According to the research report titled ‘Smart Lighting Market Size By Component (Hardware [Smart Bulb, Luminaire, Light Control], Software [On-premise, Cloud], Service [Pre-sales, Post-sales]); By Technology (Wired [PLC (Power Line Control), PoE (Power over Ethernet), DALI (Digital Addressable Lighting Interface), Hybrid], Wireless [Bluetooth, Zigbee, Wi-Fi, EnOcean, Hybrid]), By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global smart lighting market is expected to surpass USD 23 billion by the year 2025.
 

Rising adoption of LED lighting systems and recent government reforms which encourage efficient lighting technologies are major factors driving smart lighting market growth. Downward trend in the price of LED lamps is aiding the expansion of the market. Growing population and rising energy consumption have compelled various governments to adopt technologically advanced solutions in order to conserve energy. Adding to this, numerous smart city development projects across the globe are facilitating the business scenario.
 

Increasing usage of intelligent street lighting systems and surging adoption of Li-Fi technology is stimulating the industry outlook. However, data security and safety concerns associated with the use of smart lighting technology may hinder the growth of the market. Moreover, smart lighting systems are relatively expensive and have design & performance issues, which in turn, may hamper the market growth.
 

As per the component type, smart lighting hardware market segment is expected to register substantial growth during the estimated timeframe. Advent of IoT devices and rising adoption of smart bulbs are fueling the growth of the segment. Meanwhile, smart lighting software market segment will expand with a CAGR of 22% during 2019-2025, cites the report. Rising adoption of home automation and smart home solutions, in tandem with integration of wireless technology is aiding the market expansion.
 

The report cites that wired technology segment presently holds 70% share of smart lighting market. The growth is attributed to increasing utilization of PLC and DALI protocols in outdoor and residential applications respectively. On the other hand, wireless technology segment is expected to grow with 21% CAGR through 2025. Wireless technology is not only cost effective, but also offers convenience and flexibility.
 

Based on the application spectrum, the report states that indoor lighting application segment holds 78% revenue share of smart lighting market. Growing trend of home automation and favorable federal reforms, along with surging need for efficient smart lighting solutions are contributing towards the growth of the market in terms of indoor lighting applications.
 

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As per the regional analysis, Europe held 35% share of the global smart lighting market in 2018. Rising usage of LED lamps, improving economy, increasing smart city development programs, and favorable government policies are augmenting the demand for smart lighting solutions across the region. On the other hand, the report cites that Asia-Pacific smart lighting market will expand with a CAGR of 19% during 2019-2025.
 

The prominent companies operating in smart lighting market are Silver Spring Networks, SELC Ireland Ltd., Schneider Electric Software LLC, Philips Lighting N.V., OSRAM Licht Group, Lutron Electronics Co., Inc., Legrand SA, Hubbell, Inc., Honeywell International, Inc., General Electric Co., Echelon Corp., Digital Lumens, Inc. (Osman Licht AG), Cree, Inc., Cooper Industries, Inc. (Eaton), Bridgelux, Inc., and Acuity Brands.