The global smart lighting market, currently valued at $18.3bn, will escalate to $137.2bn by 2035, with a CAGR of 20%, according to Research & Markets.

Smart lighting is revolutionising home automation and energy efficiency, with the demand for sustainable products on the rise. These systems offer benefits such as customisation, remote control, adaptive lighting and energy savings, proving advantageous in various environments from homes to commercial spaces.

As part of the sustainable development framework, smart lighting is crucial for reducing carbon footprints, given the energy sector’s large greenhouse gas emissions. The pervasive use of AI, IoT and automation in this sector enhances energy efficiency, offering users control and adaptability.

The market is segmented into hardware, software and services. Hardware, particularly lights and luminaires, leads due to increased sales of smart bulbs and IoT-connected devices. However, the software segment is predicted to grow rapidly as IoT adoption expands, facilitating seamless smart light control through mobile devices and voice-activated platforms such as Alexa and Google Assistant.

Segmented into hybrid, wired and wireless, the wired segment dominates, especially in commercial and industrial sectors. Yet, wireless connectivity is gaining traction due to its high data rates and ease of integration with home networks, supported by technologies such as Bluetooth and wifi that offer direct control.

Smart bulbs, favoured for their cost-effectiveness and ease of use, capture the largest market share. Conversely, the fixtures segment is anticipated to grow significantly, driven by construction demands that require integrated lighting. LED technology leads due to its energy efficiency and compatibility with smart systems. While LED continues to dominate, incandescent lighting may experience growth due to its compatibility with existing systems.

New installations maintain a large market share given their ease of integration in construction. Retrofit installations are expected to expand as consumers adopt smart technologies to enhance existing living spaces.

The indoor segment, supported by global urbanisation, leads the outdoor segment, which is fuelled by smart city initiatives and infrastructure development, and thus is poised for growth.

Indirect channels, via ecommerce and partnerships, currently dominate. These channels expand market reach and logistical capabilities for manufacturers.

Europe leads the market with high smart lighting adoption and sustainability focus. However, Asia Pacific is projected to demonstrate higher growth, driven by rapid urbanisation and development efforts.

For more on the report, see www.researchandmarkets.com/reports/6215957/smart-lighting-market-till-distribution-type.