According to a recent study from market research firm Graphical Research, the Europe smart lighting market size is projected to reach a valuation of US$ 6.43 billion by 2028.
Europe’s smart lighting market will showcase notable growth in the future as the demand for these solutions is increasing across the commercial, residential, and government sectors. Factors, such as improvement in the overall standard of living and rising disposable income of the regional population will further amplify the product demand.
The COVID-19 pandemic has positively influenced the deployment of smart lighting products due to an appreciable rise in research activities to find sustainable solutions to conventional lighting systems. Smart lights have also gained prominence across the region’s pharmaceutical sector due to their ability to eliminate harmful bacteria through light therapy.
These lights are an innovative and cost-effective solution to mitigate the risk of infections because they are easy to install in different public settings. Since more organizations are opting for affordable yet eco-friendly lighting devices, the demand for smart lights will rise.
Here is a list of the prominent trends accelerating the industry progress:
- Wireless smart lighting technology gains traction:
The wireless technology segment will capture a sizeable share of Europe smart lighting market by 2028. Advanced wireless modalities, such as Wi-Fi, IoT, and Bluetooth are being widely used in smart lighting infrastructures. Many companies are introducing cutting-edge technologies to develop internet-based lighting systems.
They are also creating state-of-the-art applications and programs that are equipped with features, such as effective control over light color and brightness. IoT-ready light fixtures are also becoming popular among customers, further enhancing the demand for wireless lighting technologies.
- Indoor smart lighting systems offer energy efficiency:
Europe indoor smart lighting industry revenue is set to exceed USD 5.05 billion by 2028 as companies across the region are increasingly focusing on creating unique lighting solutions for commercial and residential interior spaces.
The demand for energy-efficient lights has grown considerably as end-users are striving to reduce their energy consumption cost. Governments across the region are preventing the installation of low energy-efficient lights, such as incandescent and halogen lamps across commercial spaces, thereby fueling the adoption of LED lights.
- Demand for smart lighting hardware grows:
Europe smart lighting market value from the hardware segment will reach USD 5.29 billion by 2028. This can be attributed to the rollout of new regulatory policies in the region. For example, in September 2021, the EU enforced new rules, which resulted in a ban on fluorescent and halogen light bulbs. These regulations brought important changes for producers and consumers, while saving nearly 7 million tons of CO2 every year till 2030, thereby boosting the use of smart lighting products.
Europe smart lighting market forecast will be positively affected by concerns regarding the rising carbon emission levels across the region. With regional governments introducing stringent policies to promote the benefits of cost-effective and sustainable lighting products like LED lights, the need for smart lighting solutions will grow.
Honeywell, Digital Lumens, Acuity Brands, Philips Lighting, Bridgelux, Silver Spring Networks, Hubbell, Echelon, and Cooper Industries (Eaton), among others, are the top manufacturers of smart lighting systems across Europe.
