Key Market Dynamics in Smart Lighting

The Smart Lighting Market is expected to witness high growth during the forecast period. The market is estimated to grow from USD 7.9 billion in 2018 to USD 21.0 billion by 2023, growing at a compound annual growth rate (CAGR) of 21.5% during the forecast period, as per a report by MarketsandMarkets.

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Why development of IoT technology for smart lighting creates more opportunities in this space?
The developments in the IoT technology for the integration in the smart lighting systems are expected to shape the future developments in this sector. The integrated IoT environments would boost the competitiveness of small and medium-sized enterprises (SMEs) and make the daily lives of people easier. This would enable these companies to provide better services, achieve huge savings, and use resources in a smarter way. With the evolution of the IoT, a range of devices and sensors can now communicate wirelessly over the Internet. The smart devices that are integrated for the getting a control over lighting are bound to become more self-governing and intelligent in sharing data with building automation systems and, ultimately, the cloud. This would help the facility managers to make decisions on reducing energy and operating costs. In 2016, Huawei (China) introduced its Connected City Lighting Solution; it is the first IoT-based lighting solution of the industry with multi-level intelligent control. Huawei Connected City Lighting Solution connects street lamps to the IoT and adopts a GIS-based management system, enabling city authorities have enhanced control over the performance of every street lamp. The solution provides information pertaining to each lamp in every street and enables precise control over on/off switches and brightness of individual street lamps, allowing on-demand lighting and up to 80% reduction in energy consumption.

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How lack of universal open standards for aiding communication between all IoT devices pose a challenge?
At present, companies in the smart lighting market use custom application programming interfaces (APIs) and solutions for integrating IoT projects in lighting. However, there is a need for a common platform for aiding the communication between all IoT devices; this would facilitate standardization in the IoT technology and make it easy for service providers to offer maximum lighting solutions in one package. With the entry of multiple players in the lighting market, the standardization across energy generation, system integration, metering, and customer services set up by different companies lead to a lot of variation. This divergence can be attributed to the increasing number of newly developed connected devices running on various platforms and technologies. A large number of associations and organizations are working on resolving this issue. Existing interoperability standards, such as MTConnect, EtherCAT, and MDIS Master Control System (MCS)—Distributed Control System (DCS) Interface Standardization, promote data interchange across heterogeneous domains and industries.
Modernization and development of infrastructure to transform cities into smart cities
The application areas of LED lighting include warehouses, residential, commercial facilities, government buildings, and so on. Lighting on streets and public spaces, cities, towns, and villages contributes to the major electricity usage across the world. A paradigm shift from traditional lighting systems to connected LED technology is the key to energy and cost saving in all lighting applications. The smart lighting bulbs are well-known for their energy-efficiency. The smart lights are capable of communicating wirelessly to various networks, collecting various types of data such as nearby traffic situations, and helping to reduce crime rates, while the traditional lights are not capable of these functionalities. In 2009, the US Government funded the Department of Energy Efficiency and Conservation Block Grant (EECBG) program. Under this program, USD 3.20 billion was granted to cities and other jurisdictions to develop energy-efficiency and conservation projects. In 2014, a survey of 204 cities by the US Conference of Mayors found that 42 cities used the EECBG funds for LED or other energy-efficient street lighting projects. The implementation of smart lighting in the street lighting systems would lead to reduced energy consumption, lowered energy expenses, and increased safety in cities. Features such as energy-efficiency and sustainability are driving the adoption of smart lighting in street and outdoor lighting applications. The smart lighting system is gaining huge support from the emerging economies as it forms a part of their economy modernization plan.

Security and privacy issues in smart lighting systems
Most of the lighting control and management systems are using the Internet of Things (IoT) and other advanced technologies that help control and monitor the energy consumption. IoT provides new functionalities to improve the quality of life and enable technological advancements in critical areas. These areas include personalized healthcare, emergency response, traffic management, smart manufacturing, defense, home security, and smart energy distribution and utilization. The threat to security and privacy are main disadvantages associated with the smart lighting systems. Since smart homes are connected through the internet, they are vulnerable to being hacked. Moreover, it may be possible for an intruder to remotely shut off the lights in locations such as hospitals and other public venues, thereby resulting in serious consequences. Security and privacy issues are the main areas of concern for such systems. These connected lights are a sophisticated array of LED fixtures with built-in sensors and cameras connected to a wireless network. All the data and information are stored in the cloud so that one can access everything from anywhere.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.