In 2022, the hardware segment is expected to account for the largest share of the global smart lighting market. The study also evaluates industry competitors and analyses the market at the regional and country levels.īased on offering, the smart lighting market is segmented into hardware, software, and services.
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The smart lighting market is segmented by offering (hardware, software & services), connectivity mode (wired, wireless (Bluetooth, Wi-Fi, others), & hybrid), application (indoor (residential, commercial and industrial), & outdoor) and geography. Office spaces and homes exhibited a high preference for smart lighting, which is expected to persist in the coming years.
The demand for smart lighting increased as it could be operated with minimal to low touch through voice commands and motion, reducing the chances of surface touching and contracting COVID-19 among users. In the later part of the COVID-19 pandemic, the smart lighting market witnessed steady growth, with businesses starting to function normally and residential requirements. The COVID-19 impact on the lighting industry pushed demand to its lowest. Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: įurthermore, the Department of Energy encouraged non-profit grantees to limit low-income weatherization projects. Even if the agencies would provide lighting services, customers did not undertake new lighting installations because of the uncertain future. For safety reasons, many energy efficiency agencies suspended residential and commercial lighting programs that helped homeowners and businessmen pay for retrofits and new installations.
The impact on the supply chain did not just slow down the lighting projects but also ongoing installations. Moreover, lighting production outlets came near a halt as their workforce could not resume their duties due to social distancing norms. With travel bans in place and logistics suspensions, the import of lighting supplies becomes quite challenging. The pandemic impacted many businesses, including smart lighting. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. The COVID-19 pandemic emerged in Wuhan, China, in December 2019. Impact of COVID-19 on the Smart Lighting Market However, the high initial costs of smart lighting equipment and accessories can restrain the growth of this market. In addition, the rapid transition from traditional lighting to connected lighting solutions and the growing proliferation of smart cities are expected to offer significant opportunities for the growth of this market. The growth of this market is driven by factors such as the rising demand for IoT-enabled lighting fixtures and smart lighting solutions, the growing need for energy-efficient lighting systems, and increasing smart home penetration.
In terms of major applications of smart lighting, the industry is currently focused on light intensity dimming, lighting color temperature adjustment, ambient sensing, and monitoring.
Smart lighting is considered the new frontier of the global lighting industry, as there is an increasing trend of smart homes, the Internet of Things (IoT), and a connected world. Smart lighting is defined as an LED-based lighting system with integrated sensors and controllers that are networked (either wired or wireless), enabling lighting products within the system to communicate and exchange data with other devices. 05, 2022 (GLOBE NEWSWIRE) - According to a new market research report titled, ‘ Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless, Hybrid), Application (Indoor, Outdoor) and Geography - Global Forecast to 2029', the smart lighting market is expected to reach $39.91 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.
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