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
Unveiling smart electric meter market trends in terms of regional landscape, global industry landscape to be characterized by governmental undertakings over 2018-2024
Smart electric meter market over the recent years has garnered considerable traction in the sustainable ecosphere. Endowed with improved connectivity & advanced features, smart meter technology has emerged as a viable alternative to conventional meters. Indeed, this extraordinary evolution from the conventional models to their smart counterparts has ensured a lucrative growth for the overall electricity sector, which is rather a focal vertical for the energy saving rollouts. Evidence in support of the aforesaid is smart electric meter market valuation of over USD 7 billion in 2017, led chiefly by favorable governmental initiatives and sustainable energy mix protocols. A report by Global Market Insights, Inc., claims that with further awareness regarding climate change & GHG emissions, the worldwide smart electric meter market is likely to surpass annual installations of 190 million units by 2024.
UK Smart Electric Meter Market Size, By Application 2015-2024 (Million units)
Elaborating further, the recent years have remarkably witnessed smart meters penetrating the utilities domain mainly on the cusp of rapid growth in industrial IoT. The technology adoption has ensured a more accurate real-time power diagnostics and billing. These meters are enabling consumers to optimally utilize the energy, further reducing the overall carbon emissions. In fact, analysts foresee a mass acceptance of this environment-friendly and cost-effective technology in the electric domain, which will have a pronounced impact on the global smart electric meter market trends.
Particularizing on the geographical landscape, the year 2017 witnessed China accounting for more than 70% of smart electric meter market share across the Asia Pacific belt. Reports claim that the country’s 12th and 13th five-year plan that includes development of smart cities has generated extensive demand for effective water and electricity monitoring, which in turn have positioned China into a favorable business ground for smart electric meter market players. Add to it, the Asian Development Bank’s support in smart meter roll-outs in line with the adoption of smart-grid & sustainable technologies have phenomenally impacted the regional trends.
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India has also recently entered the global smart-meter deployment race and has emerged as the next lucrative growth ground for potential stakeholders. The country has recently grabbed the headlines with its move to replace 40 lakh conventional electric meters with the smart ones. The move is headed by the UPPCL (Uttar Pradesh Power Corporation) in association with EESL (Energy Efficiency Services) that aims to address the state’s energy efficiency woes and ensure customer convenience. Another important move fortifying the regional smart electric meter market share is of the Bihar state energy department, that aims to install 200,000 prepaid smart electricity meters in cities including Ara, Patna, Bhagalpur, and Aurangabad. Experts deem the Rs 800 crore (approximately USD 117 million) project to offer fair investment opportunities, in turn categorizing India into one of the profitable avenues for expansion of the smart electric meter industry.
Smart electric meter deployment trends are also catching up in other prominent regions including Germany, UK, the United States, and Canada. As per estimates, U.S. smart electric meter industry share is set to cross the billion-dollar mark by 2024. As per a EIA report in 2015, smart meter deployment across the residential sector in the U.S. stood at 40%. Also, the regional electric utilities registered an AMI (Advanced metering infrastructure) installations of over 70 million till 2016. UK on other hand is targets to deploy 50 million smart meters in 30 million households by 2020, with an aim to lower the domestic energy consumption by 5 to 15%.
Analyzing these geographical trends, it comes as no surprise the smart electric meter industry will bring about a revolution of sorts in the utility sector. Analysts deem that this business sphere is all set to witness steep growth with more than 190 nations taking part in the UN Climate Change Conference to reduce emissions. Toshiba’s Landis+Gyr, Silver Spring Networks, Siemens, Itron, and Schneider are some of the prominent smart electric meter providers working in tandem with system integrators like IBM and Accenture to further take the global smart electric meter market size to new heights of expansion.
Author Name :Ojaswita Kutepatil