The global smart lighting market size is expected to reach USD 18.0 billion by 2029 from USD 9.5 billion in 2024, growing at a CAGR of 13.8% during the 2024-2029 period.
Smart lighting, characterized by its ability to be controlled
remotely-often through smartphone applications-offers a plethora of features
including timers, schedules, motion detection, voice commands, and color
adjustments. Rooted in the concept of self-monitoring, analysis, and reporting
technology (SMART), smart lighting systems are engineered to transcend the
basic functionality of illumination. They enhance security, safety,
convenience, health, wellness, and energy efficiency. Moreover, these systems seamlessly
integrate with other smart home devices and can be managed through various
wireless transmissions, such as Wi-Fi radios and Bluetooth. The anticipated
significant growth of the smart lighting market in the upcoming years is
fuelled by the escalating popularity and acceptance of smart home technology.
Driver: Maximizing efficiency with IoT-integrated smart lighting
solutions
Smart lighting leverages IoT-enabled sensors, bulbs, or
adapters, empowering users to effortlessly manage their home or office lighting
through their smartphone or smart home management platform. These solutions
offer versatile control options, allowing users to operate them via external
devices like smartphones or smart assistants, set schedules, or activate them
based on sound or motion triggers.
According to IBM, the day-to-day operational expenses of a
building constitute 70 percent of its total cost throughout its lifespan,
encompassing basic utilities such as energy and water. These costs present
significant opportunities for optimization through IoT technology.
Restraint: Security risks associated with internet-connected
lighting systems
In connected lighting systems, wireless networks serve as the
foundation for linking various components within the lighting control
infrastructure. Connected lights consist of advanced LED fixtures equipped with
integrated sensors and cameras, all interconnected through a wireless network.
Data and information are typically stored in the cloud for remote
accessibility.
However, the reliance on internet connectivity in connected or
smart lighting products introduces security vulnerabilities that can be
exploited by hackers. Such breaches could lead to severe consequences,
including unauthorized access to control systems for lighting, door locks, and
security cameras. The potential for intruders to manipulate smart systems in
homes or public venues raises significant security and privacy concerns.
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Opportunity: Rising demand for PoE-based lighting solution in
healthcare and commercial application
Power over Ethernet (PoE) streamlines the provision of power and
network connectivity to devices via a single network cable. PoE solutions
simplify and reduce the cost of network installation and expansion in buildings
where installing new power lines is impractical or costly. These solutions
alleviate congestion for organizations, as they eliminate the need for
significant budget allocations to enhance operational capabilities.
Commercial buildings, including office spaces, warehouses, and
retail establishments, are increasingly embracing PoE-enabled solutions due to
their numerous benefits. These include cost savings in installation, reduced
overall design and construction expenses, and minimized labor efforts by
decreasing the quantity of Ethernet cables required. According to the
University of Michigan, the anticipated expansion of commercial building floor
space in the US holds substantial promise for PoE lighting vendors, presenting
opportunities for manufacturers in the connected lighting sector.
Challenge: Interoperability challenge between multiple network
components
The central challenge within the lighting control system sector
revolves around the availability of solutions that integrate multiple
interoperable technologies within a unified framework. End users grapple with
selecting an appropriate lighting control solution from a wide range of
options, compounded by the absence of standardized norms, which complicates the
integration process. The absence of uniform standards gives rise to
compatibility issues among disparate components, impeding seamless interoperability
and communication within lighting systems.
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