Extensive usage of smart technologies has triggered breakthrough advancements in smart lighting technology. The smart lighting market has been on an upward growth trajectory owing to its robust software-based features. Additionally, flexibility in operating, Wi-Fi networking modules, and enhanced LED drivers are spiralling the sales of smart lights across the globe. Besides, a greater emphasis on aesthetic appeal is propelling the demand for smart lighting, creating positive dynamics for the market. Growing concerns regarding energy conservation are building momentum for energy-efficient and effective smart lighting solutions. As the global smart lighting market begins to scale up further, developments and hiked sales of energy-efficient and sustainable products shall provide an impetus to market growth.
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Adoption of IoT and AI to Amplify Growth Prospects of Smart Lighting Market
Technology intervention has served as a facilitator of drastic evolution in outdoor luminescence; transforming on-and-off systems into smart luminescence. Adopting AI and IoT technology is nurturing strong grounds for utilizing smart street lighting. This, in turn, has surged the global demand for automated luminescence systems. Next-gen advancements in wireless technology coupled with proliferated adoption of IoT technology to establish hyper-connectivity across devices in smart infrastructure are creating tailwinds for the smart lighting market. In addition, it provides various operational benefits including intelligent illumination and auto-dimming that has intensified smart lighting applications in automotive interiors, vertical farming and smart homes, propelling growth across the smart lighting market.
Outdoor Applications Leveraging LED Luminaires and Lights to Aid Smart Lighting Market Expansion
In contrast to traditional lighting, LEDs are highly cost-efficient and save a significant amount of energy. To this end, LEDs are essentially substituting conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Noticeably, these LEDs are widely being leveraged in streets, public spaces, highways, and stadiums. Reduced maintenance costs, extended lifespan of an LED light source, and shorter payback periods are accelerating the demand for light control systems and LEDs around the globe. In the coming years, substantial investments in energy-efficient products including smart lights and bulbs are projected to boost RD activities around this domain, promoting the holistic expansion of the global smart lighting market.
Europe to Reign Supreme in Smart Lighting Market amid Soaring Developments in Commercial Smart Lighting
With ongoing developments in indoor commercial smart light including parking lots, garages, and roads, Europe has emerged as a regional leader in the smart lighting market. The key players in the market are diversifying through partnerships or acquisitions and open innovation. Rising awareness and favorable government initiatives are further propelling the use of smart lighting in the region. Other factors such as a rise in disposable income, a higher standard of life and an upsurge in the deployment of smart lighting solutions in commercial, residential and public sectors further augment the growth of the regional market.
Major Market Players
Some of the most competitive players spearheading growth across the global smart lighting market include L.G. Electronics (South Korea), Wipro Enterprise Ltd (India), Legrand S.A. (France), Acuity Brands, Inc. (U.S.), Lutron Electronics (U.S.), Signify (Philips Lighting) (Netherlands), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Leviton Manufacturing Company, Inc. (U.S.), GE Current (U.S.), Adesto Technologies (Echelon Corporation) (U.S.), ABB (Switzerland), and Enlighted Inc (a Siemens company) (U.S.).
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