According to the latest report by IMARC Group, the global smart lighting market size reached US$ 7.9 Billion in 2018. Smart lighting is an energy-efficient lighting solution with power-saving features and automated controls for smooth operations. This technology enables the user to change the light intensity depending on parameters such as occupancy or daylight availability. It is rapidly replacing traditional lighting solutions as it is economical, sustainable and draws lesser power. It is also accessible through smartphone applications which makes it easy to control. Moreover, this lighting system has enabled real-time illumination monitoring, intelligent sensing and improvement in connected lighting technology. The evolution of big data and the internet of things (IoT) has further improved the integration of smart lighting with other automated systems used in smart homes.

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Market Trends:

In recent years, smart lighting has gained popularity across the globe as it helps in minimizing energy wastage. In line with this, various governments around the world are taking initiatives for developing smart cities which have significantly contributed to the demand for these systems. For instance, under the Chicago Smart Lighting Program, the US Government has replaced over 270,000 outdated high-pressure sodium (HPS) light fixtures with new energy-efficient LED lights to reduce energy costs, improve the environment and ensure safety. Aside from offering various environmental and cost-saving advantages, these systems are also creating a positive impact on society. For example, the installation of smart streetlights in Los Angeles has helped in reducing crimes related to burglary, vandalism and vehicle theft. In addition to this, Osram has introduced SymphoCity as an intelligent connected lighting management system which can manage and monitor city-wide lighting infrastructure from one central platform to establish a more connected and secure environment. Looking forward, the market value is projected to reach US$ 23.6 Billion by 2024, expanding at a CAGR of 20% during 2019-2024.

Global Smart Lighting Market Segmentation:

Market Breakup by Offering

1. Hardware
2. Software
3. Services

Market Breakup by Communication Technology

1. Wired Technology
2. Wireless Technology

Market Breakup by Installation Type

1. New Installation
2. Retrofit Installation

Market Breakup by Light Source

1. LED Lamps
2. Fluorescent Lamps
3. Compact Fluorescent Lamps
4. High Intensity Discharge Lamps
5. Others

Market Breakup by Application

1. Commercial
2. Residential
3. Public Infrastructure
4. Others

Market Breakup by Region

1. Europe
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America

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