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Global energy needs are rising consistently, however, the supply to the same is still limited. Since saving energy in every possible manner is the focus of the current century, emerging efficient smart lighting systems in the context of smart homes and smart cities are the trending drift. As per a research report published by IndustryARC, the global smart lighting market size stood at $6.87 billion in 2018. Following the emerging consciousness towards a sustainable future, the market is growing at an astonishing compound annual growth rate (CAGR) of 22.67% in the forecast period of 2019 to 2025.The report is titled “Smart Lighting Market: By Component (Sensors, Networks, Luminaries, Others); By Technology (Wired, Wireless); By Application (Commercial, Industrial, Others); By Geography – Forecast (2019 - 2025).” The report provides comprehensive research insights based on market size, trends, forecast, market share, demands, geographies, and key players.
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Global Smart Lighting Market: Leading Segments
Considering the applications, the commercial segment is the most demanding and profitable. As per the IndustryARC report, the growth in the commercial smart lighting system is growing at a CAGR of 21.27% through to 2025. Leapfrogging developing economies from both the developing and developed economies have materialized the commercial sector incredibly. Swelling urbanization is the reason for such an exuberant growth pace in the global smart lighting market.
By region, APAC is dominating the global territory in the smart lights and luminaries market. The rising disposable income among the people is profiting the commercial and domestic sector like never before and it has subsequently raised the opportunities for smart lighting solutions in the sector. Statistically, APAC generated 37.36% of the global smart lighting demands in 2018.
Global Smart Lighting Demand Analysis
According to the United Nation, the measures taken to reduce the energy consumption by 2030 will reduce the electricity demands for lighting to 2,160 TWh per year, which will save 640 TWh annually and it will reduce the CO2 emission by 23% released from the global lighting requirements. Smart lighting is the embryonic lighting technique developed for optimizing energy efficiency and reducing greenhouse emissions. The technology uses advanced lighting controls and numerous sensors such as ultrasonic, passive infrared, hybrid, motion, and occupancy sensors to enhance the sustainable lighting experience. The United Nation’s Environment has taken up a challenge to reach cumulative sales of 10 billion high-quality, high-efficiency, and affordable lighting solutions. With such an influx of opportunities arising from the lighting needs, the global smart lighting market growth will be very evident in the near future.
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Global Smart Lighting Market Trends
IoT: This evolving technology is proposed to connect all the electronic devices to the Internet. Once the connection is established, the lights in the interiors of infrastructure can be controlled through any device via the Internet. Saving electricity in the absence of any individual will become an easy task and it will significantly reduce the power consumption.
Solar Lighting: Extracting energy from solar light is also one of the aspects of smart lighting solutions. Storing solar energy in the daylight and using the stored energy in the form lights and other solution will reduce the carbon emissions in noteworthy amounts.
Home Assistant: Introduction of numerous home assistant devices from various technological giants such as Amazon and Google will assist the citizens in saving the consumption of electricity. Incorporating such intelligent assistants with IoT enabled lighting solutions will optimize the energy requirements and consumption.
Color changing Lights: Intelligent lighting solutions are coming up in the smart lighting market with extraordinary features. One such feature is the capabilities of bulbs and tubes to change color according to customer needs. These bulbs can emit as much as 16 million colors at a given time as said by Forbes.
Global Smart Lighting Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the automotive coatings market are Koninklijke Philips N.V. (Philips Lighting), Acuity Brands, Inc. , OSRAM Licht AG, Cree, Inc., General Electric Company, Hubbell Lighting Inc, Legrand, Honeywell International Inc., and Eaton Corporation plc.
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