Indoor Lighting Management Market Research Report
Market Overview
The smart lighting market is estimated to increase at a CAGR of 20.5 percent from 2021 to 2026, reaching USD 27.7 billion from USD 10.9 billion in 2021. Smart lighting has the biggest market share in Europe. Due to the quickly changing face of technology and customer requirements in high-potential markets like China, South Korea, Japan, and Australia, APAC has the largest growth rate and thus is predicted to expand at the highest CAGR throughout the forecast period.
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The Global Indoor Lighting Management Market is showing signs of improvement, thanks to technological improvements and the rise of new business models and new buildings in the area's developing cities. Smart lighting adoption in APAC will be aided by the region's increasing industrial and commercial sectors.
Furthermore, the area's smart lighting industry is benefiting from expansion in end-use sectors and increasing government spending. The demand for energy-efficient linked lighting controls and ongoing and prospective smart city projects in emerging economies is the most significant driver driving the market's development. This need is due to a growing awareness of the importance of minimising energy consumption.
Regional Classification
North America dominated the market in 2019 and is likely to maintain its dominance at a CAGR of XX percent over the forecast period. The United States and Canada are leading contributors to the market's expansion. The increase is due to demand for ambient and accent lighting solutions across the area. The market is also growing due to the rising usage of surface mounted lighting systems in commercial and industrial applications.
Market Segmentation
Recessed plus surface-mounted light segments led the market in 2019 and are predicted to maintain their dominance at a CAGR of XX% over the forecast period. Recessed lighting has the advantage of being a hidden light source while also being energy efficient, propelling the market forward. Energy efficiency is extensively adaptable because of their consistent illumination and surface mounted lights. Because they have a screw-less design mechanism, they are directly mounted on the ceiling.
Ambient lighting led the market by type in 2019 and is predicted to continue at a CAGR of XX percent over the forecast period. The term "ambient lighting" is also used to refer to a broad lighting system. Ambient lighting provides a pleasant brightness level and is a critical component of any indoor lighting management system. Ambient lighting can be found in downlights, chandeliers, track lights, fan lights, and a variety of other fixtures that can produce a wide beam span, resulting in market expansion.
Industry News
The introduction of integrated lighting control systems, upcoming smart city projects in emerging economies, rising adoption and reducing the cost of LEDs, assimilation of lighting solutions with smart devices, and developing awareness regarding energy savings amongst consumers and governments around the world are all driving the smart lighting market forward. On the other hand, problems like the high initial implementation cost and security and reliability concerns with IoT-based lighting systems are limiting the market's development.
The smart lighting market's biggest opportunities include growing smart office as well as smart retail trends, geographical opportunities in APAC and RoW areas, growth of individual lighting solutions, increasing demands for PoE-based lighting solutions in healthcare and commercial applications, the quick transition from traditional lighting to linked lighting, as well as a growing inclination toward energy-efficient lighting solutions.
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