Residential

Unveiling APAC smart water metering market with regards to the regional frame of reference: adoption of IoT-driven smart water metering solutions to drive the industry expansion

Posted on

Asia Pacific smart water metering market is expected to make remarkable inroads in the global smart technology space, primarily pertaining to the increasing deployment of smart infrastructure in the utility sector. Lately, there has been a rapid expansion in advanced water metering technology, especially in the developed economies of the Asia Pacific, given that smart water meters consist of a two-way communication or drive-by reads that provides utility companies with an additional connection to be offered to customers. In addition, a smart water meter can better understand water quality and distribution parameters, thereby enabling service reliability and efficiency across the electricity, water/sewer, natural gas, and oil sectors. These factors have naturally led to improved financial benefits to the utility industry as well as enhanced satisfaction for customers, providing a viable base for the expansion of APAC smart water metering market.

China Smart Water Metering Market Size, By Application, 2017 & 2024 (USD Million)
China Smart Water Metering Market Size, By Application, 2017 & 2024 (USD Million)

Asia Pacific, being a powerhouse of the manufacturing and construction sectors, has been the recipient of exorbitant electricity bills since quite a while. Indeed, the per capita consumption across some of the Asian nations has been reported to be among the highest across the globe. It is thus rather overt, that the deployment of advanced smart water meters, that have reportedly given water utilities accurate and timely data that better help serve their customers and also offer additional tactics for conserving water, thereby lowering water bills, is extremely crucial for the continent.

Due to rapid advancement in the water metering industry, utilities across the APAC now use cloud based IoT and analytics driven smart water metering solutions that potentially help end-use industries and consumers in making better decisions towards the conservation of natural resources. In addition, big data technology has also led to managing industry related challenges such as identify performance related issues, improving customer service and recording trends of events, eventually enabling industries experience the benefits of reduced operating costs and better prioritized infrastructure investments. Powered by the robust deployment of big data enabled water metering solutions, APAC smart water metering market is projected to experience substantial momentum ahead.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2904

APAC smart water metering market to accrue hefty proceeds from China

China is expected to emerge as one of the most pivotal revenue grounds for APAC smart water metering market, particularly on account of the extreme water scarcity and the poor quality of water in the country. The issue is vividly being addressed by the government by means of active promotional programs in tandem with the implementation of digital devices.

Reports claim that Chinese government, in its 12th & 13th five-year plans, has launched the smart city investment hub to propel the deployment of smart water and electricity meters across the country. Powered by the support of government authorities, APAC smart water metering market size from China is anticipated to grow at a CAGR of 15% over 2018-2024.

India to be a prominent revenue pocket for APAC smart water metering market

APAC smart water metering market size from India is projected to grow at an appreciable pace in the ensuing years, driven by the  aging commercial infrastructure in the nation. Not to mention, India, for the longest time, has been remnant of leakage issues and non-revenue water loss. That said, the ever-expanding populace of the country is also responsible for the growth of the regional industry. Sources predict that by 2050, almost 70% of total Indian population will reside in its urban cities. With shrinking water reservoirs, low rainfall, and high population density, fulfilling the region’s water requirement has emerged as quite a challenge. In the face of this ordeal, the adoption of smart water meters equipped with sensors that deliver real time monitoring could help identify and reduce water leakages and water wastage considerably.

The APAC smart water metering industry size from India will also be aided by a plethora of supportive regulations that intent to replace existing meters in the country. The Indian government’s smart city programs are also expected to help propel the deployment of smart water meters in the nation. Indeed, in 2015, the government of India, under its Smart Cities Mission, declared that it plans to set up 100 smart cities, in the consideration of which the cabinet has already given the green signal for a funding of USD 13 billion. Aided by a favorable regulatory spectrum and the proposed large-scale urbanization, APAC smart water metering market size from India is anticipated to increase in the years to come.

Major players across the Asia Pacific smart water metering market include Schneider Electric, Honeywell Elster, Siemens, Badger Meter, Aclara Technologies, Diehl Metering, Arad Group, Kamstrup Metering Solutions, Sensus and Jiangxi Sanchuan. The adoption of tactics such as collaboration and acquisitions with leading tech providers has helped industry players provide high-grade and cost effective smart metering technologies to customers. Powered by the deployment of cloud IoT, big data and analytics, the issues surrounding water bill management and unwanted leak avoidance are being suitably dealt with, in the emerging APAC economies. As per reliable estimates, APAC smart water metering market size, by the end of 2014, is likely to cross an annual installation of 6 million units.

Author NameMateen Dalal

Advertisements

Heat meters market to amass considerable returns from residential applications by 2024, escalating number of initiatives by regional governments to propel the global product demand

Posted on

The increasing deployment of heating and cooling systems across various commercial, industrial, and household buildings have been fueling heat meters market. The surging concerns among the policymakers and regional governments about energy efficiency has also been having a positive influence on the product demand pertaining to its capability to measure energy consumption within cooling and heating systems. In the cold climatic regions, governments are encouraging people to deploy district heating systems to maintain warmth in the winters. The growing importance of sustainability and energy efficiency across the globe will thus propel heat meters industry share.

Sweden Heat Meters Market Size, By Application, 2017 & 2024 (USD Million)
Sweden Heat Meters Market Size, By Application, 2017 & 2024 (USD Million)

On the grounds of garnering heat and electricity savings, most of the countries have been installing heat meters in industrial, commercial, and residential buildings. The large-scale deployment of energy consumption measuring equipment has generated lucrative opportunities for the giants in heat meters market. In addition, many financial organizations also have been supporting regulators to install heat meters by providing favorable funding. For instance, in 2017, the Europe Bank for Reconstruction and Development (EBRD) has sanctioned USD 27 million loan to deploy heat meters across the residential sector. Over the last few years, EBRD has been supporting many nations which are looking forward to harnessing sustainability and energy efficiency.

Another region where heat meters market has been gaining traction is Kazakhstan, wherein the fluctuating climatic condition has been impelling the product requirement. Apparently, in the summer season, the heat in Kazakhstan can increase beyond 30 degree Celsius and in the freezing winter, the temperature reaches to -40 degree Celsius. Amidst these extreme climatic conditions, energy efficiency is playing a vital role in the region, leading to the deployment of heating and cooling systems. The deployment of heat meters to save electricity and heat will also help district cooling/heating system firms to control the system losses, optimize the energy supply, and reduce the energy wastage. In 2017, the Kazakhstan government fit heat meters in about 45% of households and was planning to cover more than 80% volume of household buildings within three years.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2597

In another instance, the Swiss government and the International Finance Corporation (IFC) have also lent support to Ukraine to create more energy efficient homes. In this regard, Ukraine’s State Agency for Energy Efficiency has designed a program dubbed as Warm Loans to improve the heating system of homes. In most of the apartments across Ukraine, district heating systems have already been deployed, but due to more heat loss, energy bills were perpetually high. Reportedly, households in Ukraine account for more than 50% of its overall natural gas production. The remarkably growing awareness among the Ukrainian people about the rising domestic heating bills is thus estimated to fuel heat meters market size.

The transforming technology trends across the globe have also had a significant influence on heat meters market share over the last few years. The development of smart meters is one of the next-generation product inventions that helps customers track daily energy use very easily. Considering the benefits of modern technologies to improve the energy efficiency, leading giants in the heat meters market have been adopting various new technology advancements such as IoT (Internet of Things) and AI (artificial intelligence). For instance, a team from the Danish smart metering company, Kamstrup, and Finnish electricity firm, Herrfors Nät-Verkko have recently planned to use NB-IoT technology in smart metering. With the help of this technology, the Finnish company can monitor more than 6,000 heat and electricity meters that will result in 10% cost savings.

The development of innovative and cost-effective solutions will favorably promote the heat meters industry trends over the years ahead. The supportive stand taken by the regional governments and energy-related organizations to encourage the installation of heat meters will further enhance the industry growth. In line with the increasing deployment of heating and cooling systems mainly across cold climatic regions, heat meters market will generate a revenue of more than USD 1 billion by the end of 2024.

Author Name :Sunil Hebbalkar

Europe solid state lighting market to surpass USD 20 billion by 2024, proliferating demand for LEDs to drive the regional progression

Posted on

Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.

U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)
U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)

The solid state lighting has been increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.

In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting industry in the forthcoming years.

Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2775

The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.

Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.

Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.

Author NameSaif Ali Bepari

Global hybrid power solutions market size to reach 9 GW by 2024, UK to stand tall in the regional landscape

Posted on

Hybrid power solutions market has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources. The increasing popularity of hybrid power solutions market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.

U.S. Hybrid Power Solutions Market Size, By End-Use, 2017 & 2024 (MW)
U.S. Hybrid Power Solutions Market Size, By End-Use, 2017 & 2024 (MW)

In this regard, recently India’s Ministry of New and Renewable Energy (MNRE) recently enforced a new National Wind-Solar Hybrid Policy. Reportedly, this newly launched regulatory framework would be promoting huge grid-connected wind-solar Photovoltaics hybrid systems, in a bid to efficiently utilize the existing transmission capacity of the country. Needless to mention, these kind of regulatory initiatives have played a pivotal role in proliferating hybrid power solutions industry trends.

Europe hybrid power solutions market: Unveiling the latest developments across UK

Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solutions market is slated to witness 5% CAGR over 2018-2024. The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics.  Incidentally, this has also prompted leading market giants to commercialize innovative solutions in the regional market that could potentially maintain the grid stability.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2552

  • In the year before last, Swedish power giant Vattenfall, commenced its construction project as a part of its first solar project in the . Located on the site of a signature Vattenfall’s windfarm in Wales that has been operational for near about 14 years, this Parc Cynog Solar Farm of 4.99MW is marked as a breakthrough project in UK hybrid power solutions industry. If reports are to be relied on, this is a part of a pilot project by the company, as it seeks to maximize the renewable energy generation potential from its existing sites in UK.
  • The year 2016 has proved to be a roller coaster of sorts for UK hybrid solar power solutions industry. Just few months after Vattenfall made its way to the headlines, Ecotricity, another formidable player in hybrid power solutions market, won approval for its new hybrid renewable energy project in Britain. Reportedly, the green signal to its sun parks’ project in Devon and Dalby, gave Ecotricity a scope to expand its already existing portfolio in the lucrative business space. Sources also claimed that through this deal, the company even planned to generate 100 MW power from its solar-wind portfolio.

The large-scale integration of multiple renewable resource in a single platform requires grid operation to be extremely fast, flexible and responsive. The contemporary innovations that hybrid power solutions industry is presently characterized by is majorly influenced by this particular rationale. Another economic factor that has boosted the market trend is the declining price trends of wind turbines manufacturing over the past few years. As per the reports, in 2016, the average nominal installation cost of a small wind turbine recorded around 7000 USD/kW – 7500 USD/kW. Also it has been reported that average cost of solar PV module witnessed a decline of almost 0.5% over 2013-2016. These aforementioned factors in tandem with tremendous technological advancements in renewable energy technology is certain to push hybrid power solutions industry to attain remarkable heights over the ensuing years. Global Market Insights, Inc. forecasts the overall business space to exceed a massive valuation of USD 60 billion by 2024.

Author NameSatarupa De

An overview of district cooling market across GCC countries, overall industry share to exceed USD 140 billion by 2024

Posted on

Emirates Central Cooling Systems Corporation, one of the pioneers of district cooling market, recently generated a heavy momentum in this fraternity with the news of connecting almost 40 buildings with its district cooling services in the first half of 2018. The total connected load in this period was more than 52000 RT (refrigeration tonnes). Reportedly, the company has further awarded the suppliers and contractors with 25 contracts on new projects across various areas in Dubai, in which the company currently operates 73 district cooling plants. For the record, Empower started its operation in the year 2014 by providing district cooling services to only two buildings and the company set a record of providing services to more than 1000 buildings by the end of 2017. Empower’s initiative not just reflects the company’s strengthened position in Middle East district cooling market, but also depicts the growing consumer awareness regarding the importance of energy efficient cooling technologies.

China District Cooling Market Size, By Production Technique, 2017 & 2024 (USD Million)
China District Cooling Market Size, By Production Technique, 2017 & 2024 (USD Million)

For the uninitiated, district cooling technology bears inherent advantage for areas with dense demographic pattern and huge demand for efficient air conditioning. This is the fundamental reason why district cooling industry observes a massive growth scope across GCC countries. In a bid to unlock the potential of the technology, regional governmental bodies are taking significant initiatives that has immensely contributed in the business share.

The Dubai Supreme Council of Energy, a couple of years back, declared its plans to improve the regional district cooling operations by increasing its investment in the technology from 20% to 40% by 2030. Reportedly, this is in sync with the Dubai Clean Energy Strategy 2050 that aims to transform Dubai into an International hub for clean energy. The initiative was touted as a part of the implementation of the demand side management strategy for the energy sector.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2672

Another gulf country that has emerged to be a profitable growth avenue for district cooling industry is Saudi Arabia. Increasing construction spending in major cities like Macca and Riyadh in tandem with favorable regulations promoting adoption of district cooling systems are two of the interlinked factors that are expected to push Saudi Arabia district cooling market to reach USD 1 billion by 2024.

From the economic point of scale as well, district cooling market is indeed a viable investment spot for GCC countries. Air conditioning across these regions is deemed to be highly cost intensive. As per estimates, the cooling capacity installation across GCC belt approximately costs around USD 50 billion. Accounting for almost 50% of annual electricity consumption and an annual fuel opportunity cost of USD 20 billion, air conditioning presently is the chief determinant of the region’s increasing power requirements. It has been claimed that the cooling demand in this belt would nearly triple by the end of 2030, due to extreme climatic conditions. Meeting this requirement would cost GCC nearly USD 100 billion for installing new cooling capacity and an additional USD 120 billion for new power capacity, if it continues to maintain the existing cooling technology pattern.

District cooling market, however, makes economic sense in areas of highly cooling density. According to estimates, district cooling consumes nearly 40 to 50% less energy for every refrigeration ton-hour that traditional in-house building technologies. In fact, as per experts’ opinion, these sustainable services under favorable circumstances offer significant operational efficiency as well as cost gains.

It is imperative to mention that the full potential of the district cooling market can only be achieved via effective governmental interventions. Its long-term potential capacity & fuel saving alone justify the immediate need for sufficient governmental involvements in making this technology mainstream. By incorporating district cooling in urban planning, governments can allow this ecofriendly technology to play a vital part in the overall economic growth. With a strong regulatory backup and unprecedented technological advancements, overall district cooling market is certain to attain remarkable proceeds over the ensuing years.

Author NameSatarupa De

Europe district cooling pipeline network market valuation to hit the billion-dollar frontier by 2024, increasing implementation of energy efficient directives to drive the regional industry growth

Posted on Updated on

Increasing investments in sustainable urban development fall among the principal driving factors of Europe district cooling pipeline network industry. Centered basically around energy efficiency, district cooling systems are prominently deployed by regional governments of the EU in commercial as well as residential establishments to fulfill escalating demand for cooling systems. As the requirement continues to escalate, municipal bodies are finding it mandatory to establish long-term contracts with Europe district cooling pipeline network industry giants to set up district cooling plants. The growing acceptance of these systems owing to their economic and environmental benefits is certain to propel Europe district cooling pipeline network market size, valued at USD 900 million in 2017.

One of the most proactive countries across Europe that has accomplished quite some fame as far as urban development is considered is Denmark. Since the last few years, the Denmark government has quite commendably achieved its goal of minimized energy consumption. One of the cities in Denmark, Carlsberg, has earned the reputation of being one of most green cities in the country, solely on account of the deployment of district cooling facilities. Currently, in Carlsberg city, two storage tanks with a storage capacity of 2 million liters are deployed to enable energy-efficient and economically viable district cooling for office areas spanning a mammoth 300,000 square meters.

France District Cooling Pipeline Network Market Size, By Diameter, 2017 & 2024 (USD Million)

France District Cooling Pipeline Network Market Size, By Diameter, 2017 & 2024 (USD Million)

As these systems provide eco-friendly energy solutions, many commercial companies as well as residential building developers have been installing centralized cooling systems. The shifting trends toward the growing deployment of centralized cooling systems is thus likely to boost Europe district cooling pipeline network market size.

A prime driving force behind the growth of Europe district cooling pipeline network industry is the escalating implementation of energy efficient directives for reducing carbon footprints. Having recognized the potential energy savings that can be achieved with these systems, the European Union has framed a set of norms that would increase the deployment of these facilities across the continent. Regional government bodies have also affirmed that these systems will contribute extensively to the reduction of carbon emissions, a factor that is likely to impel Europe district cooling pipeline network industry outlook.

Get a Sample Copy of this Reporthttps://www.gminsights.com/request-sample/detail/2571

Numerous member countries of the EU have been liasoning with one another in order to conjointly develop district heating and cooling systems for enhancing energy efficiency in residential buildings. These countries have also pledged to lower the proportion of CO2 emissions that arise due to energy consumption in residential as well as commercial buildings. Validating the abovementioned fact, in 2018, the Scotland government signed a deal with Denmark for reducing energy consumption in buildings by 15% by 2032 and derived emissions by 23%. This cooperation depicted by the EU member countries is certain to impel Europe district cooling pipeline network industry.

With the growing deployment of district cooling systems, pipeline manufacturers in Europe are naturally witnessing a stellar growth in product demand. In order to consolidate their stance as well in Europe district cooling pipeline network industry, these manufacturers are working independently to establish new manufacturing facilities across several European countries. Powered by their efforts in conjunction with the presence of a stringent regulatory landscape and the implementation of these systems across the residential, industrial, and commercial arenas, Europe district cooling pipeline network market is forecast to cross a valuation of USD 1 billion by 2024.

Author Name Sunil Hebbalkar

Smart lighting market to register a double-digit CAGR over 2018-2024, escalating number of smart city projects to augment the industry growth

Posted on Updated on

As the lighting industry progresses from incandescent bulbs to CFLs and LEDs, smart lighting market has made its way as the next trending vertical. The vast expanse of this sphere can be aptly demonstrated by an incidence that occurred in Toronto a couple of years ago. A newly constructed building that nearly became a feather in the crown for the Toronto financial district, the EY Tower, made it to the headlines for offering IP addressable LED lights that tenants can control with internet-based building automation. The instance of EY Tower is of particular interest to the smart lighting industry as it demonstrates the steady presence of one of the most important forces, the real estate sector, into the smart cosmos.

Smart Lighting Market Size, By Light Controls, 2017 & 2024 (USD Million)
Smart Lighting Market Size, By Light Controls, 2017 & 2024 (USD Million)

In order to lure tenants with modern technology and convince them to pay premium rents, other prominent real estate developers around the world have also followed the strategy adopted by the Canadian builders of EY Tower. One such instance is the retrofitting of the Torre Europa with Power over Ethernet (PoE) lighting. In the project that has been undertaken by Philips and Cisco, 14 floors will be equipped with 5,400 PoE luminaires.

Advocates of such retrofitting of buildings with smart lighting technologies have pointed out the twofold advantage of the undertaking. It drastically reduces the cost of new wiring by virtually eliminating the need for certified electricians. This is because the low voltages that are capable of driving LEDs can travel safely over Ethernet and do not require the more-costly processes associated with installing conventional 120 Volt and 240 Volt electrical wires. The chief attraction of using smart lighting in buildings however, lies in the fact that connecting luminaires directly into information networks makes it possible to control the ‘switch on and off’, color temperature, brightness and hues via gadgets and sensors. It also turns lights into nodes that can trigger other operations such as adjusting the heating, and that can collect data about building use and assets. PoE is one of several technologies emerging to make lighting a crucial part of the Internet of Things (IoT). The novelty of the technology and the ease with which it can be controlled even remotely has majorly propelled smart lighting industry trends.

Get a Sample Copy of this Reporthttps://www.gminsights.com/request-sample/detail/413

The energy efficiency that smart lighting systems can afford is a major factor driving smart lighting industry size. In 2016, in the UN Climate Change Conference, Philips Lighting demonstrated how smart energy solutions work and can make a real difference to climate change. The event showcased the profoundly transforming capabilities of the smart lighting market, including demonstrations that depicted the energy and greenhouse gas saving potential of this one single technology. Indeed, the technology is equipped with the potential to reduce energy demand from lighting by half.

Philips also exhibited that increasing the rate of energy efficiency to 3% can unlock significant economic benefits – close to 6 million new jobs can be created by 2020, fuel costs can be reduced by €2300 billion by 2030 and household energy bills be reduced by one-third. These estimates are evidence enough to testify the robust latitude of smart lighting industry.

With the rapid proliferation of smart cities, smart lighting market is bound to become one of the most remunerative verticals for investors to pour their money in. Netherlands in this case, can be quoted as a bright example of the onslaught of smart cities, as even the smallest of towns in this country have deployed smart lights which can detect motion and switch themselves on and off. Larger cities like Rotterdam and Amsterdam have already installed smart lights on the streets that are not only energy efficient, but also add a swanky edge to the town or city that can make it more lucrative for growth and investments. As the number of smart city projects across the globe increase, providers of smart lighting for city streets are diversifying their services by turning smart street lighting poles into a potential hub for free Wi-Fi, or to sense the quality of air and even to notify police about public aggression or accidents. This shifting focus is more than likely to expedite smart lighting industry outlook in the ensuing years.

One of the simplest drivers that can be credited for the superb projection of smart lighting market is the eagerness of consumers to upgrade to the latest technology. Currently, smart lights are being designed to be controlled with a smartphone or with AI personal assistants such as Siri or Alexa. In consequence, they have become infinitely more attractive to a generation of consumers who not only have the available disposable income to afford smart lighting but also want to own smart homes where the lighting can be controlled with a voice command. With the popularity of smart lighting on the rise in both the industrial and residential sectors, smart lighting industry size is projected to register a remarkable 20% CAGR over 2018-2024.

Author Name : Paroma Bhattacharya