Market Research Future Reports USD 38,976.2 Million Smart Indoor Lighting Market to Increase 21.7% by 2030. (MRFR) 2023
The need for interoperable devices drives the smart indoor lighting market
New York, United States, March 14 (GLOBE NEWSWIRE) — According to a comprehensive report by Market Research Future (MRFR), titled “Smart Indoor Lighting Market Research Report: By Component, By Communication Technology, By Light Source, and By Application – Forecast Till 2030,” the market is anticipated to reach a value of approximately USD 38,976,2 Million by the end of 2030. Moreover, the findings forecast that the market would expand at a robust CAGR of over 21.7% over the assessment period.
Globally, smart light technology is gaining immense appeal in both corporations and private residences. Smart indoor lighting solutions allow customers to modify illumination based on their needs due to their increased flexibility and minimum energy use.
Major market participants in smart indoor lighting are
- Signify N V,
- Acuity Brands Inc. Lights,
- General Electric Company,
- Osram Licht AG,
- Legrand SA,
- Hubbell Company, Inc.
- Ideal Industries (CREE),
- Syska LED
- Lutron Electronics Co.,
- Lights, TCP
- The Levitron Manufacturing Co.
- The company Wipro Lighting,
- Zumtobel Lighting
Using effective automated controls that vary according to environmental circumstances, intelligent interior lighting technology delivers simple, convenient operation, efficiency, and security. Smart indoor lighting systems gain substantial market importance in the commercial, industrial, and residential sectors due to their benefits, which include lower energy consumption, increased security, long life term, and simple customization.
On the other hand, exorbitant installation prices and a dearth of qualified professionals are key obstacles to the development of the smart indoor lighting business. Smart indoor lighting fixtures cost more than conventional fluorescent or LED bulbs. Smart indoor lighting is a long-term money-saver due to the fact that its advantages outweigh its initial cost.
Growing customer desire driven by convenience and benefits generates excellent conditions for the market for smart indoor lighting. Market expansion is driven by the increasing number of smart home and smart city initiatives. In addition, the increasing demand for intelligent indoor lighting from government organisations, commercial sectors, automotive & transportation, and the construction industry drives the market growth.
Governments in several nations throughout the world are implementing numerous plans to construct smart cities, including the installation of intelligent interior lighting. Additionally, the growing awareness of energy efficiency’s positive effects on the environment, technological advancements, and rising and improving wireless communication technologies all contribute to the growth of smart lighting.
Smart Indoor Lighting Market Segments
Components, light sources, communication technologies, applications, and geographies are the market segments for intelligent indoor lighting. The component segment is divided into hardware, software, and services subsegments. Subsegments of the light source market include fluorescent lamps, light-emitting diodes (LED), high-density discharge lamps, and other light sources.
The segment of communication technologies is subdivided into wired and wireless subsegments. The application segment is divided into residential, commercial, and industrial subsegments. Asia-Pacific, North America, Europe, and the Rest of the World comprise the subsegments of the regional segment.
The European area has continuously led the worldwide market for intelligent interior lighting, and this dominance is expected to continue in the future years. This region’s market expansion is bolstered by the rising usage of smart indoor lighting systems as an energy-efficient indoor lighting solution. The revival of the economy has contributed to the present market expansion in the region, hence improving consumer spending power.
In addition, substantial breakthroughs in sensing technology, changes in healthcare standards, and technological infrastructure fuel regional market expansion. In addition, the widespread adoption of smart interior lighting for linked streetlights in residential and industrial sectors contributes favourably to market expansion. Germany, France, the United Kingdom, and Norway are the leading national markets in the area.
In terms of revenue, North America has taken second place in the worldwide smart indoor lighting market. Increased use of intelligent indoor lighting systems and favourable government policies contribute to the expansion of the regional market. In addition, the increased demand for intelligent interior lighting systems from the automotive and transportation industries drives market expansion.
The region’s market share is supported by technological advancements and rising investments in wireless technologies. In addition, expanding application areas of smart interior lighting in linked streetlights, big commercial buildings, and the manufacturing sector drive market expansion. Given its increasing need for safety and comfort features in domestic applications, the United States dominates the North American smart indoor lighting industry.
Globally, the smart interior lighting industry in Asia-Pacific has become lucrative. Advantages in raw materials and the availability of cost-competitive labour forces are the most significant variables influencing the smart interior lighting sector in the area. The use of smart led lighting and government measures to enhance infrastructure also contribute to the growth of the regional market.
Significant breakthroughs in artificial intelligence (AI) and comparable technologies drive industry expansion. Increasing applications of smart connected indoor lighting systems in the commercial and industrial sectors also contribute to the expansion of the regional market. In addition, the fast expanding economy in this region expands the market for smart interior lighting, hence increasing consumer purchasing power. In this area, Japan, China, South Korea, and India are significant markets for smart interior lighting systems.