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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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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