A new report from global market research firm Research and Markets projects that the global smart lighting market size will reach an estimated $38.68 billion by 2026.
In 2019, North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Europe.
Emerging advancements in smart lighting; rapid adoption of residential, commercial, and industrial automation; and a rise in penetration of smart infrastructure fuel the global smart lighting market growth.
Recent years have witnessed fast adoption of Zigbee wireless technology in the IoT market. Most smart devices used for residential and commercial purposes are equipped with Zigbee technology. It offers consumers easy-to-use control over installed LED light bulbs, LED fixtures, switches, and remotes, which creates lucrative smart lighting market opportunities globally.
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Digital addressable lighting interface (DALI) has a major adoption in buildings as it provides manufacturers with reliable low-cost solutions. In addition, benefits of reconfiguration, switching of individual lights as per the need of illumination, and other remote access features drives the demand for DALI system in large space premises.
Among various regions, North America was the highest revenue generator in 2018 and maintain its dominance in the future. This is attributed to the rise in the adoption of automation, which creates lucrative opportunities for smart lighting market forecasts.
Asia-Pacific is projected to grow at the fastest rate throughout the smart lighting market analysis period, China in this region witnessed the highest demand for smart lighting in 2018, due to wide adoption of autonomous infrastructure and stringent government regulations associated with sustainable development.
Moreover, enhancement in industrial autonomy and an increase in expenditure in emerging markets such as Latin America and the Middle East to meet the demand for exponentially growing economies in these countries have strengthened the smart lighting market.
Smart lighting is designed to manage luminance remotely. It ensures energy efficiency and includes automated controls and highly efficient fixtures that can adjust depending on conditions, such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effects to space. Furthermore, these systems include general, accent, and task lighting. Besides this, smart lighting systems ensure lower energy usage and high-cost savings.
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