Northbrook, IL -- (SBWire) -- 06/10/2021 --The smart lighting market is estimated to grow from USD 13.4 billion in 2020 and projected to reach USD 30.6 billion by 2025, at a CAGR of 18.0%. The major factors driving the growth of the market include 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.
"Lights & luminaires to account for larger share of smart lighting hardware market during forecast period"
The smart lighting hardware market for lights & luminaires is expected to hold the major share during the forecast period, mainly due to the advent of integrated lighting controls with lamps and luminaires. The integration of lighting control products with luminaires enables the embedding of software on microcontrollers, thereby adding intelligence to the entire lighting control system. Such lighting systems offer sensing and control at a spatial resolution, which would drive the demand for smart lights and luminaires during the forecast period.
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"PoE protocol to exhibit highest growth in smart lighting market for wired communication technology during forecast period"
The Power over Ethernet (PoE) wired communication technology market is expected to grow at the highest CAGR during the forecast period. The growth of the PoE protocol segment is driven by factors such as increasing penetration and decreasing cost of LEDs, growing adoption of PoE lighting solutions in commercial and healthcare applications, and rising need for cost-effective lighting solutions.
"Outdoor application expected to grow at a higher CAGR in smart lighting market during forecast period"
The smart lighting market for outdoor 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 enhancing connectivity by constructing roads and installing smart lights for these roads, especially in the developing countries in the APAC region. This, in turn, would spur the growth of the outdoor market.
Key Market Players
Some of the major players in the smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Eaton Corporation (Ireland), General Electric Company (US), and OSRAM Licht (Germany), Lutron Electronics (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and Leviton Manufacturing Company, Inc. (US). Other players operating in the smart lighting market include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), and Enlighted Inc (a Siemens company) (US).
Major Key Trends in Smart Lighting Market