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Smart lighting refers to advanced lighting technologies and systems embedded with various sensors and wireless technologies. They comprehensively aid in minimizing greenhouse gas emissions, enabling remote light management, ensuring energy efficiency, convenience, high-cost savings, and security in the various application of lighting systems across several sectors. It includes automated controls and highly efficient fixtures that could be adjusted depending on conditions such as occupancy and external lighting availability, among others.
They usually consist of a wall keypad and touchscreen panel and are also accessible through a smartphone application, making them easily controllable and desirable across various end-user industries globally.
The global smart lighting market is estimated to grow at a CAGR of around 19.1% over the span of next 5 years.
The growth of this market is attributed towards major relying factors including; the emergence of integrated lighting control systems on the global level, the high demand of energy efficient lighting systems that provide better illumination while consuming less power, the upcoming smart city projects in developing economies, the increasing adoption and decreasing cost of LEDs, the growing awareness about environmental benefits of energy efficiency among consumers and governments worldwide, the adoption of IoT and AI technology in the lighting industry and the increasing advancements in wireless communication technology etc.
Additionally, governments across the globe are consistently working to eradicate the application of inefficient lamps such as incandescent and halogen lamps by formulating policies and norms. Also, authorities are offering tax rebates and subsidies to promote the use of more efficient lighting technologies across the globe. This growth in stringent governmental regulations propels the demand and growth of the overall smart lighting market.
Moreover, digitization, along with the adoption of connected technologies and smart automation is revolutionizing the way lighting systems interact with their surroundings and consume energy across all end-user verticals. With that said, smart city initiatives that depend on an open connected technology infrastructure require the organization of operations for energy conservation. Smart lighting with its components creates an intelligent and systematized sensing network, which collects information related to the smart city’s environment. This helps corporations reduce energy consumption and maintenance cost of smart cities, which, in turn spurs the growth of overall smart lighting market.
Furthermore, other factors such as rise in demand for intelligent street lighting systems, growing investment in smart home & cities, propelling demand for lighting systems equipped with wireless sensors, the increasing consumption of energy as a result of industrialization and urbanization and the increasing adoption of advanced technologies such as intelligent sensing in lighting solutions further enhance the growth of the market.
However, factors such as the high installation cost and maintenance cost of smart lighting systems, lack of skilled expertise, security issues associated with the use of connected lighting and smart lighting systems and the incompatible wireless communication solutions hamper the growth of this market.
SMART LIGHTING MARKET SEGMENTATION:
By Light Source:
By Installation Type:
By Communication Technology:
By End-Use Application:
The European region followed by the North American region accounts for the largest share in the smart lighting market and is poised to maintain its position at the top in the upcoming years also owing to factors such as the increasing adoption of smart lighting systems as energy efficient lighting solutions, the growing number of stringent government regulations for the use of inefficient lighting technologies in the region, the free distribution of LED lamps along with tax rebates and subsidies and the increasing presence of key players in the region etc.
The Asia Pacific region is the fastest growing regional market for smart lighting technology and systems and is projected to witness tremendous growth in the next few years as well. The growth in this region can be well attributed to factors such as the increasing adoption of smart lighting framework over the private and commercial sectors, the increasing investments by the governments on public infrastructure, the presence of well-established technology giants in the major economies of the region, the growing housing and construction industries, the growth of the smart city initiatives in countries like India and the availability of raw materials and cheap labor in the region etc. The major contributors in the region include India, China and Japan.
FEW KEY PLAYERS IN SMART LIGHTING MARKET: