The Global Smart Lighting Market was valued at USD 16. 2 billion in 2020, and it is expected to reach a value of USD 77. 10 billion by 2026, registering a CAGR of approximately 30. 26% over the forecast period from 2021 - 2026.
New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06030477/?utm_source=GNW
Amid the outbreak of COVID-19, the market is witnessing a halt in production and disruption across the supply chain, leading to weakened growth of industrial output and the decline of light-manufacturing output across significant manufacturing hubs.?
- In the current market scenario, manufacturers anticipate that the development of smart-lighting products would help them skim additional payments from customers. This would help them decouple the marketing of lighting products from the strong downward price spiral in the conventional LED lighting markets.
- Furthermore, due to its societal benefits, energy-efficient LED technology might be adopted more rapidly by consumers, so the replacement of the inferior compact fluorescent or halogen lighting technologies could thereby be accelerated.
- Despite these expected advantages, the market penetration of smart-lighting products has been relatively low. For example, only 6% of the US consumers and 3.7% of the Austrian consumers used smart-lighting systems in 2015. Sales forecasts are estimated to be worth USD 1.9 billion in residential connected lighting sales across the world in 2026. This is only a small fraction of the current revenues of, for example, the German lighting industry.
- Thus, the benefits of smart-lighting products apparently have only limited appeal to consumers, primarily due to tangible and psychological barriers that impede the individual adoption of these innovative lighting products.
Key Market Trends
Wi-Fi is Expected to Witness a Significant Growth
- A smart LED lighting system for residential end-use applications can be remotely controlled, and a single handheld device can enable self-learning mode via WiFitransmission. Smart signal processing can be automatically performed on the collected data by either an MCU or an ASIC inside commercial products. Amongst the number of wireless communication modules, WiFi is gaining market traction as it can be integrated into a remote control smart LED lighting system with enhanced efficiency.
- Modern smart lighting systems are based on light-emitting diode (LED) technology and involve advanced drivers with dynamic spectral light reproduction and advanced sensing capabilities. The ultimate feature is additional advanced services serving as the hub for optical communications that allow coexistence with traditional WiFigateways in indoor environments.
- In the diverse digital communication interfaces intended for smart lighting, WiFi is suitable for the programming of predefined areas and spaces. In these systems, generally, the areas are segmented depending on the people or events. This allows the systems to calculate the level of light needed to accurately calculate the levels of illuminance suitable for different tasks of the users with the advantage to calculate the power consumption in real-time.
- The LED bulbs can be controlled from anywhere using a WiFi network and mobile Internet. Features of this system include dimmable lights to remotely turn them on or off. Custom schedules can be defined to control each light individually or as a group in different areas of a house. The system can be turned on automatically at sunset or changed to be dimmable to watch a movie or turn off after the user leaves home.
Asia-Pacific Witnessed to Hold the Fastest Growing Market
- In recent years, the Asia-Pacific region saw significant growth in the smart lighting market, and over the forecast period, it is expected to have the highest growth. Creating and developing smart infrastructure in the region, scaled establishment of smart lighting framework over the private and commercial sectors, and increasing investments by the government on public infrastructure are increasing the growth of the market in the region.
- GSMA estimates that China may account for approximately 4.1 billion IoT connections, which is almost one-third of the global IoT connections, by 2025. Smart lighting systems are expected to be the biggest beneficiary of the trend, during the forecast period. Technology giants in the country, like Tencent, Baidu, JD, and Alibaba, are introducing their smart system solutions. Majority of the Chinese market share is distributed among these giants. These domestic brands are trendy and are expected to drive the market growth.
- The Indian housing industry is one of the quickest growing sectors of India. Smart City Mission for 100 cities in the country is driving the market for smart lightings. With a new initiative undertaken in Chandigarh, India plans to convert 3,800 street lights into sensor-based intelligent lighting system, under the Smart City Mission. Initiatives like these, taken by other states as well, could drive the market growth during the forecast period.
- The Indian government has launched UJALA program, with a target to distribute 770 million LEDs by March 2019. This program aims to rectify the high cost of electrification and the increased emissions from inefficient lighting in the country, amidst the backdrop of electricity demand witnessing a five-fold increase, over the years.
The Smart Lighting Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with smart lightings, many of the companies are increasing their market presence by securing new contracts and acquiring other companies. Key players are Koninklijke Philips NV, Cree Inc., Eaton Corporation, etc.
- August 2020 - Hubbell Lighting introduced the SpectraSafevideo security application intended for deployment on linear LED luminaires throughout facilities, such as office space, retail, care facilities, banks, and more, and intended to supplant legacy video security systems. The intention is facility security based on Internet of Things (IoT) technology with guaranteed secure transmission and storage of the video data.
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