by The global Smart Light or Lightning Control Market is estimated to be valued at US$ 21.03 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart Light or Lightning Control helps to monitor and manage lighting infrastructure remotely via connectivity solutions. It provides control and flexibility over lighting through sensors, switches, and applications or software. It assists in reducing energy costs and carbon footprint alongside enhancing safety, productivity, and experience for users.
Market key trends:
One of the major key trend in the market is the growing adoption of IoT (Internet of Things) technology in lighting control systems. IoT enables intelligent lighting control and helps lights to be switched on/off remotely based on occupancy levels. The data generated through connected lights helps in analyzing lighting usage patterns and taking decisions to optimize lighting operations. It assists organizations in saving energy costs significantly. IoT-enabled smart lighting is gaining popularity in industries, buildings, smart cities due to its ability to deliver energy savings, comfort, and flexibility.
SWOT Analysis
Strength: The smart light or lighting control market offers high energy efficiency and cost savings. It allows remote access and control of lights through smartphones and devices.
Weakness: High initial investment cost for installing smart lighting systems. Compatibility issues between different smart lighting products hampers interconnected systems.
Opportunity: Growing adoption of LED lights along with control systems provides an opportunity for market expansion. Increasing focus on smart city initiatives will drive the adoption of smart street lights.
Threats: Data privacy and security concerns related to networked lighting systems is a major challenge. Lack of common protocols for smart lighting products threatens interconnectivity.
Key Takeaways
The Global Smart Light Or Lighting Control Market Size is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing demand for energy efficient lighting solutions. Rapid urbanization and growing construction activities are driving the installation of smart and connected lighting systems.
Regional analysis: North America dominates the global market owing to the widespread adoption of smart lighting solutions in commercial and residential applications. Asia Pacific is expected to be the fastest growing market for smart lighting control due to rising infrastructure development projects and smart city initiatives in countries like China and India.
Key players analysis: Key players operating in the smart light or lighting control market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V., Legrand, Jaquar India. These companies are focusing on developing innovative and interconnected lighting control solutions to gain more customers and strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
