Smart Lighting Market: Emerging Industry Trends and Global Future Forecast?
The global smart lighting market size is expected to generate revenue of USD 8.68 billion in 2018 and is expected to reach USD 38.68 billion by 2026, at a CAGR of 20.5% during the forecast period. Smart lighting is designed to manage brightness remotely. It ensures energy efficiency, including automatic controls and high-efficiency fixtures that can adjust to conditions such as occupancy and external lighting. Lighting is the intentional use of light to add functional and aesthetic effect to a space. Additionally, these systems include general lighting, accent lighting, and task lighting. In addition to this, smart lighting systems ensure lower energy usage and higher cost savings.Factors such as increasing demand for smart street lighting systems, rising demand for energy-efficient lighting systems, and high penetration of LED bulbs and lighting across the globe drive the global smart lighting market. However, high installation and maintenance costs of smart lighting systems hamper the market growth. Moreover, advancements in wireless communication technologies, rise in the development of smart city projects, especially in the Asia-Pacific region, and emergence of IoT technologies for smart lighting provide lucrative opportunities for the growth of the global smart lighting market.
The smart lighting market is segmented based on product, connectivity technology, lighting technology, application, and industry vertical. According to different products, it is divided into hardware and software.
Smart Lighting Market
According to the connection technology, it is divided into Bluetooth, Zigbee, Wi-Fi and DALI. According to the lighting technology, it is divided into LED, Halogen, Incandescent, Fluorescent and CFL. Applications covered in the study include indoor and outdoor lighting. Segmented by industry vertical into commercial, residential, industrial, automotive, and others. In terms of region, it is analyzed in North America, Europe, Asia Pacific, and LAMEA.
By connectivity technology, DALI held the global smart lighting market share in terms of revenue in 2018 and is expected to maintain its leading position during the forecast period.
Based on industry vertical, the smart lighting market is segmented into commercial, residential, industrial, automotive, and others. The commercial segment is expected to witness considerable growth in the smart lighting market.
The main factor of influence
Dynamics such as increasing demand for smart street lighting systems in both developing and developed countries, growing demand for energy-efficient lighting systems for sustainable development, and high penetration of LED bulbs and lighting globally drive the global smart lighting market trends. However, high installation and maintenance costs of smart lighting hamper the market growth. Additionally, advancements in wireless communication technologies, growth in the development of smart city projects, especially in Asia Pacific, and the emergence of smart lighting IoT technologies are expected to provide lucrative opportunities for the growth of the smart lighting industry.
Some of the major factors influencing the smart lighting market are as follows:
Rising demand for street lighting systems
The technological progress and development of various countries have revolutionized outdoor lighting from switch systems to intelligent lighting. The adoption of IoT and artificial intelligence technologies in the lighting industry has increased the demand for smart lighting on city streets. This has led to an increased demand for lighting systems that provide automated operation.
Growing Demand for Energy Efficient Lighting Systems
In the current market, there is a high demand for the development of low power consumption technologies. Most such systems are electronic or electrical and run on electricity and energy. The depletion of these energy sources has prompted the development of energy-efficient systems. Smart lighting uses much less electricity than traditional lighting, which presents a lucrative smart lighting market opportunity.
Emergence of IoT and AI technologies for smart lighting
Advances in wireless technology and the proliferation of IoT technologies for hyperconnectivity between devices in smart infrastructures are expected to increase the demand for smart lighting globally. The integration of AI and IoT in lighting systems can provide operational efficiencies such as automatic dimming and smart lighting as required by various applications such as vertical farming, automotive interiors, and smart homes.
Key Advantages of Smart Lighting Market:
This report provides an extensive analysis of current and emerging market trends and dynamics of the global Smart Lighting market.
With an in-depth analysis of the Smart Lighting market estimates for key segments from 2018 to 2026.
The market is extensively analyzed by tracking key product positioning and monitoring top competitors within the framework of the market.
Key players are profiled and their strategies are thoroughly analyzed to understand their competitive outlook on the global Smart Lighting market.