The overall smart lighting market is estimated to grow from USD 7.93 billion in 2018 to USD 20.98 billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The forecast period considered for this report is between 2018 and 2023. The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide.

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Smart lighting solutions are likely to have significant growth potential in the coming years. The adoption of smart lighting is rapidly increasing with the growth of cities and industrial activities. Till now, illumination of places in dark has been the main task performed by the street lighting systems. However, in the future, street lamps are expected to accomplish many more functions. These functions include notifying the garbage collection service providers about the fully filled waste bins in the neighborhood to prevent the overflow, and keeping track of changes in traffic volume and feeding the related data into an intelligent transport system (ITS). Street lighting would be a part of networked urban infrastructure. This acts a driver for the development of street light systems. The integration of Internet of Things (IoT) and street lighting systems would enable to reduce energy consumption, save money, and enhance the safety in cities. Features such as energy efficiency and sustainability are driving the adoption of smart lighting in the street and outdoor lighting applications.

The smart lighting market for the wireless segment is expected to grow at a higher CAGR during the forecast period. Wireless technologies eliminate the use of wires, thereby abolishing the need for installation and protection of cables. Elimination of wiring tasks leads to the significant reduction in the cost of wireless smart lighting system. Also, a wireless system is flexible in nature. Thus, the sensors equipped with wireless communication can be organized into an autonomous network, which makes updating, adding, moving, and replacing of sensors easy after the initial installation. The development of wireless technologies is expected to drive the growth of the smart lighting market for the wireless communication protocols.

Among offerings, the smart lighting market for services is expected to grow at the highest CAGR during the forecast period. The growth of the market for the service segment is mainly propelled by the rising adoption of smart lighting systems and use of lighting service to reduce the cost as well as to conserve energy and ensure ecological safety. Moreover, the growth of the market for services is also attributed to the high demand for engineering, consulting, and analytical services among the smart lighting end users.

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In terms of application type, outdoor application (highways and roadways, architectural, and public places) is expected to witness significant growth during the forecast period. Increasing focus on enhancing connectivity by constructing roads and installing street lights for these roads, especially in the developing countries in APAC, would spur the growth of the outdoor smart lighting market. Moreover, reducing energy consumption has become a major objective for building owners, governments, utilities, and other stakeholders. Replacing existing lights with more energy-efficient lighting sources, such as LEDs, is one of the ways to reduce massive energy consumption; however, it is a small-scale solution. On a large scale, energy reduction can be achieved by turning the lights off when not required, optimizing light levels to suit the workers’ needs, and reducing the overall demand for lighting energy. These measures come under smart lighting arrangement, which is the best way to ensure the automatic reduction in energy consumed in lighting task. Controls and connectivity enable the personalization of lighting as well as allow users to use it for internal wayfinding while simultaneously reducing energy use, optimizing spaces, and lowering maintenance costs.

On the basis of region, the market in APAC would grow at the highest CAGR during the forecast period. The fastest predicted growth of the smart lighting market in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, where smart lighting paves the way for the modernization of infrastructure. The demand for smart lighting technology is increasing constantly in major APAC countries, such as India, Japan, and China. The countries in APAC are densely populated, thereby focusing highly on infrastructural developments for their growth and sustainability.

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