USD 15.72 billion
Global Smart LED Lighting Market Size, Share, Growth Analysis, By Product(smart LED bulbs, smart LED fixtures), By Technology(Hybrid, Dali) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2175 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
65 |
Figures:
70
Global Smart LED Lighting Market Insights
Global Smart LED Lighting Market size was valued at USD 15.72 billion in 2022 and is poised to grow from USD 16.77 billion in 2023 to USD 28.18 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
The smart LED lighting market is experiencing rapid growth driven by the convergence of energy-efficient lighting technology and smart connectivity. Smart LED lighting systems combine LED technology with sensors, controls, and network connectivity to offer enhanced lighting control, energy efficiency, and automation. These systems are revolutionizing the lighting landscape by allowing users to adjust brightness, color temperature, and even customize lighting scenarios remotely through mobile apps or voice commands.
One of the key drivers for the market's expansion is the growing emphasis on energy conservation and sustainable solutions. Smart LED lighting significantly reduces energy consumption and carbon emissions by automatically adjusting lighting levels based on occupancy and daylight availability. This aligns with global initiatives promoting energy efficiency and environmental protection.
Moreover, the increasing adoption of Internet of Things (IoT) technology is contributing to the market's growth. Smart LED lighting can be seamlessly integrated into larger IoT ecosystems, enabling a wide range of applications such as smart cities, smart buildings, and industrial automation. The ability to gather and analyze data from lighting systems enhances operational efficiency, security, and user comfort. Consumer demand for convenience and comfort is also propelling the market forward. Smart LED lighting allows users to create personalized lighting scenes, schedule lighting events, and control lighting remotely. The integration of voice assistants and smart home platforms further simplifies the user experience.
Geographically, North America and Europe hold significant shares due to early adoption of smart technologies and stringent energy regulations. However, the Asia Pacific region is expected to witness substantial growth due to increasing urbanization, infrastructure development, and rising awareness about energy-efficient solutions.
In conclusion, the smart LED lighting market's expansion is driven by the synergistic combination of energy-efficient lighting technology and smart connectivity, enabling improved energy conservation, enhanced user experience, and integration within larger IoT ecosystems.
US Smart LED Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Smart LED bulbs
Fastest Growth
Smart LED bulbs
Growth Rate
6.7% CAGR
Global Smart LED lighting market ($ Bn)
Country Share for North America Region (%)
Global Smart LED lighting market By Product ($ Bn)
Global Smart LED lighting market By Product (%)
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Global Smart LED Lighting Market Segmental Analysis
The Global Smart LED Lighting Market is segmented on the basis of Product, Technology, Distribution Channel, and Region. Based on Product the market is segmented as, smart LED bulbs, smart LED fixtures, and smart LED strips. Based on Technology the market is segmented as, Hybrid, Dali, WiFi, Bluetooth, Zigbee. Based on Distribution Channel the market is segmented as, Online, Offline. Based on Mode the market is segmented as, Pressure mode ventilation, Combined mode ventilation, Volume mode ventilation, others. Based on End-use the market is segmented as, Hospitals, Clinics, Others. Based on Regional the market
Smart LED Lighting Market Analysis By Product
The smart LED lighting market offers a diverse range of products that cater to various lighting needs and preferences. These products include smart LED bulbs, smart LED fixtures, and smart LED strips. Smart LED bulbs are designed to replace traditional incandescent or CFL bulbs and offer the added advantage of being controllable remotely through mobile apps or voice assistants. They allow users to adjust brightness, color temperature, and even change colors according to their preferences.
Smart LED fixtures encompass a wide array of options, ranging from smart ceiling lights to smart pendant lights, chandeliers, and wall sconces. These fixtures come equipped with built-in smart capabilities, enabling users to customize lighting scenarios, create ambiance, and optimize energy consumption. They are often utilized in homes, offices, hospitality spaces, and retail environments, enhancing both aesthetics and functionality.
Smart LED strips have gained popularity for their versatility and ability to add dynamic lighting effects to spaces. These flexible strips with integrated LEDs can be applied to various surfaces, allowing users to create intricate lighting designs, color-changing effects, and decorative accents. Smart LED strips find applications in home interiors, architectural lighting, entertainment setups, and commercial displays.
Collectively, these smart LED lighting products provide users with unparalleled control over their lighting environment, enabling energy efficiency, customization, and enhanced user experiences. The market for these products continues to expand as consumers and businesses alike recognize the benefits of integrating smart lighting solutions into their spaces.
Smart LED Lighting Market Analysis By Route of End-user
The smart LED lighting market offers a diverse range of technologies that are shaping the future of lighting solutions. One of the prominent technologies in this market is Bluetooth Low Energy (BLE), which enables seamless communication between smart LED devices and smartphones, allowing users to control lighting settings through dedicated apps. This technology offers convenience, low energy consumption, and compatibility with a wide range of smart devices.
Wi-Fi technology is another key player in the smart LED lighting landscape. Wi-Fi-enabled smart LED bulbs and fixtures can be controlled through home networks, providing users with the flexibility to manage lighting remotely using smartphones, tablets, or voice-controlled assistants. Wi-Fi's widespread adoption and high-speed capabilities contribute to the growth of smart LED lighting systems.
Zigbee and Z-Wave are wireless communication protocols that facilitate the interconnection of various smart devices, including LED lighting, within a home automation network. These technologies allow for interoperability between different brands and types of smart devices, providing users with an integrated and cohesive smart home experience.
Additionally, Power over Ethernet (PoE) technology is gaining traction in commercial and industrial settings. PoE-enabled smart LED lighting systems receive both power and data through a single Ethernet cable, simplifying installation and maintenance while offering enhanced control and energy efficiency.
Furthermore, the integration of Artificial Intelligence (AI) and machine learning technologies is adding a new dimension to smart LED lighting. These technologies enable lighting systems to learn user preferences, adapt to changing environments, and optimize energy consumption, providing personalized and efficient lighting solutions.
Overall, the smart LED lighting market is driven by a variety of technologies that offer enhanced control, energy efficiency, and convenience for users across different settings and applications.
Global Smart LED lighting market By Product, 2023 (%)
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Global Smart LED Lighting Market Regional Insights
The smart LED lighting market exhibits distinct regional trends due to varying levels of technological adoption, infrastructure development, and regulatory frameworks. North America and Europe are prominent markets for smart LED lighting, driven by their advanced economies and early adoption of smart technologies. These regions have well-established smart infrastructure, favorable government initiatives promoting energy efficiency, and a growing awareness of sustainable solutions among consumers and businesses.
In Asia Pacific, the market is experiencing rapid growth due to factors such as urbanization, industrialization, and government initiatives to modernize infrastructure. Countries like China, Japan, and India are witnessing increased demand for smart LED lighting in both residential and commercial sectors. The Asia Pacific region also benefits from a large population base and a rising middle class with higher purchasing power, contributing to market expansion.
The Middle East and Africa are also emerging markets for smart LED lighting, driven by urban development projects and a growing interest in smart city initiatives. Governments in these regions are investing in infrastructure projects that include intelligent lighting systems to improve energy efficiency and enhance the quality of urban life.
Latin America is another region showing potential growth in the smart LED lighting market. Rising urbanization, coupled with the need to address energy consumption and environmental concerns, is driving the adoption of energy-efficient lighting solutions.
In summary, the regional dynamics of the smart LED lighting market vary based on factors such as technological readiness, urbanization, economic development, and government policies. As smart technologies become more integrated into daily life and energy efficiency gains importance, the global market for smart LED lighting is expected to continue its upward trajectory across diverse regions.
Global Smart LED Lighting Market By Region, 2024-2031
- Largest
- Fastest
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Global Smart LED Lighting Market Dynamics
Smart LED Lighting Market Drivers
Energy Efficiency and Cost Savings:
- One of the primary drivers of the smart LED lighting market is its energy-efficient nature. Smart LED lights consume significantly less energy compared to traditional lighting technologies, leading to reduced electricity bills and environmental benefits.
Advancements in Connectivity:
- The proliferation of Internet of Things (IoT) technology has enabled seamless connectivity between devices. Smart LED lighting systems can be integrated into IoT ecosystems, allowing for remote control, automation, and data collection, which enhances operational efficiency.
Smart LED Lighting Market Restraints
Initial Costs:
- The upfront cost of smart LED lighting systems can be higher compared to traditional lighting solutions. This cost factor might deter some potential users from adopting these technologies, particularly in regions with budget constraints.
Complexity of Installation:
- Installing and configuring smart LED lighting systems can be more complex than traditional lighting setups. This complexity may pose challenges for consumers without technical expertise or for small businesses with limited resources.
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Global Smart LED Lighting Market Competitive Landscape
The competitive landscape of the smart LED lighting market is characterized by a mix of established lighting companies, technology giants, and emerging startups. Key players are continually investing in research and development to innovate new products, enhance connectivity features, and improve energy efficiency. Companies such as Philips Lighting (Signify), Cree Inc., Osram Licht AG, and General Electric (GE) have established themselves as prominent players in the market, leveraging their extensive experience in lighting technology.
Partnerships and collaborations are becoming common strategies among market players to expand their offerings and improve interoperability. Compatibility with popular smart home platforms like Amazon Alexa, Google Assistant, and Apple HomeKit is crucial to gaining a competitive edge in the market.
Smart LED Lighting Market Top Player’s Company Profile
- Philips Lighting (Signify)
- Cree Inc.
- Osram Licht AG
- General Electric (GE)
- Samsung Electronics
- LG Electronics
- Apple Inc.
- Acuity Brands, Inc.
- Eaton Corporation
- Zumtobel Group
- Lutron Electronics Co., Inc.
- Legrand SA
- Schneider Electric SE
- Hubbell Incorporated
- Dialight Plc
Smart LED Lighting Market Recent Developments
-
In February 2024, IKEA rolled out its new ORMANÄS LED lighting strip to more European countries, including the UK, France and Sweden. The gadget launched last year (in Netherlands only), offering dimmable white and colored lighting. The bendable light strip with a self-adhesive back is compatible with various smart home ecosystems.
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In December 2023, IKEA unveiled JETSTRÖM, a smart LED ceiling light panel, available in some EU countries. The product comes in two sizes: 60 x 60 cm (~23.6 x 23.6-in) and 100 x 40 cm (~39.4x 15.7-in).
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In August 2023, Aputure announced that it had acquired film and broadcast lighting maker Prolycht for an undisclosed amount in order to bolster its professional lighting technology.
Global Smart LED Lighting Key Market Trends
- Connected Ecosystems: Manufacturers are increasingly focusing on creating integrated ecosystems where smart LED lighting is just one component. These ecosystems include other smart devices, such as thermostats, sensors, security systems, and voice assistants, providing users with a seamless, interconnected experience.
Global Smart LED Lighting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Smart LED lighting market analysis; a convergence of energy-efficient illumination technology and intelligent connectivity is considered a prime growth driver. This market's key segments include residential, commercial, and industrial applications. Energy efficiency, customizable lighting scenarios, and remote control capabilities are propelling its expansion. The integration of Internet of Things (IoT) technology further boosts the market, enabling applications in smart cities, buildings, and industries. North America and Europe are leaders due to their early adoption of smart technologies and stringent energy regulations. Asia Pacific is a high-growth region due to urbanization, infrastructure development, and increasing awareness of energy-efficient solutions. As demand for energy conservation and enhanced user experiences rises, the smart LED lighting market is expected to continue its upward trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.72 billion |
| Market size value in 2031 | USD 28.18 billion |
| Growth Rate | 6.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart LED Lighting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart LED Lighting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart LED Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart LED Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart LED Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart LED Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart LED Lighting Market Report Snapshots
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