Smart Lighting Market Forecast to Triple by 2031
The global smart lighting market is projected to reach $67.83 billion by 2031, expanding at a compound annual growth rate of 19.77%, according to Mordor Intelligence. Market growth is driven by a focus on energy efficiency, the development of smart cities, and the increasing adoption of IoT controls in connected buildings.
- Key players in the highly competitive smart lighting market include Signify (formerly Philips Lighting), Acuity Brands, Panasonic, Legrand, and ams-OSRAM. These companies are expanding their market share through strategic partnerships and the development of new products. - For commercial and industrial buildings, smart lighting is a foundational component of broader Building Management Systems (BMS). These systems integrate with HVAC and security to optimize energy use and building operations, potentially reducing a building's operating expenses by 30-60%. - Government initiatives are a significant market driver, with programs like the U.S. Department of Energy's "Connected Communities" and India's "Smart Cities Mission" promoting the adoption of connected, energy-efficient lighting. For example, as part of its mission, the city of Pune in India installed an AI-based system to control 50,000 streetlights, which reduced energy costs by 35%. - The initial cost of smart lighting can be a major hurdle for adoption, with the average price of a single smart bulb being $42, compared to $1-$2 for a traditional incandescent bulb. Cybersecurity is another significant concern, as internet-connected lighting systems can be vulnerable to cyber threats. - In B2B sales, a key strategy is to focus on the return on investment (ROI) and cost savings for clients. Sales approaches are often tailored to specific industries; for instance, emphasizing enhanced guest experiences for hotels or improved property values for residential developers. - For business graduates entering the field, many companies offer entry-level roles and training programs that rotate through different departments like sales, project management, and customer service to provide a comprehensive understanding of the industry. Job titles for new entrants can include Applications Engineer, Lighting Technician, and Junior AV Technician.
