Smart Lighting Fixture and Control Market Will Generate $152,029 Million Revenue by 2030

According to P&S Intelligence, the smart lighting fixture and control market was valued at $52,047 million in 2021, which is predicted to hit $152,029 million by 2030, progressing at a 12.6% CAGR from 2021 to 2030. This is attributed to the reducing cost of LED lights, which has been made possible by the falling material prices and rising manufacturing output.

In the coming years, LED lights are expected to dominate the industry for smart light fixtures due to their better efficiency than conventional bulbs and their lowering cost.

Based on distribution channel, the offline channel category holds the bigger share, because salespersons give detailed installation instructions for light fixtures, thus assisting in the selection of high-quality items.

Due to the large number of product offers and the growth of the e-commerce industry in countries such as China, Germany, the U.S., the U.K., and Japan, the online channel is predicted to grow at the higher CAGR in the future.

Moreover, owing to the accessibility of a wide variety of products and the rising usage of PCs, tablets, smartphones, and laptops, the sales of lighting fixtures on e-commerce portals are expected to rise.

In 2021, the commercial category held the largest revenue share—more than 46%. Due to its energy saving potential, smart outdoor and indoor lighting is becoming popular in hospitals, offices, and malls and other retail establishments.

HID and LED lamps are also used in commercial applications owing to their lower service costs at hard-to-reach places, where the replacement costs are higher than for lights near the ground.