by The global smart lighting market is experiencing a significant upswing, driven by technological advancements, energy conservation efforts, and increased demand for smart lighting solutions across various sectors. According to recent market research, the smart lighting market reached USD 10.5 billion in 2021 and is poised to grow at a compound annual growth rate (CAGR) of 20.1% over the forecast period.
Smart Lighting Enhances Efficiency and Sustainability
One of the key drivers of this market growth is the increasing emphasis on energy conservation and sustainability. Smart lighting technology, powered by energy-efficient LEDs, offers substantial energy and cost savings compared to traditional lighting sources. LEDs are projected to account for 86% of all lighting sales by 2035, owing to their energy efficiency.
Moreover, the integration of smart technologies, such as IoT and AI, has revolutionized the lighting industry. The adoption of these technologies in lighting systems has led to the rise of smart street lighting, which enhances safety, environmental monitoring, traffic management, and surveillance in urban areas. The data collected from sensors in smart lights enables better decision-making for city management and public safety.
Europe Leads the Way in Human-Centric Lighting
Europe is at the forefront of the global smart lighting market, particularly in the field of human-centric lighting and lighting controls. European lighting associations are actively working to implement smart lighting controls in both public and private spaces. This includes initiatives like smart streetlights that connect to IoT devices, offering a wide range of functionalities beyond traditional lighting.
COVID-19 Impact and Recovery
The COVID-19 pandemic had a temporary setback on the smart lighting market in 2020 and 2021. Companies in the sector, including G.E. Lighting, Acuity Brands, and Silver Spring Networks, experienced financial challenges. However, the market is bouncing back in 2022, with OEMs launching new products and expanding their dealer networks to accelerate growth.
Challenges in Smart Lighting Market
While the smart lighting market shows tremendous potential, there are challenges to overcome. One major obstacle is the high initial cost of smart lighting systems, which includes equipment, integration, and installation services. This can deter potential users, even though smart lighting solutions offer long-term cost savings through energy efficiency.
Regional Landscape
Europe is expected to dominate the smart lighting market due to its focus on indoor commercial smart lighting standards and a higher standard of living. North America is the second-largest region, with strong adoption of energy-efficient lighting and innovative solutions from companies like Honeywell International Inc.
Key Players
Prominent players in the smart lighting market include Signify (Philips Lighting), Legrand S.A., Acuity Brands, Lutron Electronics, Leviton Manufacturing Company, Zumtobel Group, Honeywell International Inc., and more.
The smart lighting market is set for rapid expansion, driven by technological innovation, environmental concerns, and increased demand for energy-efficient lighting solutions. As the world strives for sustainability and improved quality of life, smart lighting is poised to play a pivotal role in shaping the future of illumination.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/smart-lighting-market
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COMTEX_442645526/2840/2023-10-30T06:12:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.