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Worldwide Smart Lighting Market to hit $24bn by 2024, Key Players are OSRAM, Cree, Eaton, Acuity Brands, Silver Spring Networks, Zumtobel Lighting, Lutron Electronics, Schneider Electric, Philips Lighting, Hubbell Incorporated, Honeywell, GE

02-13-2019 08:38 AM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights, Inc.

Smart Lighting Market

Smart Lighting Market

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.

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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.

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
10. Silver Spring Networks
11. Eaton
12. Acuity Brands

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.

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Digital Lumens, one of the major participants of smart lighting market, has recently teamed up with Schneider Electric to leverage connected technologies and provide enhanced automation and energy management solutions to its customers. The firm’s open API enables its LightRules software platform to provide access to an array of real-time sensor data and controls—including energy use, temperature, and occupancy—from solutions such as Schneider Electric’s SmartStruxure.

Moreover, the API further assimilates with third-party building management systems. As part of the agreement, Schneider Electric would support the company’s sensor-based connected lighting and next-generation analytics suite which would assist Digital Lumens in fortifying its stance in smart lighting industry over the ensuing years.

Regarded as one of the largest North America based smart lighting market players, Acuity Brands, Inc., has joined hands with Silver Spring Networks to develop a networked street lighting control solution. Apparently, this solution would aid utilities, smart cities, and large campus operators to renovate their aging lighting infrastructure and increase operational efficiency. As part of the agreement, Silver Spring’s standards-based Gen5 IPv6 networking platform would be integrated with Streetlight Vision smart city management software. This integration would further upgrade LED lighting system which would reduce energy expenses substantially, cite industry experts.

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.

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:

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.

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.

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.

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.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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