Europe Smart Lighting Market size surpassed USD 2550 million in 2021 and is estimated to witness 15% CAGR from 2022 to 2028.
The market growth is due to an increase in the deployment of smart lighting solutions across the government, commercial, and residential sectors. This is further set to be supplemented by improvements in the standard of living and an increase in disposable income. Besides, the European Union has undertaken several initiatives for the development of a comprehensive smart city infrastructure across the region.
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Impact of COVID-19 on Europe smart lighting market
The COVID-19 pandemic has led to a rise in research activities, which are expected to be favorable for market expansion. For instance, in March 2022, recent research found that UV LED lights possess the potential for the destruction of coronaviruses. The team killed the viruses by deploying UV LED lights, which is a common fixture in public spaces and offices.
According to additional findings, the lights could be a cost-effective and innovative solution for the mitigation of infection. This would be mainly on account of their ease of implementation and relative inexpensiveness in a range of public settings. The increasing participation of various organizations in such studies and initiatives is anticipated to generate favorable opportunities for business owners.
Europe Smart Lighting Market, By Technology
The wireless technology segment will register commendable growth through 2028, credited to the escalating adoption of advanced wireless modalities such as Bluetooth and Wi-Fi for supporting the adoption of IoT in smart lighting infrastructure. Several companies across the industry are focusing on the integration of lighting technology with the web. They are emphasizing on the development of programs and apps for offering features like efficient control over light brightness and light color. The growing emphasis on the development of IoT-ready light fixtures is slated to create favorable ground for the industry expansion.
Europe Market, By Application
The Europe smart lighting market share from outdoor lighting segment will record lucrative expansion through 2028, owing to the escalating popularity of smart street lighting solutions in the region. This is slated to be supplemented by a rise in the adoption of various government initiatives for the establishment of extensive smart street light networks.
Europe Market, By Component
The hardware component segment will reach USD 5290 million revenue by 2028, attributed to the rollout of new regulatory policies in the region. For instance, in September 2021, the European Union saw the enforcement of new rules, leading to a ban on halogen and fluorescent light bulbs. The regulations brought forth prominent changes for consumers and producers that could lead to a reduction in the environmental impact. The regulations would save seven million tons of CO2 equivalent every year until 2030.
Competitive Industry Landscape
Major players involved in the Europe smart lighting market are Digital Lumens, Honeywell, Philips Lighting, Acuity Brands, Echelon, Hubbell, Silver Spring Networks, Bridgelux, Tvilight, and Cooper Industries (Eaton). These companies are depicting a keen interest in the installation of a range of initiatives such as mergers, acquisitions, product developments, and others for the consolidation of their industry position. These companies are further taking a keen interest in research activities for the development and rollout of superior solutions.