According
to the new market research report, “Smart Lighting Market by Offering
(Hardware: Lights & Luminaires, Lighting Controls; Software, and Services),
Communication Technology (Wired and Wireless), Installation Type, Application,
and Geography - Global Forecast to 2025,”
the smart lighting market is expected to grow from USD 7.9 billion in 2018 to
USD 28.0 billion in 2025 —growing at a CAGR of 19.1%. The major factors driving
the growth of the smart lighting market include modernization and development
of infrastructure to transform cities into smart cities, need for energy-efficient
lighting systems, increasing adoption and decreasing cost of LEDs, increased
demand for intelligent solutions for street lighting systems, and growing
awareness about energy savings among consumers and governments worldwide.
Services to grow at the highest CAGR in
the smart lighting market during the forecast period
Services
play a major role before and after the installation of smart lighting systems.
This segment comprises design and engineering services, installation service,
and post-installation services (maintenance, and support and monitoring
services). Design and engineering services of smart lighting systems help
minimize the overall costs of smart lighting. Also, design and installation
includes auditing and consulting services. Services help enhance the
performance of the lighting infrastructure. Post-installation services consist
of maintenance, support, and monitoring services for smart lighting systems.
Maintenance services comprise life cycle maintenance service, system optimization
service, and data analytics service. The growth of the smart lighting market
for services is mainly attributed to the expected high rate of adoption of
smart street lighting systems for energy conservation and ecological safety
during the forecast period.
Indoor application will dominate the
smart lighting market by 2023
Indoor
application (residential, commercial, and industrial) for smart lighting is
expected to hold a larger size of the smart lighting market during the forecast
period. The incorporation of wireless technology in smart lighting would enable
the market for residential indoor application to grow at a high rate. Smart
lighting that allows homeowners to control lights from anywhere in their house,
helping them to save on energy will drive the demand in the coming years. Use
of energy efficient lighting technology to reduce massive energy consumption in
commercial application will prompt the shift from traditional to smart
lighting.
Wireless technology will grow at a
higher rate during the forecast period
Communication
technology involves the transmission of data from lights and luminaires, among
others, to cellphones, computer and network hardware and software, satellite
systems, and so on. The market for wireless communication technology is
expected to witness higher growth than that for wired technology as the
adoption of wireless technologies minimizes the use of wires, reduces the cost
of maintenance, and provides convenience to indoor and outdoor applications.
The rapid development of wireless communication protocols such as ZigBee,
Bluetooth, EnOcean, Wi-Fi, 6LoWPAN will boost the demand for smart lighting
during the forecast period.
New installations will command a higher
market share of the smart lighting market during the forecast period
New
installation refers to the installation of completely new smart lighting, which
includes new-generation LED drivers and ballasts, sensors, switches, dimmers,
and gateways. Unlike retrofit installations, which refer to the partial
replacement of lighting controls and management systems, a new installation
completely replaces a traditional lighting system after fully phasing out the
lights and their assorted controls and fixtures with the new lights and their
associated controls and fixtures. The increase in global efforts in the works
related to infrastructure improvement, mostly for the residential and
commercial buildings, will drive the dominance of the smart lighting market for
new installations.
APAC to exhibit fastest growth in smart
lighting market from 2018 to 2023
The
smart lighting market in APAC is expected to grow at the highest CAGR during
the forecast period. The region provides the enormous growth potential for the
market players, and these smart lighting systems are likely to be accepted by
consumers as an integral part of a digitalized households. The increased
construction activities in APAC are contributing significantly to the growth of
the smart lighting market in the region. The expected construction of ~200
million homes in China and 18 million homes in India is likely to provide
several new opportunities for energy-efficient lighting and home automation in
the next few years in this region. Moreover, the emerging economies of China
and India are having a positive impact on the overall market in APAC. Rising
government expenditure on public infrastructure, increasing adoption of
energy-efficient lighting systems are the major driving factors for the growth
of smart lighting in APAC.
Some
of the major players in the smart lighting market are Philips Lighting
(Signify) (Netherlands), Acuity Brands (US), OSRAM (Germany), Cree (US),
General Electric (US), Hubbell (US), Eaton (Ireland), Zumtobel Group (Austria),
Honeywell (US), Hafele Group (Germany), Legrand (France), and Lutron Electronics
(US).
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