At CAGR of 20%, Smart Lighting Market revenue to Surpass USD 24 Billion by 2024
Smart Lighting Market growth is mainly contributed by growing popularity of smart cities and Increasing demand for energy-efficient lighting systems
Selbyville, Delaware – January 30, 2019 /MarketersMedia/ —
Smart Lighting Market growth is attributed to worldwide initiatives for smart city development and the growing popularity of home and building automation systems in residential, commercial, and industrial sectors. As the modernized smart city infrastructure offers intelligent connectivity among different components of the administrative framework such as transport, healthcare, and law & order, further initiatives for developing smart cities are likely to be undertaken aggressively around the world over the next one decade.
Smart lighting products are used in different applications to enable highly connected and energy-efficient lighting solutions. These applications include commercial, residential, industrial, and outdoor lighting applications such dynamic traffic management systems employed in public places, highways & roadways, tunnels, and bridges. Developing economies can largely benefit by deploying smart lighting systems for the outdoor lighting applications to ensure energy security and sustainability.
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Technological innovations in LED lighting systems are largely contributing to the growing adoption of smart lighting systems for residential, commercial, and industrial applications. Modern LED lighting systems have an outstanding operational life expectation of up to 100,000 hours. By changing conventional lighting systems to smart LED lights, users do not have to incur repeated cost of replacing the lights for several months or even years. Also, in LED lighting systems, 100% of the electrical energy is converted into light as opposed to traditional incandescent bulbs wherein, 80% of the energy is converted into heat and only 20% is converted into light. Thus, smart LED lighting systems facilitate excellent energy efficiency and minimal energy wastage.
The outdoor lighting market is projected to register a fast growth over the forecast period due to the increasing popularity of intelligent street lighting systems in the smart city infrastructure. With embedded sensors and digital networks, these systems collect and transmit information that helps city administrators to monitor and respond to any circumstances related to air quality, traffic levels, and noise levels on the streets. Also, by intelligently controlling the operating period of lights, substantial cost savings can be realized by minimizing the energy wastage.
The communication technology market is expected to exhibit excellent growth between 2018 and 2024 due to rapid advancements in wireless communication technologies such as LPWAN, Wi-Fi, and hybrid technologies. With the increasing popularity of highly interconnected IoT-based smart city ecosystem, these technologies are expected to play a critical role in enabling such intelligent and data-driven infrastructure.
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The Asia Pacific smart lighting market is projected to witness the fastest growth between 2018 and 2024 due to growing awareness among emerging economies including India, Japan, and Singapore regarding the efficacy of connected lighting systems in enabling significant cost savings through optimal energy consumption.
Europe is projected to hold a dominant position in the market by 2024 with a market share over 30%. This market dominance is attributed to growing emphasis on developing smart city infrastructure in the region and the large-sale installation of smart lighting system across the commercial and residential sectors. The European Union (EU) is consistently focusing on developing highly connected smart city infrastructure across the region while encouraging participation from public and private stakeholders. Through its funding instrument, The European Innovation Partnership on Smart Cities and Communities (EIP-SCC), brings together industry and citizens to enhance the urban life using more sustainable and integrated solutions.
Some of the key payers operating in the market are, Bridgelux, Cree, Digital Lumens, Echelon, Schneider Electric, Acuity Brands, Honeywell, GE Lighting, Secil, Cooper Industries (Eaton), OSRAM, Lutron, Hubbell, Philips Lighting, Silver Spring Networks, Legrand, Tvilight, and Zumtobel.
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Table of Contents (ToC) of the report:
Chapter 6 Smart Lighting Market, By Product
6.1 Smart lighting market, key trends, by product
6.2 Luminaries
6.2.1 Smart bulb
6.2.2 Fixtures
6.3 By lighting control
6.3.1 Sensors
6.3.2 Switches & Dimmers
6.3.3 Routers & Gateways
6.3.4 LED drivers & ballasts
6.3.5 Relays
6.3.6 Others
Chapter 7 Smart Lighting Market, By Communication Technology
7.1 Smart lighting market, key trends, by communication technology
7.2 Wired technology
7.2.1 Powerline communication
7.2.2 Power over Ethernet
7.2.3 Digital addressable lighting interface
7.2.4 Hybrid
7.3 Wireless Technology
7.3.1 Bluetooth
7.3.2 Zigbee
7.3.3 Wi-Fi
7.3.4 EnOcean
7.3.5 LPWAN
7.3.6 Hybrid
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/smart-lighting-market
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