Smart Lighting Market Revenue, Trends, Key Players and Opportunities by 2023

Smart lighting market is forecasted to reach $27,064 million by 2023 and is  a CAGR of over 20% during the forecast period, to reach $27,064.0 million by 2023. The growth is attributed to the rising interest of consumers towards the adoption of automation technologies such as internet of things (IoT), and increase in affordability and availability of smart automation technologies, globally.

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The smart lighting market is categorized into lighting source, communication medium, product, application, and service. The global market is driven by the new innovations and rapid increase in sales of smart light emitting diode (LED) solutions.

Apart from this, advancements in LED based lighting technology through adoption of IoT and wireless lighting techniques is escalating the smart lighting market growth. For example, recently OSRAM Licht AG launched SIMPLUX, a LED based smart control system designed for small and medium sized spaces to provide enterprise level control and automation capabilities.

Based on wireless lighting communication, Wi-Fi technology generated highest revenue in the global market and Wi-Fi based lighting communication is also projected to witness fastest growth, during the forecast period. However, the market for booming technology Zigbee in lighting industry will pace up with similar growth as that of Wi-Fi.

On the basis of service, lighting as a service (LaaS) is expected to witness higher demand as compared to smart phone application, during the forecast period. Its market is projected to cross $17,000 million mark by 2023. Consumers, particularly medium and small-scale users of smart lighting are attracted more towards subscription based and pay as you go lighting models provided by various vendors in the market.

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Some of the major players operating in this industry are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., and Legrand SA.

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