Smart Lighting Market to hit $24bn by 2024 - PowerPoint PPT Presentation

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Smart Lighting Market to hit $24bn by 2024

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More Information @ Indoor lighting applications held a dominant share of the smart lighting market in 2017 due to the high adoption of connected lighting systems, especially for the residential and commercial applications. As customers in the residential market are becoming increasingly aware of the benefits of smart lighting systems in terms of reduced electricity bills, the demand for such lighting solutions for home and building automation systems is likely to increase rapidly over the forecast timeline. – PowerPoint PPT presentation

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Title: Smart Lighting Market to hit $24bn by 2024


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Smart Lighting Market to hit 24bn by 2024
Global Market Insights Inc.
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Industry Overview
  • Smart Lighting Market to exceed USD 24 billion by
    2024, driven by increasing demand for
    energy-efficient lighting systems. 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.
  • 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.

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  • 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.

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Browse Full Market Research Report Of Smart
Lighting Market _at_ https//bit.ly/1rJpqnl
Request for a Sample of this Research
report _at_ https//www.gminsights.com/request-sample
/detail/413
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Smart Lighting Market Size, By Light Controls,
2017 2024 (USD Million)

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Industry Coverage

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  • Europe 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.
  • 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.

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  • The companies operating in the smart lighting
    market are consistently involved in new product
    development initiatives and product innovation
    activities. For instance, in January 2018, the
    company announced that it is previewing two new
    products to this portfolio that are expected to
    be launched later in 2018, a smart light switch
    and a ceiling light. These products can control
    smart assistants including Alexa and Google
    Assistant and will have a built-in hub, which
    lets them control other C by GE products as well.
    Similarly, in April 2017, Philips Lighting
    launched the Philips InterAct Office connected
    lighting system aimed at the global office
    lighting systems market. The solution allows
    building managers to reduce energy consumption by
    nearly 70 and optimize operations. 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.

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