The Asia Pacific smart lighting market is expected to be valued at USD 11,159.4 million by 2030 from an estimated revenue of USD 4,332 million in 2022, growing at a CAGR of 12.6% during the forecast period 2023-2030
Feb. 2, 2023 (GLOBE NEWSWIRE) -- Asia Pacific has been identified as the fastest growing region for the smart lighting market. This is a result of increasing consumer demand for energy-efficient lighting solutions for homes, commercial establishments, and industrial applications. According to Astute Analytica, the region is expected to witness significant growth owing to the growing popularity of LED lighting products, rising awareness of energy efficiency, and the proliferation of IoT technologies. Rising urbanization and advancements in internet-connected devices have further fueled the growing demand for smart lighting solutions in the region.
The Asia-Pacific smart lighting market is expected to reach USD 11,159.4 million by 2030, growing at a CAGR of 12.6% during 2023-2030. This impressive growth is attributed to the increasing use of smart lighting in commercial and industrial settings, which in turn has led to high demand for wired connections in this market. Furthermore, the market is expected to witness increased adoption of smart technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) in the coming years.
Smart lighting technology offers numerous benefits such as increased energy efficiency, cost savings, increased safety and convenience, and enhanced lighting control. Furthermore, advancements in LED technology are fueling the growth of the smart lighting market in Asia Pacific. The proliferation of connected devices such as smartphones and tablets is further boosting the growth of this market. Furthermore, the growing popularity of smart homes, offices, and commercial establishments further drives the smart lighting market in this region.
The wired smart lighting market generates more than 59% of the market revenue.
Wired smart lighting will generate over 59% of the smart lighting market revenue in 2022. The reasons behind its success can be attributed to several factors such as stability, reliability, and established infrastructure. From a business perspective, wired smart lighting offers several advantages. First, wired lighting systems are known for their stability and reliability compared to wireless systems, making them a popular choice for larger installations such as commercial buildings and industrial facilities.
Another advantage of wired smart lighting is that the existing wired lighting system infrastructure provides the foundation for businesses to upgrade to smart lighting. Infrastructure can be easily upgraded to include smart features such as remote control and automation without major changes to wiring.
The trend towards energy-efficient lighting solutions is also driving the demand for the wired smart lighting market. Wired smart lighting systems provide more efficient lighting than traditional lighting systems and offer features that enable greater energy savings, such as scheduling and occupancy detection. Finally, trends in smart buildings and the Internet of Things (IoT) are driving the need for integrated and automated systems that can be controlled and monitored from a central location. Wired smart lighting systems provide the stability and reliability needed to support these large integrated systems.
Compact Fluorescent Lamps to Provide $42.92 Billion Revenue Opportunity in APAC Smart Lighting Market.
The smart compact fluorescent lamp market is expected to grow significantly, with our analysts predicting a revenue opportunity of $42.92 billion by 2030. Increasing demand for energy-efficient lighting solutions coupled with growing adoption of smart home technology is driving the growth of the smart home technology market.
Smart compact fluorescent lamps are energy efficient lighting solutions that offer features such as remote control, voice control and scheduling options. These characteristics make them an attractive option for consumers looking to reduce energy consumption and costs.
The growth of the smart home industry is also playing an important role in the growth of the smart compact fluorescent lamps market. The integration of smart lighting with other smart home devices such as thermostats and security systems makes it easier for consumers to manage and control their home lighting. Additionally, growing awareness of the environmental impact of energy consumption is driving the adoption of energy-efficient lighting solutions, such as smart compact fluorescent lamps. Government incentives and regulations aimed at reducing energy consumption are also driving the demand for these products.
China is at the forefront of the Asia-Pacific smart lighting market and is expected to grow at the highest CAGR of 14.5%.....
In terms of countries, China and India will be the major contributors to the growth of the Asia Pacific smart lighting market. With continuous advancements in IoT technology and a growing urban population, China is likely to remain the leader in the Asia-Pacific region. Furthermore, the country is witnessing major investments in the smart lighting sector for efficient use of energy and improved safety standards.
Other major markets in the Asia-Pacific smart lighting market include Japan, Australia, South Korea, and Southeast Asian countries with high demand for smart home, commercial, and industrial applications. These countries are also committed to creating efficient lighting infrastructure. South Korea, for example, is investing in energy-efficient lighting solutions to improve lighting quality and reduce energy consumption.