Global Smart Lighting Market to Reach $47.6 Billion in 2030: LEDs to Experience Fastest Growth
In an average house, lighting consumes around 15% of the total electricity, and the usage of LEDs can save $225 in energy bills. The availability of a wide range of features, including energy usage monitoring, automatic on/off, and Bluetooth, Wi-Fi, and ZigBee connectivity, along with the rising adoption of IoT devices and smart assistant platforms, propels the smart lighting demand.
The new installation category captures an approximately 60% industry share, led by the strong focus on removing conventional lighting systems from the mainstream and installing novel lamps and associated controls in their stead. This trend is easily visible in the newly constructed industrial, commercial, and residential spaces.
LEDs will continue to experience the fastest growth in the smart lighting industry, driven by the technological advancements in LED lighting. The industry is also propelled by the rising consumer awareness of the advantages of more-energy-efficient and reliable lighting sources over the conventional incandescent lamps.
Wireless connectivity is massively preferred among consumers who need small-range connections; thus, its usage will continue to be higher in the coming years. Wireless technologies, including SmartThings, ZigBee, Wi-Fi, Bluetooth, and Z-Wave, connect lighting fixtures with smartphone apps, to provide remote control.
Smart lighting is utilized in both indoor and outdoor applications, of which indoor application dominates the industry. Further, among the three major sectors, the usage of smart lighting for interior applications in the residential sector is projected to experience a high growth rate in the coming years. This would be due to the increasing popularity of fixtures and smart bulbs that can be controlled by users with a smartphone.
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