PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565642
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565642
Connected Lighting Platform Market size was valued at USD 16,903.23 Million in 2023, expanding at a CAGR of 17.90% from 2024 to 2032.
A Connected Lighting Platform is a smart lighting system that integrates digital technology and connectivity to allow remote control and automation of lighting. It uses IoT and wireless protocols, such as Wi-Fi or Zigbee, to enable users to manage and customize lighting settings through apps, voice commands, or building management systems. This market focuses on advanced lighting systems that leverage digital technology and connectivity to enable remote control, automation, and integration with smart home or building management systems.
Connected Lighting Platform Market- Market Dynamics
Surge in Smart Home Adoption Drives Growth in Connected Lighting Platforms
The surge in smart home adoption is significantly driving the growth of connected lighting platforms. According to a recent report by the U.S. Department of Energy, smart lighting systems, which are a key component of connected home ecosystems, are projected to reduce residential lighting energy use by 50% by 2035. Additionally, the European Commission's Horizon 2020 program has allocated over €1 billion to support the development of smart home technologies, including connected lighting, reflecting the strong governmental backing for these innovations. As more households integrate smart technology into their daily lives, the demand for sophisticated, energy-efficient connected lighting solutions continues to rise, fueling market expansion and innovation in this sector.
Connected Lighting Platform Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.90% over the forecast period (2024-2032)
Based on Component segmentation, hardware was predicted to show maximum market share in the year 2023
Based on Application segmentation, indoor was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Connected Lighting Platform Market is segmented on the basis of Component, Application, Connectivity, and Region.
The market is divided into three categories based on Component: Hardware, software, and services. The hardware sector dominates the market. This includes physical components such as smart bulbs, fixtures, sensors, controllers, and networking devices. Hardware forms the backbone of connected lighting systems, making it essential for their operation and integration.
The market is divided into two categories based on application: Indoor and Outdoor. The indoor sector dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to widespread adoption of smart lighting technologies in homes, offices, and retail environments. Indoor lighting solutions frequently offer advanced features like automation, energy management, and customizable settings, driving higher market demand.
Connected Lighting Platform Market- Geographical Insights
North America is a leading region in the connected lighting market, with strong growth driven by high consumer demand for smart home technologies and significant investments in energy efficiency. The United States and Canada are key markets, featuring advanced infrastructure and high adoption rates of innovative lighting solutions. The region boasts a well-developed technological infrastructure that supports the deployment and integration of sophisticated lighting solutions, including smart home ecosystems and IoT networks. The robust growth and technological advancements in the North American connected lighting market, underscoring the region's leadership in adopting and driving innovations in this sector.
The Connected Lighting Platform market is led by major companies like Signify, OSRAM, and Schneider Electric, known for their advanced smart lighting solutions and extensive market presence. Key technology providers such as Qualcomm and Broadcom supply crucial connectivity components. Additionally, specialized firms like Cree and Acuity Brands drive innovation, while regional and emerging players contribute to dynamic market growth through strategic partnerships and technological advancements. For instance, in July 2024, SKYX Technologies (NASDAQ: SKYX) announced a collaboration with Home Depot to offer its advanced and smart plug & play products. The partnership will include a variety of SKYX's products such as retrofit kits, smart light fixtures, smart ceiling fans, ceiling outlet receptacles, and recessed lights.
In August 2024, Schneider Electric, a global leader in energy management and automation, announced a new development in the smart home sector. They have integrated Matter protocols into their Schneider X Series connected wiring devices, which feature smart electrical outlets, light switches, and dimmers.
In January 2023, Samsung Electronics introduced its latest Neo QLED, MICRO LED, and Samsung OLED lineups, along with a range of lifestyle products and accessories, ahead of CES(R). Samsung's extensive portfolio provides users with customizable experiences and more intuitive technology across their daily devices than ever before.