Smart Lighting Market Forecast
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