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The Global Smart Lighting Market size is expected to reach $20.3 billion by 2023, rising at a market growth of 20.7% CAGR during the forecast period. Infrastructural development leading to smart cities, demand for energy efficient and intelligent street lighting solutions, increasing adoption and decreasing cost of LEDs, and growing awareness about saving energy are the factors that drive the growth of the smart lighting market. Lighting systems connected with smartphones and wireless switches are powered by touch and offer the freedom to change, customize, and set millions of colors, and transform white light into neutral, to cold, to other various other options. The commercial sector is the largest end-user market, which is driven due to the effectiveness of smart lighting solutions, leading to energy savings and optimal facility management.
Based on Communication Technology, the market report segments the market into Wired and Wireless. The Wired Communication Technology includes Digital Addressable Lighting Interface, Power-Line Communication, Power Over Ethernet, and Others. The Wireless Market is segmented into Wi-Fi, Bluetooth, Zigbee, Enocean, and Others. Based on Component, the Smart Lighting market segments the market into Hardware, Software, and Services. The Hardware market is segmented into Lights & Luminaires and Lighting Controls. The Lighting controls market is further segmented into LED Drivers & Ballasts, Sensors, Switches & Dimmers, Relay Units, and Gateways. Based on Application, the market report segments the market into Commercial, Industrial, Highways & Roadways, Public Places, Residential, and Others. Based on Regions, the Smart Lighting market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Smart Lighting Market. Key companies profiled in the report include Cree, Inc., Koninklijke Philips N.V. (Philips Lighting), Honeywell International, Inc., Wipro Limited (Wipro Consumer Care and Lighting), Acuity Brands, Inc., Eaton Corporation Plc., Legrand S.A., General Electric, Osram Licht AG, and Streetlight.Vision.