Smart Lighting Market Size is projected to reach USD 94.16

2022-10-09 12:20:05 By : Mr. Kent Wong

September 19, 2022 12:20 ET | Source: Straits Research Straits Research

New York, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- As smart technology has advanced, the lighting sector has transformed in terms of energy, financial savings, consumer convenience, and safety. During the projected period, a considerable growth rate is anticipated for the global market for smart lighting. This is a result of the merger of the physical security business with smart lighting, the transformation of the lighting sector into the electronics industry, and the addition of voice control features to forthcoming products. The pressing issue of the global energy crisis is promoting the implementation of intelligent lighting. Increasing demand for smart homes, benefits of customization, and the declining average selling price (ASP) of LED bulbs are among the reasons driving the growth of the smart lighting industry. However, the worldwide smart lighting market impedes LED design hurdles, a lack of regulatory standards, and interoperability issues.

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Prevailing Issue of Global Energy Crisis to Drive the Global Smart Lighting Market

The increasing global demand for energy is causing an increase in energy prices, a decrease in energy supply, and a rise in fear around climate change and associated liabilities. The future global economy is anticipated to have a higher energy demand. Consumption is expected to climb by more than 50 percent over the next 20 to 25 years, primarily due to the rising energy demand in developing nations such as China and India. In addition, the risk of climate change related to fossil fuel usage has hampered energy availability.

Lighting accounts for most household, commercial, and industrial electricity consumption. 15% of global electricity usage and 5% of global greenhouse gas emissions are attributable to lighting. Using LED lights with high efficiency is a solution to this energy dilemma. It is one of the primary causes responsible for the consumer trend toward smart lighting, which is contributing to the rapid expansion of the worldwide smart lighting market. According to the International Energy Agency (IEA), intelligent lighting solutions can save up to 35 percent more energy than conventional lighting systems. Compared to other technologies, LED technology is more efficient and has a longer lifespan, which is another reason customers are shifting to this technology.

Advancement in Lighting Control to Provide Opportunities for the Global Smart Lighting Market

In recent years, advanced lighting control systems have become increasingly widespread. With the development of sophisticated and advanced automation and lighting control systems using smart lights and electronic equipment, there is numerous potential for market participants in the global smart lighting area.

Controls for lighting save energy and money by ensuring lights are turned off when not in use or limiting the amount of illumination by sensing the surrounding surroundings and brightness. The energy and cost reductions provided by smart lighting controls depend on the applications and utilization rates of the facility. Intelligent and building-wide control systems reduce energy waste through rapid advances and improvements in occupancy/vacancy sensors, plug-and-play lighting systems, personal dimming, brightening controls, and lighting control circuit breakers. Moreover, they are anticipated to bring this opportunity to the forefront and create significant growth opportunities for the global smart lighting market throughout the forecast period.

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By region, the global smart lighting market has been categorized into North America, Europe, Asia Pacific, and LAMEA. North America accounted for the largest market share and is estimated to grow at a CAGR of 16.8% during the forecast period. During the forecast period, the following factors are likely to drive the market in the region:

Increasing penetration of intelligent lighting systems in commercial sectors, such as retail and grocery store lighting, restaurant and hotel lighting, sports arena and stadium lighting, and corporate office lighting.

Increasing municipal council use of intelligent street lighting systems to network LEDs and implement other smart city applications during program upgrades.

Enhancing residents' experience through improving road safety, the driving experience, personal protection through intelligent lighting control, and the availability of open wifi networks, among other benefits.

The Asia Pacific is the second largest region. It is estimated to reach an expected value of USD 4600 million by 2030 at a CAGR of 19.5%. The development of LED-based lighting systems is boosting the regional adoption of intelligent lighting systems. Lighting engineers have continued to create effective lighting technologies, mainly LED technology, to deliver efficient and cost-effective lighting solutions in response to the rising worldwide energy demand. In recent years, LEDs have dominated the smart lighting market despite their negligible impact on the environment compared to traditional incandescent bulbs and energy-efficient lighting solutions. In addition, smart gadgets such as smartphones and tablets are anticipated to expand substantially during the next few years. In contrast, its entry into the lighting industry is expected to result in a transition in technology from conventional LED-based illumination to smart solutions such as LED-based lighting control, temperature control, safety control, and real-time information sharing.

Europe is the third largest region. In Europe, the development of smart cities has led to an increase in demand for intelligent lighting systems. It is also one of the leading contributors to the expansion of the smart lighting market in the region. About 75% of Europe's population resides in urban areas. Urban areas in the EU significantly contribute to the EU's energy consumption and greenhouse gas emissions, which considerably impact climate change. Countries such as Germany, France, Denmark, and Spain are adopting energy-efficient lighting systems to improve illumination quality and reduce total operational costs, raising the need for intelligent lighting goods and services.

Competitive Players in the Global smart lighting market

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Global Smart Lighting Market: Segmentation

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Asia-Pacific to be the Fastest Growing Automotive Lighting Market, With China & India Accounting for 35% of Global Automotive Production

Industrial Lighting Market Share Worth USD 1990 Million By 2030 | CAGR of 5%

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