8 significant trends driving smart lighting market growth through 2024

The smart lighting market is projected to foresee commendable growth in coming years owing to high product adoption across numerous application avenues including commercial, government, and residential sectors. Additionally, improving standard of living, and high disposable income levels would also foster the demand for smart lighting systems in the projected timespan. Growing emphasis towards implementation of highly-connected public infrastructure, wherein conventional lighting systems are being substituted with energy-efficient smart lighting solutions, is also expected to significantly contribute towards market growth.

Below are some of the key trends that are shaping the smart lighting industry growth:

Increasing lighting infrastructure development initiatives across the U.S.

The Chicago Smart Lighting Program is considered as one of the largest street lighting modernization programs across the U.S. The program has been undertaken for facilitating a reliable and superior quality of outdoor lighting for Chicago residents. This program effectively aims to substitute nearly 270,000 city lights with LEDs and intelligent controls over the upcoming four years. This could potentially save the city approximately $10 million every year in energy costs. The implementation of such initiatives across the rest of the U.S. will greatly fuel the revenue graph of the smart lighting market.

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Favorable government incentives in North America

In terms of product, the North America smart lighting segment is slated to account for more than 80% of the global industry share by the end of the forecast time period. This anticipated growth is ascribed to increased deployment of smart lighting solutions across residential and commercial sectors, mainly to benefit from the energy efficiency as well as cost savings offered by smart lighting systems. More specifically, the luminaires segment is likely to exhibit the fastest growth, recording a CAGR of more than 20% over the forthcoming time period.

Rising demand for smart fixtures and bulbs is expected to grow owing to the incentives offered by the U.S. Federal Government. These incentives are mainly intended for commercial and residential entities to promote the use of energy efficient lighting solutions.

Expanding smart home and infrastructure across North America

In terms of technology, North America industry scape is anticipated to register high growth and is likely to exhibit a CAGR of the around 30% over the forthcoming time period. Increasing implementation of various wireless communication technologies like Zigbee, Wi-Fi, and Bluetooth into the smart lighting solutions is supporting the steady growth of the regional technology segment.

In fact, the Wi-Fi segment is likely to grow at a strong CAGR of around 35% over the forecast time period. At present, modern smart lighting solutions are upgrading the connectivity since Wi-Fi hotspots would help enhance traffic and public safety by helping the implementation of smart navigation systems and parking technologies.

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Increasing installation of smart street lighting systems in Europe

The outdoor lighting industry is expected to significantly drive the Europe smart lighting market over the forthcoming time period. This anticipated growth is ascribed to the rising popularity of smart street lighting systems across the region. Additionally. favorable initiatives by regional organizations for setting up smart street light networks would also stimulate the growth of the outdoor lighting segment. Moreover, EU sponsored projects such as the “Intelligent Road and Street lighting in Europe” would further add to the regional growth graph over the analysis period.

Rising demand from Europe commercial lighting sector

In terms of application, the Europe smart lighting market is expected to be largely driven by the commercial lighting sector over the coming years. Back in 2017, the segment held 40% share of the Europe smart lighting market. With shifting focus towards sustainability in the region, the Europe market is anticipated to register momentous growth in coming years. In fact, increasing demand for energy efficient lighting solutions that can reduce the overall energy consumption costs would majorly drive the revenue graph. The European government is actively limiting the adoption and use of low energy-efficient lighting solutions like halogen and incandescent lamps across the commercial sector, driving consumers towards smart lighting systems.

Notable contribution from Europe’s residential sector

The Europe residential lighting segment is anticipated to drive remunerative growth into the regional smart lighting industry. In fact, the Europe residential segment is expected to witness a respectable CAGR of more than 20% over the projected time period. Increasing awareness among consumers about the cost-benefits of highly efficient LED lighting systems would serve as a main driver for the segmental growth.

Rising adoption of smart lighting products in China

China smart lighting market is likely to witness high growth over the coming years. In 2017, the region held a majority share of over 25% of the overall APAC smart lighting market. The key products in China smart lighting market include high-density discharge lamps, LED, and CFL. Among these, the high-density discharge lamps are still in their developing stage across China.

Growing demand for cost-effective lighting systems in India

Smart lighting market in India is anticipated to witness a respectable CAGR of more than 30% over the projected time period. The Country’s energy consumption is expected to grow at a rate of nearly 4.2% per year till 2035, which is considerably faster than all the other developed nations globally. The demand for energy-efficient lighting systems in the country is anticipated to grow at a moderate rate over the forthcoming time period. Since 2008, India has been considered as the second largest energy consumer across the Asia Pacific, with approximately 35 million streetlights installed, consuming nearly 3,400 MW of energy. This presents a vast growth potential to the industry in the long term.

Cooper Industries (Eaton), Legrand, Schneider Electric, Zumtobel, Philips Lighting, Bridgelux, Hubbell, GE Lighting, Acuity Brands, Silver Spring Networks, OSRAM, Tvilight and Cree among many others are some of the key players operating in the smart lighting market.