Smart Lighting Market to grow at 20% CAGR from 2018 to 2024
Global Marketing Insights Inc. predicts the Smart Lighting Market to exceed USD 24 billion by 2024, mentions Tvilight as a key player
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Smart Lighting Market will exceed USD 24 billion by 2024.
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.
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.
Smart Lighting Market Size by light controls, 2017 & 2024 (USD Million)
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.
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.
With the rapid adoption of LED bulbs to replace traditionally used incandescent lighting systems, the LED market is projected to exhibit accelerated growth with a CAGR of over 20% between 2018 and 2024. As LED light bulbs enable significant cost savings (more than 50%) compared to traditional bulbs, their adoption in smart lighting systems is expected to grow exponentially over the forecast timeline.
The outdoor lighting market 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.
The Asia Pacific smart lighting market is projected to witness the fastest growth between 2018 and 2024 due to growing awareness among emerging economies including India, Japan, and Singapore regarding the efficacy of connected lighting systems in enabling significant cost savings through optimal energy consumption.
The companies operating in the smart lighting market are consistently involved in new product development initiatives and product innovation activities. Some of the key payers operating in the market are, Bridgelux, Cree, Digital Lumens, Echelon, Schneider Electric, Acuity Brands, Honeywell, GE Lighting, Secil, Cooper Industries (Eaton), OSRAM, Lutron, Hubbell, Philips Lighting, Silver Spring Networks, Legrand, Tvilight, and Zumtobel.
This is an excerpt from a report provided to Tvilight by Global Market Insights, Inc.
For more information about this material, visit: https://www.gminsights.com/industry-analysis/smart-lighting-market