According to a new study from Grand View Research, Inc., the global smart lighting market is expected to reach $46.9 billion by 2028, with a compound annual growth rate of 20.4% from 2021 to 2028. The market growth is attributed to the rising trend of smart cities, smart homes, smart street lighting systems and the need to implement energy-efficient lighting systems. Smart lights are more expensive than regular lights, but their advantages outweigh the overall installation cost.
However, the high price of smart lights has limited market growth due to the reduced purchasing power of middle class income groups during the COVID-19 pandemic.
The global smart lighting market was valued at US $10.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2021 to 2028. Ambient lighting using only smartphones or tablets has increased its popularity and demand in commercial and residential Spaces. Smart lights can be dimmed in a variety of tones as needed, can be switched on and off, monitor the energy use of the lighting, and are connected via Wi-Fi, Bluetooth, SmartThings, Z-Wave or ZigBee.
In addition, smart lights can be controlled by voice through integration with platforms such as Google Assistant, Amazon's Alexa, Apple's Siri or Microsoft's Cortana. Besides lighting, these broad functions, together with the increasing popularity of iot devices and smart assistant platforms, create a market growth path for smart lighting.
Smart lighting is also known as connected lighting because it can be seamlessly integrated into IT networks in a building or urban infrastructure to share information about the state of operations. For example, smart street lights in city parking lots or roads ensure safety by connecting iot devices to provide extensive coverage, environmental monitoring, parking and traffic management information, and city monitoring. Smart lights are often integrated with sensors, turning them into a smart device point to gather information about activity patterns, daylight levels, occupancy, temperature changes or humidity. This information has proved crucial for government departments to take appropriate action and monitor cities for unnecessary activities.
Government policies to encourage energy conservation and strict regulations that discourage the use of incandescent bulbs are expected to boost demand for smart LED lighting. The global lighting industry consumes about 19 percent of total electricity and produces about 6 percent of greenhouse gas emissions. Instead, LED smart lights are efficient. They consume almost 70% of the energy and connect devices to gather information for future processes. They last significantly longer and do not contain any mercury. Similarly, LED lights do not emit harmful greenhouse gases.
As a result, LED technology has the potential to revolutionize the entire lighting industry and permeate the smart lighting sector, where LEDS are the preferred choice for suppliers and consumers.
In addition, penetration of smart lights is expected to increase as advantages include controlled power usage, longer life, multiple lighting Settings within a single lamp/fixture, and availability of a wide range of modern decorative lighting products. The adoption of smart lighting in residential, commercial and industrial sectors has yet to reach its full potential. Therefore, various government initiatives to promote the use of LED-based smart lights are expected to increase their demand during the forecast period.
For example, in Jan.2019, the New York Power Authority awarded $7.5 million to municipalities across the state to install new smart LED street lights. In addition, China, Brazil, Colombia, Mexico, France, Spain, Germany and other countries have banned the sale of incandescent lamps and encouraged the use of LED lamps. High-income groups tend to use LED-based smart lights.
Some of the key players operating in the global smart lighting market include:
Honeywell International Inc.
Itron Inc (Streetlight Vision)
Post time: Jan-07-2022