Smart Indoor Lighting Market Analysis
Indoor lighting is the use of various lights to manage the ambience of a room and have a positive impact on the residents. The centralized control over lights due to strides in information technology and electronic devices are likely to push the approach of smart indoor lighting. It can be used to provide further control on the décor and look of rooms. The global smart indoor lighting market report by Market Research Future (MRFR) considers the various types of lights available, adoption of technologies, and its prospects for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry is considered as a active factor and the narrative provided keeping it under consideration.
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Smart Indoor Lighting Market Scope
The global smart indoor lighting market is expected to grow at 27% CAGR over the forecast period. It can reach a value of USD 8 billion by 2023.
The huge need for reducing consumption of electricity in industrial, commercial, and industrial settings is predicted to drive market demand exponentially. Benefits such as long endurance and low maintenance cost and declining prices of LED components can bode well for the market. Development of smart homes, increasing number of internet users and service providers, and rise of connected ecosystems can fuel the market growth. Remote-controlled lights and developments of sensors to light up rooms on various moods is likely to navigate the market to a good growth trajectory.
Smart Indoor Lighting Market Segmentation
By light source, it is segmented into high intensity discharge lamps, fluorescent lamps, and light emitting diodes. The light emitting diodes segment is expected to exhibit the highest growth rate during the forecast period owing to rapidly falling prices of LEDs.
By product type, it is segmented into luminaries and lighting controls. The former is segmented into smart bulbs and fixtures, while the latter is segmented into switches dimmers, LED drivers ballasts, relay units, gateways, and sensors.
By communication technology, it is segmented into wired communication and wireless communication technologies. The former is segmented into power over Ethernet, digital addressable lighting interface, powerline communication, wired hybrid protocols, and others. Wireless communication technologies comprise ZigBee, Enocean, Wi-Fi, Bluetooth, wireless hybrid protocols, and others.
By application, it is segmented into industrial, residential, commercial, and others. All applications are expected to expand in size owing to automated lighting and remote monitoring of indoor applications.
Smart Indoor Lighting Market Competitive Outlook
OSRAM Licht AG, Cooper Industries, Inc., Philips Lighting, Legrand S.A., Acuity Brands Lighting, Inc., Honeywell International, Lutron Electronics Company, Inc., Schneider Electric SE, General Electric Company, Digital Lumens, Inc., and others are prominent names in the global smart indoor lighting market. In 2020, Syska launched smart bulbs which works in tandem with your smartphone to provide colors in different shades and hues.
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Smart Indoor Lighting Market Regional Analysis
The regional analysis of smart indoor lighting market is being studied for regions such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
Europe is estimated to account for the largest share of the market followed by North America. The major growth in smart indoor lighting market in Europe attributes to the technical advancements and increasing investments in infrastructure modernization projects in that region. Energy-saving solutions and proliferation of smartphones are likely to drive regional market growth. The high standards of living of citizens in Germany, the U.K., and France can spur the demand for smart indoor lighting solutions.
APAC is projected to grow at the fastest rate during the forecast period owing to inclination towards sustainable technologies, rise in expendable income levels, and expansion of smart home products by main players.