighting manufacturing site in the world in Jiujiang, Jiangxi Province, China. Large-scale smart city projects, coupled with the increasing demand for intelligent and connected living spaces, contribute to the flourishing smart lighting industry in China. Key players in the industry are actively innovating to cater to the diverse needs of the Chinese consumer base.

The Japan smart lighting market is defined by technological and cultural characteristics which celebrates efficiency. Smart lighting that focuses on energy conservation and is eco-friendly is gaining popularity in both the residential uses and C&I customers. For instance, in January 2023, Nichia, a Japanese-based and world’s largest LED manufacturer & inventor of high-brightness blue and white LEDs, announced the addition of the NVSW719AC and NVSW219C-V2 to its industry-standard ceramic, high-power 3535 size portfolio of LEDs. Japan's technological leadership, coupled with a high standard of living, positions it as a key market for innovative smart lighting solutions.

Further, the smart lighting industry in the U. S. is growing at significant rate, owing to innovation and an increased awareness of energy conservation. More so, due to the rising popularity of smart home solutions and the incorporation of IoT into homes, consumers in the U. S. are taking up smart lighting systems for homes and offices amongst other things. For instance, in July 2023, Lumileds, a world leader in LED innovation and manufacturing, announced that it produces LUXEON Matrix products and custom-integrated LED solutions for the lighting industry in the U.S. This allows Lumileds to provide improved support for North American customers, reduce transportation costs, time & environmental impacts, eliminate tariffs, and simplify the entire supply chain. The market benefits from a supportive regulatory environment including government initiatives promoting energy conservation and sustainability.