Smart Lighting Market Detail Analysis focusing on Key Players like Bridgelux, Acuity Brands, Cree, Echelon, Cooper Industries, OSRAM, Digital Lumens, Honeywell, GE Lighting, Hubbell, Philips Lighting, Legrand, Schneider Electric & More

Market Study Report adds a new lighting industry progresses from incandescent lights to CFLs and LEDs, global energy industry contenders have come to the consensus that the smart lighting market is set to be the next trend when it comes to upgradation in the lighting industry. The demand for increased energy efficiency in electrical equipment has led the lighting industry giants to modify their products, the consequence of which is quite vivid with the growth spectrum of smart lighting industry, given the potential for the product to reduce energy bills and optimize energy consumption. Not only residential customers but smart lighting systems are attracting industrial customers as well by reducing the cost of electric supply and peak load., which is recently witnessing huge smart meter rollouts & deployment trends across the globe for the period of 2018-2024 that shows the growth of the market is rising at a Steady CAGR to 2024.

Smart Lighting Market is projected to surpass USD 24 billion by 2024. Smart lighting incorporates different technologies to enable the automatic controlling of indoor and outdoor lights using automated settings, wireless/mobile controls, and a wide range of different adjustable features. It is a lighting system which is interconnected through a network and is operated and maintained by a centralized system or cloud. Smart lighting includes an MCU (microcontroller unit) based system that integrates electronics, automation, and network communication for improving energy efficiency of the lighting system.

In a conventional lighting system, a light source can only be switched on/off manually, while, instead in a smart lighting system, different preset lighting modes can be preloaded into the system to meet the users specific needs. Also, in conventional lighting systems, a heavily loaded lighting system requires high-capacity switch along with large volume of cables to drive a distant load. In connected lighting systems, an output driver directly powers a load without the need for increasing the power capacity of the switch. Moreover, connected lighting systems can be made dimmable and controllable using advanced lighting control devices to further optimize the energy consumption.

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.

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The competition in the connected lighting market is primarily characterized by constant product innovation and new product development initiatives by the market players by leveraging the latest advancements in the smart lighting technology and Internet of Things (IoT). These players are consistently involved in strategic partnerships for extending their smart lighting product portfolio and expanding their global presence. Also, a lot of companies are focusing on securing contracts for extensive smart streetlight installation projects from city administrators under smart city projects. Some of the key players operating in the connected lighting market are Bridgelux, Acuity Brands, Cree, Echelon, Cooper Industries (Eaton), OSRAM, Digital Lumens, Honeywell, GE Lighting, Hubbell, Philips Lighting, Legrand, Schneider Electric, Zumtobel, Lutron, Secil, Silver Spring Networks and Tvilight.

Europe is projected to dominate the connected lighting market by 2024 due to the rapid deployment of smart lighting systems in residential, commercial, and government sectors, large-scale smart city projects undertaken in the region supported by favorable government initiatives. Due to the consistent emphasis by the European Union (EU) on accelerated development of smart cities through its funding instrument, The European Innovation Partnership on Smart Cities and Communities (EIP-SCC), industry leaders are focusing on providing more integrated and sustainable lighting solutions to the customers.

The Asia Pacific connected lighting market is projected to exhibit fastest growth between 2018 and 2024 due to increasing awareness regarding the benefits of energy efficient lighting systems among the countries in the region to achieve energy security and sustainability objectives. Also, favorable government initiatives to encourage the adoption of energy-efficient LED lights is also expected to accelerate the growth of Asia Pacific connected lighting market.

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Table of Content:

Chapter 1 Methodology & Scope
1.1 Methodology
1.1.1 Statistical model and forecast
1.1.2 Industry insights and validation
1.2 Scope
1.3 Market Definition
1.4 Forecast parameters
1.5 Data Sources
1.5.1 Secondary
1.5.2 Primary
1.6 Abbreviations
Chapter 2 Executive Summary
2.1 Smart lighting industry 360 degree synopsis, 2013 - 2024
2.1.1 Regional trends
2.1.2 Component trends
2.1.3 Product trends
2.1.3.1 Luminaries trends
2.1.3.2 Lighting control trends
2.1.4 Communication technology trends
2.1.4.1 Wired technology trends
2.1.4.2 Wireless technology trends
2.1.5 Lighting source trends
2.1.6 Application trends
2.1.6.1 Indoor application trends
2.1.6.2 Outdoor application trends
Chapter 3 Smart Lighting Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape
3.4 Evolution of smart lighting technology
3.5 Addressable/opportunity market
3.6 Smart lighting market news
3.7 Smart lighting industry ecosystem analysis
3.8 Technology & innovation landscape
3.8.1 Technological advancements in IoT
3.8.2 Innovation in LED technology
3.9 Regulatory landscape
3.9.1 Energy efficiency requirement standard GB 30255-2013 for LED lamps (China)
3.9.2 Performance requirement standard GB/T24908 standard for non-directional self-ballasted LED luminaire (China)
3.9.3 The European Directive ErP (Energy-related Products) 2009/125/EC
3.9.4 EU No. 874/2012 energy label standards

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Outside scope of this Report: The advent of smart cities across the globe is contributing to the growth of the smart lighting market as well. Smart cities provide enhanced urban services and solutions in the form of interconnected digital technologies. Introduction of Internet-of-Things (IoT) has brought forward new opportunities that can integrate different application domains and services by utilizing information and communication technologies. The lighting system has emerged as one of the core sectors that can be significantly improved with the implementation of IoT. Lighting systems in cities consume more energy than any other deployment domain and the integration of the system with advanced sensors and communication channels to obtain a Smart Lighting System is the easiest means of establishing a more efficient lighting management. As government initiatives to develop smart cities are becoming more apparent, the smart lighting market is expected to record significant traction over the coming years.

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