According to the report titled ‘Smart Lighting Market Size By Component, By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with MarketStudyReport, global smart lightning market size is expected to surpass USD 23 billion by the year 2025.

 

The drop in average selling price of LED lamps, as well as stringent government regulations limiting the use of inefficient lighting technologies are factors driving the growth of global smart lighting market. Notably, LED lighting is gaining popularity around the world due to high performance and energy efficiency.

 

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Furthermore, increasing smart city development initiatives, rising adoption of intelligent street lighting systems, and surge in the usage of Li-Fi technology are escalating the industry share as well.

 

However, data safety & security issues associated with the use of smart lighting, as well as cost and design concerns are likely to impede market growth during the forecast period.

 

Based on component ambit, software segment is anticipated to at a CAGR of 22% during the forecast period, attributable to increased implementation of home automation & smart home solutions.

 

Concerning technology, wireless segment share is poised to increase at a CAGR of 21% during the study timeframe, due to numerous benefits provided by the technology, such as convenience, cost-effectiveness, and flexibility.

 

In terms of application scope, worldwide smart lighting market share from outdoor segment is poised to surge at 20% CAGR through 2025, backed by increased government investments in smart city development initiatives.

 

From a regional standpoint, Asia Pacific market size is reckoned to grow at 19% CAGR during the research timeframe. Government regulations prohibiting the use of inefficient lighting solutions is bolstering the adoption of smart lighting across the region.  

 

The competitive landscape of global smart lighting market consists of companies like Zumtobel Group AG, Acuity Brands Inc., Koninklijke Philips N.V., Bridgelux Inc., Honeywell International Inc., Cooper Industries Inc. (Eaton), Schneider Electric SE, OSRAM Licht Group, Cree Inc., General Electric Company, Echelon Corporation, Legrand S.A., Lutron Electronics Co. Inc., Silver Spring Networks, and Hubbell Incorporated among others.