Smart Lighting Fixture and Control Market Will Generate $152,029 Million Revenue by 2030: P&S Intelligence

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Dec 19, 2022, 06:10 ET

NEW YORK, Dec. 19, 2022 /PRNewswire/ -- As per the study published by 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.

Due to Higher Energy Efficiency, Demand for LED Lightning Will Grow

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.

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Offline Channels Are Larger Revenue Generator

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.

Smart Lighting Fixtures and Control Widely Used in Commercial Places

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.

The residential category is expected to grow significantly in the years to come. Smart lighting fixtures offer personalized lighting for villas, homes, apartments, and other residential environments. The residential industry will expand as LEDs replace conventional lighting for home décor on a large scale.

Browse detailed report on Smart Light Fixture and Control Market Size, Share and Demand Forecast to 2030

Government Support for Energy-Efficient Lighting To Drive Product Sales in APAC

Because governments in developing countries are encouraging the adoption of energy-efficient lighting, APAC accounts for the largest market share, of over 40%, and it will continue to do so over this decade. Key players are also making significant investments in malls, clinics, schools, salons, and other public venues in an effort to attract clients.

Moreover, the growing need for wireless lighting fixtures in North America, which the U.S. led in terms of revenue in 2021, contributes significantly to the region's revenue growth. Energy efficiency, long-distance control, flexible programming, and longer lifespan are just a few advantages that come with such products, which is why manufacturers in North America have started making wireless lighting fixtures.

Smart Lighting Fixture and Control Market Segmentation Analysis

By Lighting Type

Light emitting diode
Fluorescent light
Compact fluorescent lamps
High intensity discharge lamps
Plasma lamps

By Component

Fixture
Control

By Application

Commercial
Residential

By Distribution Channel

Offline
Online

Regional Analysis

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain

Asia-Pacific

China
India
Japan
South Korea

Latin America

Brazil
Mexico

Middle East and Africa

Saudi Arabia
South Africa

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SOURCE P&S Intelligence