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Trend analysis of global intelligent lighting market from 2018 to 2024
Because smart lighting offers many key benefits to residential, industrial, commercial, and government sectors, including energy efficiency, reduced maintenance costs, enhanced asset security, and ease of use. Through them, users can remotely access the lighting system from anywhere in the smartphone app. In smart city infrastructure, operators can proactively predict the need for streetlight replacement. According to relevant data, the global smart lighting market is expected to be $6 billion in 2018, and the compound annual growth rate will exceed 20% between 2018 and 2024. The scale of the smart lighting market in 2017 and 2024 The growing demand for energy reduction in the residential and industrial sectors is a constant feature of the development of energy-efficient lighting systems. Energy-efficient LED lighting systems reduce energy costs for residential customers, thereby mitigating the impact of increasing tariffs on them. For industrial customers, these lighting systems can reduce power supply costs and reduce peak loads. The initiative to develop smart cities advocated by governments around the world is a major factor in the growing number of smart lighting solutions. It is expected that connected lighting systems will become one of the most important components of smart city infrastructure, mainly to achieve the project's sustainable development goals. As lighting systems continue to optimize urban energy consumption, the self-sustainability and growth of the urban economy can be greatly accelerated. In terms of components, smart lighting products began to dominate the market in 2017 due to the large-scale installation of lighting systems in the residential and commercial sectors. Mainly driven by the convenience of remotely operating smart lights and the customization options available in lighting systems. As companies continue to introduce new products for the residential market, it is expected that these installations will increase significantly during the forecast period. In the product market, it is expected that the luminaire will show the fastest adoption rate during the forecast period; and due to the rapid development of smart bulbs and luminaire technology, it will eventually occupy a major share of the intelligent lighting market in 2024. As companies offer a wide range of innovative smart bulbs and luminaires at competitive prices, these luminaires are expected to increase rapidly between 2018 and 2024. In 2024, the wired technology sector in the smart lighting market is expected to account for more than 60% of the market. Because the technology provides high reliability and control of the lighting system, the demand for different modes (such as DALI and PoE) may increase significantly between 2018 and 2024. On the other hand, advances in wireless technologies such as Bluetooth, Zigbee and Wi-Fi, and the increasing use of IoT smart sensors in smart city applications are expected to accelerate the growth of the wireless communications technology market during the forecast period. From the perspective of light sources, the LED segment is expected to occupy a major share of the smart lighting market in 2024, reaching more than 60%. Since LED technology has become a cost-effective and energy-efficient alternative to traditional incandescent lighting systems, the use of LED bulbs has increased rapidly over the past five years. In addition, due to government subsidies and rebates for the purchase of LED bulbs in various countries including China, India and the United States, the LED market is expected to show a strong growth trend during the forecast period. From an application perspective, due to the high popularity of networked lighting systems, especially in residential and commercial applications, indoor lighting applications accounted for a dominant share of the smart lighting market in 2017. As customers in the residential market become more aware of the benefits of smart lighting systems in Reducing electricity bills, the demand for such lighting solutions for home and building automation systems may grow rapidly during the forecast period. The average annual compound growth rate of the outdoor lighting market is expected to exceed 25% between 2018 and 2024. The main feature of rapid growth is the growing demand for intelligent street lighting systems worldwide. Since these systems can intelligently turn on/off the lighting system based on traffic and the availability of natural light, significant energy savings can be achieved through deployment. Smart City projects can also benefit from these smart fixtures to achieve their energy security and sustainability goals. From a regional perspective, the European market is expected to account for the largest share of the global smart lighting market by 2024. Much of the reason is mainly due to a large number of ongoing smart city projects, the deployment of smart lighting systems by the government, residential and commercial sectors, and the government's strict lighting system energy efficiency requirements. It is expected that during the forecast period, the smart lighting market in the Asia Pacific region will show the fastest growth rate. Government incentives to adopt energy-efficient lighting systems are expected to be the main driver of growth in the smart lighting market in the region. For example, the UJALA program implemented by the Indian government is dedicated to raising consumer awareness of the efficacy of energy-efficient LED lights. According to the plan, consumers can purchase LEDs through the EMI payment model. Future Development Because smart lighting offers many key benefits to residential, industrial, commercial, and government sectors, including energy efficiency, reduced maintenance costs, enhanced asset security, and ease of use. Through them, users can remotely access the lighting system from anywhere in the smartphone app. In smart city infrastructure, operators can proactively predict the need for street lamp replacement and power outages, and can improve site efficiency. By leveraging LED lighting, connectivity, sensors and controls, and analytics and intelligence, companies can achieve the lowest power costs. The main focus of companies in the intelligent lighting market is product innovation and new product development strategies. Major companies are investing heavily in research and development of smart lighting technologies to deliver networked lighting solutions for home and building automation, smart cities and smart street lights. In addition, strategic cooperation to strengthen product development capabilities and expand regional market share also contributes to rapid innovation in the smart lighting industry.