Asia Pacific Smart Lighting Market size crossed USD 2,480 million in 2021 and is projected to showcase around 17% growth rate between 2022 and 2028.
As compared to incandescent bulbs, smart lighting systems are known to generate lesser heat and ensure ease of use. This system is also constantly revolutionizing and emerging as an energy-efficient and cost-effective alternative to traditional lighting solutions, playing a major role in curbing carbon emissions.
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Key producers of lighting solutions in Asia are working to become leading players in the LED lighting market and cater to the demand from both domestic and international consumers. China, for example, is adopting massive decarbonization campaigns, with smart connected LED lights leading the drive forward. The country’s dual carbon strategy, intended to lower its emission by 2030 and reach the carbon-neutral target by 2060, will also be instrumental in the fight against the climate crisis.
COVID-19 Impact on the Asia Pacific Smart Lighting Market Outlook
Factors including rapid urbanization and climate change have escalated the shift towards smart cities, especially in the APAC. This transformation is further fueled by the COVID-19 crisis, which has prompted cities to seek new technologies to respond to pandemic-related disruptions. According to a report from UBS AG, the region is forecast to account for over 40% of the global spending in smart cities by 2025. Due to the rising smart city trend, smart bulbs will continue to be largely deployed and result in the rampant industry growth.
Asia Pacific Market, By Component
The hardware components segment will gain massive growth in the Asia Pacific smart lighting market through 2028, due to the rising government focus on introducing advanced, smart LED lamps and other lighting components, especially in emerging nations like India. Furthermore, the transition toward meeting energy-saving goals will boost the acceptance of smart bulbs and other hardware components in the APAC region.
Asia Pacific Market, By Technology
The Asia Pacific smart lighting market from the wired technology segment accounted for USD 1,690 million revenue in 2021, attributed to the rising consumer preference for efficient lighting products over conventional systems like halogen bulbs.
The PoE (Power over Ethernet) segment will grow at a significant CAGR between 2022 and 2028, owing to its cost-effectiveness, ease of installation, and other associated benefits. To improve green credentials, automated systems that control the lighting are also attractive in the APAC.
Asia Pacific Market, By Application
The installation of smart lighting solutions on highways and roadways is rapidly increasing during the forecast period, boosted by the strong focus on curbing the power consumption of street lighting systems. Furthermore, this system reduces maintenance costs and ensures real-time control and high visibility, resulting in the emergence of highways and roadways as the top beneficiaries of smart lights.
Asia Pacific Market, By Country
India smart light market is slated to gain remarkable traction till 2028, credited to the high emphasis on replacing conventional streetlights with smart LEDs. For example, nearly 13.4 million conventional streetlights were aimed to be replaced with smart LEDs in India under the Street Lighting National Program by March 2020.
Competitive Industry Landscape
Some of the leading companies involved in the Asia Pacific smart lighting market include Cooper Industries (Eaton), Silver Spring Networks, OSRAM, Acuity Brands, Hubbell, Tvilight, Echelon, Legrand, GE Lighting, Honeywell, Bridgelux, Digital Lumens, Cree, and Philips Lighting. Many companies are adopting the standard tactic of mergers and acquisitions and new product manufacturing to retain their position in the market.