The global smart lighting market size was USD 10.79 billion in 2021, and it is expected to achieve a revenue compound annual growth rate (CAGR) of 20.6% during the forecast period. The primary driver for the market's revenue growth is the increasing demand for energy-efficient lighting systems. Smart lighting utilizes Compact Fluorescent Lamps (CFL) or Light Emitting Diode (LED) bulbs instead of traditional incandescent bulbs, resulting in reduced electricity consumption. An energy star certified smart bulb can use 70% to 90% less energy compared to a standard bulb. LED smart lights have a continuous operating life of 35,000 to 50,000 hours.

The growing consumer trend towards smart lighting is also contributing to the market's revenue growth. Examples of smart lighting include Bluetooth- and Wi-Fi-enabled lights, smart switches, and smart bulb sockets. With smart lighting, individuals can control the lighting in their homes using their smartphones, utilizing technologies such as Wi-Fi, Bluetooth, Z-Wave, and wireless radio.

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Europe is expected to account for the largest revenue share in the smart lighting market, with government initiatives supporting highly connected infrastructure for smart city networks across European countries.

Driving factors of Smart Lighting Market

1. Increasing number of smart city projects in developing countries
2. Rising adoption of Internet of Things (IoT) technology
3. Sustainable resources
4. Rising demand for more energy efficient solutions
5. Advancements in digital technology
6. Emergence of smart street lighting
7. Rising demand for intelligent solutions for street lighting to enhance security and public safety
8. Upgradation of regular street lighting to connected smart street lighting solutions
9. Ability of smart LED lighting to reduce energy consumption and cost
10. Rising awareness regarding energy saving owing to rising energy costs and increasing need for more energy-efficient lighting solutions.

Some of the notable innovations in the Smart Lighting Market

1. Internet of Things (IoT) enabled LED lighting systems: These systems use wireless connectivity to allow for remote control and monitoring of lighting fixtures, which can improve energy efficiency and enhance city services.
2. Connected lighting systems: These systems can be programmed to respond to specific events or conditions, such as occupancy or daylight levels, to provide customized lighting solutions.
3. Human-centric lighting: This technology uses advanced sensors and algorithms to mimic natural daylight, which can improve mood, productivity, and overall well-being.
4. Li-Fi: This emerging technology uses light waves to transmit data, which can provide high-speed wireless connectivity and eliminate the need for Wi-Fi.
5. Li-Fi-enabled smart lighting: By combining Li-Fi with smart lighting systems, it is possible to create secure, high-speed wireless networks that can be used in a variety of applications.
6. Energy harvesting: This technology captures energy from ambient sources, such as light or motion, to power wireless sensors and other low-power devices, which can reduce the need for batteries or external power sources.
7. Artificial intelligence (AI): By incorporating AI into smart lighting systems, it is possible to create intelligent lighting solutions that can learn and adapt to user preferences and environmental conditions.
8. Voice control: With the integration of voice assistants such as Amazon Alexa and Google Assistant, it is possible to control smart lighting systems using voice commands, which can enhance convenience and accessibility.

Major companies in the market report include

Signify Holding, Legrand, ACUITY BRANDS LIGHTING, INC., OSRAM GmbH, Hubbell, Leviton Manufacturing Co., Inc., Lutron Electronics Co., Inc., Honeywell International Inc., Zumtobel Group, IDEAL INDUSTRIES, INC.

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