Smart Lighting Market Forecasts Report By Key Players are Silver Spring Networks, Zumtobel Lighting, Lutron Electronics, Schneider Electric, Philips Lighting, Hubbell Incorporated, Honeywell, GE, OSRAM, Cree, Eaton, Acuity Brands

As the lighting industry progresses from incandescent bulbs to CFLs and LEDs, smart lighting market has made its way as the next trending vertical. The vast expanse of this sphere can be aptly demonstrated by an incidence that occurred in Toronto a couple of years ago. A newly constructed building that nearly became a feather in the crown for the Toronto financial district, the EY Tower, made it to the headlines for offering IP addressable LED lights that tenants can control with internet-based building automation. The instance of EY Tower is of particular interest to the smart lighting industry as it demonstrates the steady presence of one of the most important forces, the real estate sector, into the smart cosmos.

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As the lighting industry progresses from incandescent bulbs to CFLs and LEDs, smart lighting market has made its way as the next trending vertical. The vast expanse of this sphere can be aptly demonstrated by an incidence that occurred in Toronto a couple of years ago. A newly constructed building that nearly became a feather in the crown for the Toronto financial district, the EY Tower, made it to the headlines for offering IP addressable LED lights that tenants can control with internet-based building automation. The instance of EY Tower is of particular interest to the smart lighting industry as it demonstrates the steady presence of one of the most important forces, the real estate sector, into the smart cosmos.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Cree
2. Zumtobel Lighting
3. Lutron Electronics
4. Schneider Electric
5. Philips Lighting
6. Hubbell Incorporated
7. Honeywell
8. GE
9. OSRAM
10. Silver Spring Networks
11. Eaton
12. Acuity Brands

Smart Lighting Market size was estimated at over USD 6 billion in 2017, and is set to exceed USD 24 billion by 2024. 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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Smart Lighting Market in outdoor lighting segment is projected to exhibit the fastest growth between 2018 and 2024 with a CAGR of over 25%. The rapid growth will be characterized primarily by growing demand for smart streetlight systems around the world. As such systems can intelligently switch on/off based on the level of traffic and the availability of the natural light, significant energy savings can be realized through their deployment. Smart city projects can also largely benefit from these lights for realizing their energy security and sustainability objectives.

The 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.

Speaking of which, Legrand, one of the foremost specialists in smart lighting market, has launched a new collection of lighting controls at the recently concluded Consumer Electronics Show, 2018. The latest range, named as Radiant Collection, comprises a wide variety of lighting and scene controllers, wall plates, dimmers, plug-in modules, and light switches. It is quite prudent to mention that these devices integrate seamlessly with smart home platforms such as Samsung’s SmartThings cloud, Amazon Alexa, and Google Assistant, given that they work on Open Connectivity Foundation 1.3.1 security standard.

In the light control market, sensors are expected to exhibit the fastest adoption over the forecast period. This accelerated adoption can be attributed to technological advancements in different types of sensors, such as occupancy sensors and motion sensors, which enhance the ability of smart lighting systems to effectively react to the surrounding conditions. Also, as these sensors enable remote operability of lighting systems through mobile devices, their utility in connected lighting solutions is likely to increase substantially over the forecast timeline.

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.

Browse key industry insights spread across 440 pages with 698 market data tables & 25 figures & charts from the report, Smart Lighting Market in detail along with the table of contents:

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Asia Pacific smart lighting market is projected to exhibit the fastest growth over the forecast period. Government initiatives to encourage the adoption of energy-efficient lighting systems are expected to majorly drive the smart lighting market growth. For instance, the UJALA Scheme implemented by the Government of India is focused on enhancing the awareness among consumers about the efficacy of energy-efficient LED lights. Under the scheme, consumers can purchase LEDs through an EMI payment model.

Europe is projected to hold a dominant position in the market by 2024 with a market share over 30%. the smart lighting 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 smart lighting market are Acuity Brands, Bridgelux, Inc., Eaton, Cree, Digital Lumens, Echelon, OSRAM, GE, Honeywell, Hubbell Incorporated, Philips Lighting, Schneider Electric, Lutron Electronics, Tvilight Smart City Lighting, SELC Ireland Limited, Zumtobel Lighting, and Silver Spring Networks.

Philips also exhibited that increasing the rate of energy efficiency to 3% can unlock significant economic benefits – close to 6 million new jobs can be created by 2020, fuel costs can be reduced by €2300 billion by 2030 and household energy bills be reduced by one-third. These estimates are evidence enough to testify the robust latitude of smart lighting industry.

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