According to TechSci Research report, “Connected Lighting Platform Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2029F”, Global Connected Lighting Platform Market was valued at USD 16.63 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 14.38% through 2029.
The Global Connected Lighting Platform Market is expected to register robust growth during the forecast period. The burgeoning connected lighting platform market is principally propelled by the worldwide emphasis on energy efficiency and sustainability. These platforms boast sophisticated controls like motion sensors, daylight harvesting, and adaptive dimming, enabling them to optimize energy consumption by dynamically adjusting lighting levels based on occupancy and natural light availability.
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Governments, corporations, and consumers are increasingly embracing these solutions to curtail energy usage, trim operational expenses, and achieve sustainability targets. As urbanization continues to sweep the globe, smart city initiatives are gaining momentum, with connected lighting platforms serving as a cornerstone of this evolution. The key lies in delivering comprehensive solutions that facilitate the establishment of intelligent urban landscapes. By seamlessly integrating with other smart city components such as traffic management, environmental monitoring, and public safety systems, connected lighting can bolster overall urban functionality and sustainability.
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Based on connectivity, the Wireless segment is projected to dominate the market throughout the forecast period. Wireless connectivity offers unparalleled flexibility and scalability, allowing for seamless integration with existing infrastructure and easy expansion as needs evolve. This segment’s dominance is further underpinned by the growing preference for wireless solutions across various industries, driven by their ability to eliminate the complexities associated with wired installations and enable rapid deployment. One of the key drivers behind the prominence of the Wireless segment is the rise of IoT (Internet of Things) technology, which relies heavily on wireless connectivity to enable communication between devices. Connected lighting platforms leverage IoT capabilities to deliver advanced features such as remote monitoring, predictive maintenance, and real-time data analytics, thereby enhancing operational efficiency and enabling proactive decision-making. As IoT adoption continues to soar across industries, the demand for wireless-connected lighting solutions is expected to follow suit, driving the growth of this segment.
The proliferation of smart homes and smart buildings is driving the demand for wireless-connected lighting systems. These systems offer homeowners and facility managers unprecedented control over their lighting environment, allowing for personalized settings, energy savings, and enhanced convenience. The Wireless segment’s dominance is thus buoyed by the burgeoning smart home and building automation market, where connected lighting serves as a foundational component. The advent of 5G technology is expected to accelerate the growth of the Wireless segment in the connected lighting platform market. 5G networks promise faster speeds, lower latency, and greater bandwidth, enabling more robust and reliable connectivity for IoT devices, including connected lighting systems. As 5G infrastructure deployment gathers momentum worldwide, the Wireless segment is poised to capitalize on the enhanced connectivity capabilities offered by this next-generation technology, further solidifying its position as the dominant force in the market. The Wireless segment is projected to maintain its leadership in the Global Connected Lighting Platform market throughout the forecast period, driven by its flexibility, scalability, IoT integration, smart home/building adoption, and the advent of 5G technology. As the demand for connected lighting solutions continues to rise across various sectors, the Wireless segment is well-positioned to meet the evolving needs of customers and stakeholders, driving continued growth and innovation in the market.
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Key market players in the Global Connected Lighting Platform Market are:-
- Eaton Corporation plc
- Wolfspeed, Inc.
- Signift N.V.
- Honeywell International Inc.
- Samsung Electronics Co., Ltd.
- Legrand SA
- Schneider Electric SE
- Comarch SA
- Lutron Electronics Co. Inc.
- Leviton Manufacturing Co., Inc.
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“The Global Connected Lighting Platform Market is on the brink of significant expansion, largely attributed to the escalating demand for indoor applications. With the proliferation of smart homes, offices, and commercial spaces, there’s a growing emphasis on advanced lighting solutions that offer not only illumination but also connectivity, automation, and energy efficiency. Connected lighting platforms cater to this demand by providing intelligent lighting systems that can be seamlessly integrated with other smart devices and controlled remotely via smartphones or voice assistants. As indoor environments become increasingly digitized and interconnected, the adoption of connected lighting platforms is expected to surge, propelling market growth”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Connected Lighting Platform Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Component (Hardware, Software and Services), By Connectivity (Wired and Wireless), By Application (Indoor and Outdoor), By Region, and By Competition, 2019-2029F” has evaluated the future growth potential of Global Connected Lighting Platform Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Connected Lighting Platform Market.
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