Smart Lighting Market to register significant gains over 2018-2024, Asia Pacific Dominated the regional landscape

Asia Pacific smart 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.

Europe smart lighting market is projected to hold a dominant position in the market by 2024 with a market share over 30%. This 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.

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Technological innovations in smart lighting market 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.

Smart lighting market in outdoor lighting sector is projected to register a fast growth over the forecast period due to the increasing popularity of intelligent street lighting systems in the smart city infrastructure. With embedded sensors and digital networks, these systems collect and transmit information that helps city administrators to monitor and respond to any circumstances related to air quality, traffic levels, and noise levels on the streets. Also, by intelligently controlling the operating period of lights, substantial cost savings can be realized by minimizing the energy wastage.

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

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

The growing popularity of smart cities one of the major contributing factors for smart lighting market growth. Developing a city-wide intelligent lighting network is becoming one of the key areas of interest while designing and developing smart city infrastructure around the world. With the increasing government emphasis on developing more smart cities to enable better city planning and development, faster delivery of e-government services, energy sustainability and improved local economic development, the deployment of connected lighting systems in smart city projects is likely to increase substantially during the forecast timeline.

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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.

One of the simplest drivers that can be credited for the superb projection of smart lighting market is the eagerness of consumers to upgrade to the latest technology. Currently, smart lights are being designed to be controlled with a smartphone or with AI personal assistants such as Siri or Alexa. In consequence, they have become infinitely more attractive to a generation of consumers who not only have the available disposable income to afford smart lighting but also want to own smart homes where the lighting can be controlled with a voice command. With the popularity of smart lighting on the rise in both the industrial and residential sectors, smart lighting industry size is projected to register a remarkable 20% CAGR over 2018-2024.

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.

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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