The smart lighting system offers energy-efficient solutions that comprises of advanced characteristics such as organized fixtures and automated controls regulating and adjusting lights in accordance with the environment. These solutions concentrate on increasing the efficacy of lighting through continuous innovation in a wide array of smart lighting systems already available in market. This technology would enable users to operate and govern the lighting systems using their mobile phones. Growing demand of user-friendly, economical and low energy consuming solutions and development of wireless and sensor technologies are projected to bolster the global market.
According to a new market research study titled ‘Smart Lighting Market to 2025 – Global Analysis and Forecast by Lighting Type, Application and Connectivity Technology’, the global smart lighting systems market was valued at US$ 10.55 Bn in 2015 and is estimated to reach US$ 51.05 Bn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
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The global smart lighting market is categories into lighting types, application, connectivity technology and geographical regions. Furthermore the lighting type is broadly segmented into light emitting diode lights, fluorescent lights, compact fluorescent lights, high intensity discharge bulbs and others (such as photographic flashes and neon lamps).The lighting application market is further segmented into residential lighting, commercial lighting, industrial lighting, government, outdoor lighting, and automotive lighting. On the basis of connectivity technology the market is segment into wireless and wired technology. The global market is also segmented based on the basis of geographically as Europe, North America, Asia-Pacific, Middle East & Africa and South America.
Since past few years the price of LED luminaires have reduced dramatically. The price of LED luminaires a decade ago was almost twice to thrice in comparison to the present day scenario. Furthermore, it is still expected to reduce and become as affordable as common fluorescent or incandescent lighting solutions without affecting its ability to reduce energy consumption by up to 70%. This reduction in price has taken place due to the slowing demand of LED luminaires in market owing to their high prices. Thus, the manufacturers offered a competitive price, thereby leading to a dramatic reduction in price of LED, in order to promote LED lighting solutions in the market.
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Smart lighting being an emerging concept in the lighting world, is facing slow acceptance in the market. This is mainly owing to the lack of awareness regarding the benefits of the technology. The customers here, are habituated to the traditional lighting more as compared to the innovative smart lighting. The comparatively high price of LED is a factor that had been constraining the adaptability of this market by the end-users in the recent years. However, the continuous decrease in price of LEDs along with improvement in its efficiency is expected to bolster the market during the forecast period.
IoT or the connected technology is experiencing a rapid adoption trend. It is expected that in coming year’s home automation, smart homes or connected homes usage and adoption will see a dramatic surge with the increase in the market of IoT, the smart lighting industry will be receiving a wide range of opportunity for better market penetration.
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The retrofitting of old lighting systems with the latest smart lighting technology would create a profitable opportunity for the manufacturers and suppliers. Globally, Europe is the fastest adopter of this market and in the forthcoming years Asia Pacific is expected to take over the market, because of rapidly growing demand of economic and energy efficient lighting systems in developing countries such as China and India.
Some of the major players in the global smart lighting market are Koninklijke Philips N.V., OSRAM Licht AG, Honeywell International Inc., Eaton Corporation PLC., Digital Lumens, Inc., Lutron Electronics Company Inc., General Electric Company, Legrand SA, Streetlight.Vision and Acuity Brands Lighting, Inc. among others.
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