New York, U.S., March 14, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), Smart indoor lighting market Research Report: By Component, By Communication Technology, By Light Source, And By Application – Forecast to 2030, The market is projected to acquire a valuation of approximately $38,976.2 million by the end of 2030. The reports also forecast that the market will thrive at a robust CAGR of over 21.7% during the assessment period.
Smart light technology is trending, gaining significant popularity in businesses and homes around the world. With their greater versatility and minimal energy savings, intelligent interior lighting systems allow users to customize lighting according to their needs.
Major Players Involved In The Smart Indoor Lighting Market Are:
- Means NV,
- Acuity Brands Lighting Inc.,
- General Electric Company,
- Osram Licht AG,
- Legrand SA,
- Hubbell Incorporated,
- Ideal Industries (CREE),
- Syska LED,
- Lutron Electronics Co.,
- TCP lighting,
- Levitron Manufacturing Co. Inc.,
- Wipro Lighting,
- Zumtobel lighting
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Intelligent indoor lighting technology offers easy and convenient operation, efficiency and safety, working with effective automated controls that change according to different conditions. Thanks to its advantages, such as reduced energy consumption, higher safety, long life and easy customization, intelligent indoor lighting systems gain significant market prominence in commercial, industrial and residential sectors.
On the other hand, the high installation costs and lack of skilled experts are the major factors hindering the growth of the smart indoor lighting industry. Smart indoor luminaires are more expensive than regular fluorescent/LED bulbs. However, considering that their benefits outweigh the initial investment, smart indoor lighting is a time-saving option.
Scope of the report:
|Revenue forecast in 2030||USD 38,976.2 million|
|Growth rate||CAGR of 21.7% from 2022 to 2030|
|Main market opportunities||Digital integration in smart lighting drives the future of smart cities|
|Key market drivers||Growing benefits of intelligent lighting over conventional lighting|
Browse the in-depth market research report (110 pages) at Smart indoor lighting market:
Growing consumer preference driven by convenience and benefits creates an enabling environment for the smart indoor lighting market. A growing number of smart home and smart city projects are driving the market growth. In addition, growing demand for intelligent indoor lighting from government organizations, commercial, automotive, and transportation and construction sectors boosts sales in the market.
Governments of various countries around the world are taking various steps to develop smart cities and the installation of smart indoor lighting is one of the major programs undertaken. In addition, growing awareness of energy efficiency benefits the environment, technology upgrades, and the increase and improvement of wireless communication technology are driving smart lighting.
Smart indoor lighting market Segments
The smart interior lighting market is segmented into components, light sources, communication technologies, applications, and regions. The components segment is divided into hardware, software and services. The light source segment is divided into fluorescent lamps, light emitting diodes (LEDs), high density discharge lamps and other light sources.
The communication technologies segment is divided into wired and wireless communication technologies. The applications segment is further divided into residential, commercial and industrial. The regional segment is split into Asia-Pacific, North America, Europe, and Rest of the World.
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The European region has consistently dominated the global smart indoor lighting market and is expected to maintain its market position in the coming years. The increased adoption of smart indoor lighting systems as an energy efficient indoor lighting solution strengthens the market growth in this region. The recovering economy has been influential to the current market growth in the region, increasing the purchasing power of consumers.
Additionally, great advances in sensing technology, improvements in healthcare standards, and technical infrastructure are driving the growth of the regional market. Furthermore, the widespread uptake of smart indoor lighting for connected streetlights in the residential and industrial sectors has a positive impact on the growth of the market. Countries such as Germany, France, the United Kingdom and Norway are the main domestic markets in the region.
North America has acquired the second position in the global smart indoor lighting market in terms of revenue. Factors like increased adoption of smart indoor lighting systems and favorable government policies boost the growth of the regional market. Additionally, the growing demand for intelligent interior lighting systems from the automotive and transportation industries is driving market growth.
Technological advances and increased investment to boost wireless technology confirm the region’s market share. In addition, the growing application areas of intelligent indoor lighting in connected streetlights, large commercial buildings and automation in manufacturing stimulate market growth. With increasing demand for safety and comfort features in home applications, the United States dominates the North American intelligent indoor lighting market.
The Asia Pacific smart indoor lighting market has emerged as a lucrative one globally. Raw material advantage and cost-competitive workforce availability are the major factors impacting the smart indoor lighting industry in the region. Furthermore, the growing diffusion of smart led street lights and government initiatives to improve infrastructure stimulate the growth of the regional market.
The remarkable advances in artificial intelligence (AI) and other similar technologies are driving the growth of the market. Also, the growing applications of smart connected indoor lighting systems in commercial and industrial sectors influence the growth of the regional market. Additionally, the rapidly growing economy in this region increases the size of the smart indoor lighting market, increasing the purchasing power of consumers. Japan, China, South Korea and India are key markets for intelligent indoor lighting systems in this region.
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The smart indoor lighting market appears highly competitive due to the presence of several established players. Mature industry players are strategically investing in R&D and promoting expansion plans. They form partnerships with leading software and solution providers for product development, with shortened time to market.
They strive to develop new intelligent LED lighting systems compatible with various virtual assistants available in the market to support seamless setups. The smart indoor lighting market is experiencing implementations of different strategic approaches, such as expansion, collaboration, mergers and acquisitions, and product launches.
For example, on February 10, 2023, Aurora Smart Lighting, a leading provider of customizable permanent outdoor lighting systems, announced improvements in its versatile lighting solutions to provide homeowners with long-lasting lighting systems. Aurora Smart Lighting aims to revolutionize the home lighting industry.
With millions of colors and hundreds of effects, timers and presets, Aurora’s lighting products can control lighting systems remotely using Google Home and Amazon Alexa. The company aims to make it easy for homeowners to create a beautiful, personalized interior lighting experience without the hassle of installation and ridiculous pricing. This solution provides a permanent versatile product that is continuously updated for a better user experience.
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