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Report Code: SE11076
Category : Electronic System and Devices
Smart lighting refers to smart and advance technology enabled lighting systems that are embedded with various sensors and wireless technology, capable of substantially reducing energy consumption as compared to traditional lighting systems. Smart lighting products finds their applications in both, residential and commercial sectors.
Global smart lighting market is majorly being driven by increasing demand for energy efficient lighting, and penetration of automation technologies such as internet of things (IoT) in lighting industry. Further, the gradual replacement of incandescent lamps with light emitting diodes (LEDs) and surging commercialization of Wi-Fi technology in lighting control systems, is expected to maintain the fast-growth of smart lighting market globally, during the forecast period.
The global smart lighting market is expected to witness a CAGR of over 20% during the forecast period, to reach $27,064.0 million by 2023. The significant growth rate is expected for this industry, due to rapid increase in adoption of advance technologies such as IoT and intelligent sensing systems in lighting solutions, advancement in connected lighting technology, and real-time illumination monitoring. In addition, rapid increase in awareness toward energy conservation is driving the global smart lighting market growth.
One of the major trends observed in the global smart lighting market is the emergence of light fidelity (Li-Fi). With wireless communication becoming an important and prominent part of everyday human and data communication process, radio waves have a limited supportability of bandwidth due to compact spectrum availability and intrusion. Solution to this is data transmission through visible light communication (VLC).
Li-Fi transmits data through illumination, under which data is sent through a LED bulb with an intensity faster than a human eye can follow. With the advent of new technologies in lighting industry, the light used in daily life is not only used for providing illumination in the form of brightness, but also for communication purpose. With high speed transmission, bidirectional, networked, and wireless capability, Li-Fi is expected to offer unprecedented data and bandwidth features in coming years, and hence is expected to back the growth of global smart lighting market.
The global smart lighting market is driven by factors such as increasing demand for energy efficient lighting, and development of smart cities. The increasing worldwide growth in demand for energy is responsible for rise in energy prices, tight supplies, and growing concern of governments in several countries about climate change and related liabilities. With energy demand rapidly outpacing the supply, as consumption is predicted to increase by more than 50% in next 20 to 25 years. To meet this domestic demand, it would require approximately 700 new power plants rated at an average of 500 megawatts each, costing approximately $1 trillion. This has in turn led to increase in demand for energy efficient lighting systems, capable of saving huge on energy consumption and operation cost. Although use of LED lighting has been far before introduced as an energy efficient light source, a real paradigm shift in lighting industry through digitization is a major factor driving the global smart lighting market. Digitization along with the adoption of smart automation and connected technologies is impacting all application segments of smart lighting, including housing, retail, office space, and government, by revolutionizing the way lighting system use energy and interact with its surroundings.
Apart from this, growth in development of smart cities has further led to an increase in demand for smart lighting solutions, and is also one of the prime factors responsible for growth of global smart lighting market. Since smart cities use sensors and embedded devices in various places such as streets, and traffic signals, the use of such smart devices decreases the consumption of energy to a great extent. Apart from this, smart city initiatives relying on open connected technology infrastructure requires streamlining of operation and energy conservation to make living cheaper and convenient. Therefore, through connected and multi sensor node, smart lighting enables a creation of powerful sensing network which gather information related to smart city environment, such as humidity, CO2, UVA light, and audio-video activities, and help municipalities in reducing energy consumption and maintenance cost of smart cities, improved transportation revenue through energy efficient traffic lights, and lower night accident rates through connected street lights.
Advance lighting control systems have gained a significant interest from consumers in recent years. The global smart lighting market players have ample opportunity to tap this market space with development of sophisticated and advance automation and lighting control systems through smart lights and electronic equipment. Lighting controls save energy and cost by ensuring lights are turned off when not in use or reducing the amount of illumination, while sensing the nearby environment and brightness. Energy and cost savings through advance lighting controls are dependent on the specific applications and site utilization rates. Rapid development and advancement in occupancy/vacancy sensors, plug and play lighting systems and other lighting control systems, are expected to further create huge market opportunity for global smart lighting market during the forecast period.
The intensity of rivalry in the global smart lighting market is moderate. Most of the vendors prevailing in the global smart lighting market are actively incorporating organic and inorganic growth strategies. Many of them are entering into strategic partnerships to enhance their capabilities for smart lighting offerings.
There are large number of players operating in the global smart lighting market, offering customized and regular smart lighting solutions. Some of the major players in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
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