Smart Lighting Market worth $18.0 billion by 2029

The smart lighting market is expected to reach USD 18.0 billion by 2029 from USD 9.5 billion in 2024, at a CAGR of 13.8% during the 2024-2029 period according to a new report by MarketsandMarkets. Various companies are investing in smart lighting which gives an opportunity for growth in the smart lighting market. The smart lighting market is continuously developing, with the presence of multiple players. Currently Europe is contributing significantly to the growth of the smart lighting market. Similarly, the Asia Pacific, North America and RoW regions are expected to be the growing market for the forecasted period.

Smart lighting systems encompass hardware components such as luminaires, sensors, switches, dimmers, relays, controllers, and gateways. The hardware segment of the smart lighting market is further categorized into lights and luminaires and lighting controls. The adoption of smart lighting controls has seen a steady increase as a measure to curb energy consumption. Moreover, heightened awareness regarding energy management has propelled the growth of the lighting controls market. Additionally, governmental regulations mandating the use of energy-efficient products have spurred the adoption of lighting controls. However, the growth of these systems has been constrained by the high installation costs and lengthy payback periods associated with LED lights.

In November 2023, Signify Holding launched Philips radii auto-linkable ultra efficient solar lights which are designed to synchronize and illuminate simultaneously upon motion detection. Utilizing ultra efficient technology, these solar lights can illuminate outdoor areas for up to six nights before requiring recharging from sunlight. Available as pedestal and wall lights, they ensure consistent performance even on cloudy days, providing reliable lighting for gardens and other outdoor spaces.

In January 2024, at the Consumer Electronics Show in Las Vegas, Legrand, a renowned global specialist, and premier single-source provider of electrical wiring solutions, unveiled its newest addition to the radiant collection of smart lighting. This latest offering features new Matter-enabled Wi-Fi smart devices, slated for release in 2024. This advancement represents the next evolution of the Smart Lighting with Wi-Fi line, introducing the Matter standard to light switches, dimmers, and outlets. It underscores Legrand's ongoing dedication to innovation in the realm of smart lighting.