What's Driving Innovation in the Smart Lighting Market? | Acuity Brands, Eaton, Cree, OSRAM, GE, Honeywell, Hubbell Incorporated, Philips Lighting, Schneider Electric, Lutron Electronics, Zumtobel Lighting, Silver Spring Networks
The Major Key Players in the Market are as follows:
o Acuity Brands
o Hubbell Incorporated
o Philips Lighting
o Schneider Electric
o Lutron Electronics
o Zumtobel Lighting
o Silver Spring Networks
Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company's smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market.
Over the years, there has been a considerable rise in the infrastructural development of residential, commercial and industrial spaces owing to the rise in disposable incomes in both developed and emerging nations. Technological advancements and growing innovations aiming to simplify the condition of living is steering home automation. Energy savings, home security, enhanced comfort, home control monitoring and user convenience are some the vital factors resulting in the rising adoption of home automation globally.
Ministry of Power in India had launched a which focuses on promoting efficient energy usage in residential sector, spreading awareness among consumers regarding energy efficient appliances and stimulating the use of LED lights. Till date, with the distribution of LED light by the government the country has saved over INR 18,623 crores. The vital features of LED and its assistance in energy cost efficiency is positively influencing smart lighting market share.
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.
Driven by the immense number of alliances between industry contenders, North America holds more than 28% of smart lighting market share. Collaborations aside, the expansion of North America smart lighting market can also be credited to the rising prominence of smart cities in the region.
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Additionally, Europe is witnessing a rise in usage of LED owing to widespread awareness of sustainable sources of energy. Reports estimate that global smart lighting market will surpass USD 23 billion valuation by 2025, with Europe accounting for a notable portion of the overall share.
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