Rise in smart city projects and innovations in home automation are driving smart lighting market forecast significantly. The growing urban population has triggered initiatives by the government to provide access to efficient LED lights, along with deploying AI and IoT in building automation systems for commercial, residential and industrial spaces. The Ministry of Housing and Urban Affairs in India had set up a smart cities mission with a view of developing over 100 cities in the country over a span of five years.
Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company’s smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market size.
Over the years, there has been a considerable rise in the infrastructural development of residential, commercial and industrial spaces owing to the rise in disposable incomes in both developed and emerging nations. Technological advancements and growing innovations aiming to simplify the condition of living is steering home automation. Energy savings, home security, enhanced comfort, home control monitoring and user convenience are some the vital factors resulting in the rising adoption of home automation globally.
With increasing implementation of home automation around the globe, smart lighting industry will witness a robust growth rate in the years to come, further driven by key factors listed below:
LED bulbs replacing traditional lighting systems
Owing to high energy efficiency along with development in lighting technologies, LED (light-emitting diode) has gained worldwide popularity for substituting the traditional incandescent lighting systems. Reportedly, residential LEDs use 75% less energy as opposed to its substitutes. LED has a wide application base in residential, industrial and commercial sectors.
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According to data, in United States the widespread usage of LED lights may save up to 348 TWh of electricity by 2027, resulting in cumulative savings of over USD 30 billion according to current electricity prices. In developing regions such as India, government is realizing the benefits of LED and is substantially promoting the usage of the same.
Ministry of Power in India had launched a which focuses on promoting efficient energy usage in residential sector, spreading awareness among consumers regarding energy efficient appliances and stimulating the use of LED lights. Till date, with the distribution of LED light by the government the country has saved over INR 18,623 crores. The vital features of LED and its assistance in energy cost efficiency is positively influencing smart lighting market share.
Increased deployment of light control sensors
According to the U.S. Energy Information Administration (EIA), the total electricity used for lighting residential and commercial sector in the United States was estimated at 232 billion kWh in the year 2018. Flourishing infrastructural development in different sectors is pushing the demand for lighting and innovations in lighting systems is extremely important for sustainable usage of electricity and reducing cost of operation.
Light controls sensors allow remote operations of lighting systems via mobile phones, that help in controlling the usage of lighting and eliminate wastage of the energy. Motion sensors for outdoor lighting, network lighting control systems and occupancy sensors for indoor lighting are some types of light control sensors that are witnessing rising demand in the market. Reduction in energy consumption, electricity cost savings, and simplified lighting solutions are some of the vital features of sensors which will complement smart lighting industry outlook.
Growing number of smart initiatives in Europe
Europe is expected to evolve as one of the most significant revenue pockets for smart lighting market, owing to the significant number of smart city projects and increased adoption of smart LED lighting systems. The European Union innovation partnership on smart cities and communities is a program established by the European Commission that brings together small businesses, industries and cities together. The aim of the program is to enhance the urban lifestyle through sustainable solutions and addresses specific challenges across varied policy areas such as mobility, energy and transport.
Additionally, Europe is witnessing a rise in usage of LED owing to widespread awareness of sustainable sources of energy. Reports estimate that global smart lighting market size will surpass USD 23 billion valuation by 2025, with Europe accounting for a notable portion of the overall share.
Author Name : Shreshtha Dhatrak
Real-time tracking systems to augment smart luggage market revenue over 2017-2024, North America to emerge as a lucrative business destination
The fact that smart luggage is now a buzzword for the tech-savvy traveler legitimizes the massive commercialization matrix of smart luggage market. A prime factor that has augmented the popularity of this product is the substantial rise in the number of air travelers that has led to strict security compliance at airports. Furthermore, there has been an increase in the cases of baggage theft and luggage damage during travel lately, which has pushed the demand for connected suitcases and bags, thereby stimulating smart luggage industry share. The escalating penetration of IoT in the baggage fraternity has prompted manufacturers to include smart features such as remote locking system, Wi-Fi spots, GPS, Automatic built-in weighing, Bluetooth, USB chargers, built-in batteries, and SIM cards in luggage. Say for instance, Bluesmart, a key manufacturer of smart products for travel industry, recently introduced second generation technology referred to as Series 2 in its product line. The new smartphone-controlled locking & site tracking system is expected to lessen the trouble for passengers and airport officials during baggage check-ins.
U.S. Smart Luggage Market Size, By Application, 2016 & 2024 (USD Million)
The concept of zipper-less baggage has been gaining traction in smart luggage industry. For instance, Trunkster, a U.S. based baggage startup has recently introduced smart zipper-less luggage – a self-weighing waterproof suitcase comprising sliding doors, offering secured as well as easy access to the luggage contents as compared to the zipped ones. Further on, Delsey, a France smart luggage market player is developing a unique fingerprint ID endowed with numerous features – it automatically locks and unlocks bags, is capable of checking the mobile application of the end-user to verify that the bag is actually locked, and provides a notification to the user during bag transit. The aforementioned instances testify that the launch of state-of-the-art technologies is thus likely to transform smart luggage market trends.
Smart luggage technologies are deployed to implement digital scaling, real-time tracking, remote locking systems, and proximity sensing devices. Real-time tracking technology, for instance, is heavily utilized in airports in cases of baggage loss. Luggage thefts and security violations have changed traveler preferences rapidly, enabling them to invest in smart luggage equipped with remote locking systems & proximity sensing devices. Furthermore, manufacturers have been focusing on preventing any kind of inconvenience to the traveler due to overweight baggage, which has resulted in the production of digital scaling systems. The development of unique smart technologies to be incorporated in suitcases and bags is thus certain to augment smart luggage market size.
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Speaking in the terms of geographical aspects, the product has been increasingly penetrating the APAC zone, given the growing frequency of air travel, subject to increasing consumer disposable incomes and the subsequent rise in their purchase parity of consumers. The robust surge in the demand for smart luggage foe security and comfort will thus generate a profitable growth map for Asia Pacific smart luggage industry. Countries such as Singapore, India, Thailand, China, and Malaysia being prime tourist destinations will, further contribute toward the revenue generation of this regional market.
North America, being one of the hubs of smart technology, is a profitable growth avenue for smart luggage market. The large-scale deployment of connected baggage has prompted companies to brainstorm and develop innovative products, which would considerably impel North America smart luggage industry. In fact, estimates claim North America to account for a rather huge share in smart luggage market.
With IoT firmly having established its predominance in the travel arena, smart luggage market is likely to emerge as one of most remunerative business spheres in the ensuing years. Companies partaking in smart luggage industry share have been hinting at incorporating a lot more user-friendly features in their products, which would considerably impel this business space. According to the Global Market Insights, Inc., smart luggage industry will hit a revenue of over USD 2 billion by 2024.
Author Name : Dhananjay Punekar
Pet wearable market to drive a breakthrough in veterinary sector, U.S. to be a major revenue contributor
The extensive penetration of IoT has revolutionized almost every marketplace, pet wearable industry being no exception. Wearable technology has indeed expended its application matrix beyond humans, which is quite evident from the large sales of pet wearable across the world. Statistics validating the fact- global pet wearable shipments have been claimed to exceed 5 million units in 2016, and the overall shipments is forecast to grow more than 25% over 2017-2024. Leading animal health giants are being witnessed making smart investments in this industry in sync with the latest technological innovations. Global Market Insights Inc., forecast that pet wearable industry will record a valuation of USD 8 billion by the end of 2024.
U.S. Pet Wearable Market Size, By Product, 2016 & 2024 ($Mn)
Pet wearable industry has already marked its strong presence in the smart industry space with a diversified product portfolio, ranging from remote heath monitoring to video enabled engagement. For instance, WonderWoof is a Bluetooth enabled bowtie than can monitor dog’s activity by keeping a track of their movement. Reportedly, this ground-breaking innovation is highly customized, with regards to the dogs’ gender, breed, and age and can also track the dog’s progress in terms of bone development. Not only as a fashionable quotient, the proliferation of IoT has also made a significant impact on diagnosis and medical treatments of pets, giving rise to a swarm of telemedicine apps targeted for veterinarians.
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Speaking along the similar lines, GPS based pet wearable is gaining a huge popularity, subject to its capability of monitoring real time positioning of pets. The increasing trend of GPS providers to enter into strategic partnerships with application developers to advance the mapping portals is expected to further bring a consequential transformation in pet wearable market dynamics. With sensors becoming more affordable and high-speed broadband services becoming nearly ubiquitous, IoT is poised to change the way the animal healthcare was previously approached, leaving lucrative business opportunities for pet wearable market giants.
Regionally, U.S. experiences a strong hold in the overall pet wearable industry. The escalating spending of the Americans on pets and companion animals have substantially driven pet wearable demand in this region. According to National Pet Owners Survey conducted by the American Pet Products Association over 2015-2016, almost 65% of the overall American households owned a pet, which itself is a testimony of the huge application scope of the regional pet wearable market. In fact, estimates depict that U.S. pet wearable industry held a billion-dollar business in 2016 and is slated to register a CAGR of 25% over 2017-2024. Furthermore, U.S. being one of the most technology affluent nations, the incorporation of wearable technology in monitoring pets’ activities is sure to upscale in the coming years, in turn providing a boost to pet wearable market share.
Worldwide, the industry is fiercely competitive with the engagement of major biggies like Fitbark, Whistle Labs Inc., Dairymaster, Scollar, DeLaval, and Nedap N.V. Manufacturers are highly optimistic toward the overall pet wearable market outlook and are investing more to innovate new products to address consumer expectations. Considering the fact that pet wearable is expanding its application scope with technology playing the pivotal role, the growth potential for pet wearable industry is forecast to be humongous in the coming years.
Author Name : Satarupa De