How Is Smart Lighting Adoption Boosting Ambient Lighting Market Growth?

A number of factors such as the booming demand for energy-efficient lighting solutions, toughening energy efficiency regulatory policies, and rising emphasis on smart lighting are expected to propel the ambient lighting market at a CAGR of 9.2% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue is projected to grow from $60.8 billion in 2019 to $156.5 billion by 2030. In recent years, the burgeoning demand for light-emitting diode (LED) lighting solutions has become a prominent trend in the market.

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The rising stringency of energy efficiency laws is expected to boost the ambient lighting market growth in the coming years. The growing awareness regarding environmental degradation has led to the implementation of stringent regulations related energy efficiency of lights, which are resulting in energy and cost savings in several end-use sectors. For instance, the U.S. Energy Standard for Buildings is a national model code for commercial buildings and an important parameter for drafting designs and related systems. This code is implemented by the U.S. Department of Energy.

Additionally, the amplifying demand for smart lighting solutions will also supplement the market growth in the foreseeable future. In recent years, LEDs have become very popular in the industrial sector, due to their increased energy efficiency and exquisite designs. Also, the surging adoption of LEDs in the residential sector has widened the scope for developing more efficient and aesthetically enhanced LED lighting solutions. Furthermore, the advent of Industry 4.0 and internet of things (IoT) technology, and extensive demand for smart home solutions have encouraged market players to be more experimental with LED lights.

In recent years, players operating in the ambient lighting market have introduced several new products to gain a competitive edge. For instance, in September 2019, Signify N.V. introduced the Philips Hue Filament collection of warm white lights, which is a combination of modern technology and vintage design. This amalgamation of contemporary and antique helps to control and personalize the lighting through a smartphone or a voice command. These lights can be used with or without a lampshade.

On the basis of offering, the ambient lighting market is bifurcated into hardware and software and service. Further, the hardware category is bifurcated into lighting controls and lamps and luminaries. In 2019, the lamps and luminaries category generated higher revenue in the hardware market because these are vital parts of any lighting solutions. In the coming years, the software and service category will witness the fastest growth, due to the escalating demand for software for controlling the lights in different settings. The lighting control software offers improved functionality like brightness and color adjustment.