According to a research report "Smart Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology, and Geography - Global Forecast to 2026" published by MarketsandMarkets, the smart lighting market is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026.
Europe has the largest market share for smart lighting. Whereas, APAC has the highest growth rate and is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and Australia. Due to advancements in technology and the emergence of new business models as well as new constructions in the developing cities of the region, the smart lighting market is exhibiting an upbeat outlook.

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The booming commercial and industrial sectors would further fuel the adoption of smart lightings in APAC. Furthermore, growth in end-use sectors and mounting investments from government bodies are also favouring the growth of the smart lighting market in the region.

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The lights and luminaires segment, in market by hardware, of the smart lighting market is projected to account for a larger share during the forecast period.

The market for lights and luminaires accounted for a larger share in 2020. Improved smart standards coupled with the growing demand for high input-powered devices for lighting are driving the said market. OEMs are coming up with integrated solutions in luminaires, which require more input power.
Lights and luminaires broadly include smart bulbs, lamps, and luminaires such as fluorescent lights, light-emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). The performance and characteristics of the light source used in lamps depend on the lighting task being performed. Choosing the right lamp type helps save energy to a great extent.

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Smart LED luminaires are cost-effective and offer a high return on investment. They reduce installation costs and are safer since conduits and metal cladding are not required. The benefits provided by smart technology make LED lighting systems a very attractive option for property owners. LED lighting is one of the mainstream technologies offering competitive cost and energy efficiency benefits.