According to Goldstein Research, “Rising energy saving concerns and emerging advanced technologies such as internet of things (IoT) and connected devices coupled with accelerating LED price erosion are the major factors driving the growth of smart lighting market.” With cheaper and smarter lights rapidly replacing conventional lighting bulbs and compact fluorescent light, smart connected lights are surging to become one of the largest IoT devices over the forecast period.
“Global Smart Lighting Market Outlook 2024”
The global smart lighting market is segmented based on product type, by lighting source and by applications. Lighting Source is further bifurcated into LED, fluorescent lights and high intensity discharge lamps. LED lamps accounted for the 28.2% of all type of light bulbs in 2016 and the LED projection lamps penetration will be 32.8% and 17.3% for LED tube lights.
According to Goldstein Research, the growth of smart lighting market looks promising with vast opportunities in the residential and commercial sectors. The global smart lighting market is expected to expand at a CAGR of 4.6% over the forecast period to reach an estimated USD 54.7 billion over the forecast period i.e. 2016-2024.
Asia-Pacific is the largest region for smart lighting market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific smart lighting market valued USD 9.2 billion in 2016 and is estimated to reach USD 15.3 billion by 2024. China is expected to dominate the smart lighting market followed by Japan and South Korea due to high LED production and rapid smart lighting penetration in these countries. Rising need for energy efficient lighting solutions and stringent government policies will further propel the growth of smart lighting market in the region.
Smart Cities and Smart Homes: Major Breakthrough
The concept and development of smart cities is one of the major trends driving the growth of smart lighting market. Smart city and smart homes are simply a set of connected solutions aimed to improve the quality of life while building an efficient platform for information exchange. Several governments across different geographies have started investing in different smart city projects and are actively adopting smart solutions such as smart street lighting, smart grids, urban mobility and smart parking. Smart lighting is an important part of smart city projects as it helps to conserve energy and helps in reducing operational cost. For instance, Eindhoven city in Netherlands, Madrid in Spain and Paris in France has already implemented smart lighting solutions for residential building, street lights and road traffic management.
“Global Smart Lighting Market Outlook 2024” contains detailed overview of the global smart lighting market in terms of market segmentation by product type, by light source type and by applications.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Smart Lighting Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Philips Lighting, Osram Licht AG, Zumtobel Group, CREE Inc, General Electric Company, Digital Lumens, SemiLEDs Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global smart lighting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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