Smart Light Fixture and Control Market to Reach $152,029 Million by 2030

The global smart light fixture and control market size is expected to reach $152,029 million by 2030, growing at a CAGR of 12.6% from 2021 to 2030, driven by the rising customer demand for energy-efficient solutions. Additionally, LED producers are concentrating on integrating technologies such as Wi-Fi and occupancy sensors, which is drawing customers and, thus, boosting product sales. Moreover, the industry is driven by the increasing product demand for residential and commercial applications, itself on account of the substantial increase in construction activities.

Fixtures Dominated Market in 2021

Fixture is the higher revenue generator, holding a more than 90% share in 2021, fueled by the rising demand for energy-efficient products in both the residential and commercial sectors. The demand for intelligent lighting fixtures is also growing because of governments’ energy-saving initiatives. Moreover, the business sector is increasingly adopting these fixtures, particularly LED light modules, driven by their attractive appeal and capacity to improve locations’ overall ambiance.

Regional Insights

The rapid installation of new fixtures in the residential and commercial sectors supports the North American smart light fixture and control market growth, led by the U.S. LED streetlights are quickly altering the scenery of towns and cities across the U.S, aided by numerous government initiatives.

Additionally, the declining cost of LED lights is driving the expansion of the market in Europe. Regional consumers, public investors, and architects are being compelled to utilize the energy-saving smart light fixtures and controls due to the region's high energy costs. Moreover, the achievement of economies of scale by the players and the ongoing research and development, lighting technologies are constantly advancing. Furthermore, because of the lowering production costs and improving illumination efficiency, the technology is becoming more appealing to consumers.

In 2021, the APAC region held the largest share, of more than 40%, due to the construction of new buildings, the region's robust economic growth, which is mostly being driven by China; and the growing affordability of LEDs. China has a monopoly in the APAC market as a result of its rapid economic development. Architectural and outdoor lighting are the two main applications of these products in China, where the government has enacted a number of laws regarding energy efficiency and environmental protection.

Saudi Arabia is expected to hold a significant revenue share in the MEA region, as a result of the country's growing urbanization rate and government assistance for infrastructure development. Additionally, smart light fixture and control market sales in LATAM are expanding steadily as a result of the adoption of advanced technologies and growth of the economy. The sector is also propelled by the booming acceptance of these products in commercial and residential applications.

Some of the key players in the market are Acuity Brands Inc., Lutron Electronics Co. Inc., Zumtobel Group AG, Leviton Manufacturing Co. Inc., OSRAM GmbH, Koninklijke Philips N.V., Honeywell International Inc., and Legrand S.A.