Connected Lighting Market to value $24bn by 2024 | Top Players: Eaton, Cree, OSRAM, Acuity Brands, GE, Honeywell, Philips Lighting, Schneider Electric, Lutron Electronics
The communication technology segment in connected lighting market is expected to exhibit excellent growth between 2018 and 2024 due to rapid advancements in wireless communication technologies such as LPWAN, Wi-Fi, and hybrid technologies.
SELLBYVILLE, Del., Nov. 7, 2018 /PRNewswire-PRWeb/ -- The Asia Pacific connected lighting market is projected to exhibit fastest growth between 2018 and 2024 due to increasing awareness regarding the benefits of energy efficient lighting systems among the countries in the region to achieve energy security and sustainability objectives. Also, favorable government initiatives to encourage the adoption of energy-efficient LED lights is also expected to accelerate the growth of Asia Pacific connected lighting market.
Europe is projected to hold a dominant position in the connected lighting market by 2024 with a market share over 30%. This market dominance is attributed to growing emphasis on developing smart city infrastructure in the region and the large-sale installation of connected lighting system across the commercial and residential sectors. The European Union (EU) is consistently focusing on developing highly connected smart city infrastructure across the region while encouraging participation from public and private stakeholders.
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The communication technology segment in connected lighting market is expected to exhibit excellent growth between 2018 and 2024 due to rapid advancements in wireless communication technologies such as LPWAN, Wi-Fi, and hybrid technologies. With the increasing popularity of highly interconnected IoT-based smart city ecosystem, these technologies are expected to play a critical role in enabling such intelligent and data-driven infrastructure.
In the light control market, sensors are expected to exhibit the fastest adoption over the forecast period. This accelerated adoption can be attributed to technological advancements in different types of sensors, such as occupancy sensors and motion sensors, which enhance the ability of connected lighting systems to effectively react to the surrounding conditions. Also, as these sensors enable remote operability of lighting systems through mobile devices, their utility in connected lighting solutions is likely to increase substantially over the forecast timeline.
With the rapid adoption of LED bulbs to replace traditionally used incandescent lighting systems, the LED segment is projected to exhibit accelerated growth in connected lighting market with a CAGR of over 20% between 2018 and 2024. As LED light bulbs enable significant cost savings (more than 50%) compared to traditional bulbs, their adoption in connected lighting systems is expected to grow exponentially over the forecast timeline.
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The outdoor lighting market is projected to register a fast growth over the forecast period due to the increasing popularity of intelligent street lighting systems in the smart city infrastructure. With embedded sensors and digital networks, these systems collect and transmit information that helps city administrators to monitor and respond to any circumstances related to air quality, traffic levels, and noise levels on the streets. Also, by intelligently controlling the operating period of lights, substantial cost savings can be realized by minimizing the energy wastage.
Some of the key payers operating in the connected lighting market are, Bridgelux, Cree, Digital Lumens, Echelon, Schneider Electric, Acuity Brands, Honeywell, GE Lighting, Secil, Cooper Industries (Eaton), OSRAM, Lutron, Hubbell, Philips Lighting, Silver Spring Networks, Legrand, Tvilight, and Zumtobel.
Browse key industry insights spread across 440 pages with 698 market data tables & 25 figures & charts from the report, "Smart Lighting Market Size By Component (Product [Luminaires {Smart Bulbs, Fixtures}, Light Control {Sensors, Switches & Dimmers, Relays, Router & Gateways, LED Driver & Ballasts}], Technology [Wired {PLC (Power Line Control), PoE (Power over Ethernet), DALI (Digital Addressable Lighting Interface), Hybrid}, Wireless {Bluetooth, Zigbee, Wi-Fi, EnOcean, Hybrid}]), By Lighting Source (LED, Fluorescent Lamp, CFL (Compact Fluorescent Light), HIDL(High Intensity Discharge Lamp), By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Singapore, Philippines, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-lighting-market
Table of Contents (ToC) of the report:
Chapter 3 Smart Lighting Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape
3.4 Evolution of smart lighting technology
3.5 Addressable/opportunity market
3.6 Market news
3.7 Industry ecosystem analysis
3.8 Technology & innovation landscape
3.8.1 Technological advancements in IoT
3.8.2 Innovation in LED technology
3.9 Regulatory landscape
3.9.1 Energy efficiency requirement standard GB 30255-2013 for LED lamps (China)
3.9.2 Performance requirement standard GB/T24908 standard for non-directional self-ballasted LED luminaire (China)
3.9.3 The European Directive ErP (Energy-related Products) 2009/125/EC
3.9.4 EU No. 874/2012 energy label standards
3.9.5 EU No 1194/2012 regulation for directional LED luminaire energy efficiency standards
3.9.6 ENERGY STAR LABEL (U.S.)
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for energy-efficient lighting systems
3.10.1.2 Growing popularity of smart cities
3.10.1.3 Increasing popularity of Li-Fi networked communication technology
3.10.1.4 Increasing awareness regarding intelligent street lighting systems
3.10.2 Industry pitfalls and challenges
3.10.2.1 Security concerns related to smart lighting systems
3.10.2.2 Challenges of cost, performance, and thermal design
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
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