Europe is projected to dominate the smart lighting market by 2024 due to the rapid deployment of smart lighting systems in residential, commercial, and government sectors, large-scale smart city projects undertaken in the region supported by favorable government initiatives. Due to the consistent emphasis by the European Union (EU) on accelerated development of smart cities through its funding instrument, The European Innovation Partnership on Smart Cities and Communities (EIP-SCC), industry leaders are focusing on providing more integrated and sustainable lighting solutions to the customers.
Asia Pacific Smart 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 smart lighting market.
Error, group does not exist! Check your syntax! (ID: 6)
Having been chronicled as one of the most opportunistic business verticals of sustainable technologies industry, the revenue graph of smart lighting market is estimated to be exponential over the ensuing years. The commercialization scale of this business sphere is quite evident from the study undertaken by Global Market Insights, Inc., which claims that smart lighting market share to surpass a total valuation of USD 24 billion by the end of 2024. With the growing popularity of home automation systems in residential and commercial sectors, major industry giants have been unveiling innovative products to remain aligned with the customized requirements of the current consumer base.
The competition in the smart lighting market is primarily characterized by constant product innovation and new product development initiatives by the market players by leveraging the latest advancements in the smart lighting technology and Internet of Things (IoT). These players are consistently involved in strategic partnerships for extending their smart lighting product portfolio and expanding their global presence. Also, a lot of companies are focusing on securing contracts for extensive smart streetlight installation projects from city administrators under smart city projects.
The growing popularity of smart cities one of the major contributing factors for smart lighting market growth. Developing a city-wide intelligent lighting network is becoming one of the key areas of interest while designing and developing smart city infrastructure around the world. With the increasing government emphasis on developing more smart cities to enable better city planning and development, faster delivery of e-government services, energy sustainability and improved local economic development, the deployment of connected lighting systems in smart city projects is likely to increase substantially during the forecast timeline.
Browse key industry insights spread across 440 pages with 699 market data tables & 25 figures & charts from the report, “Smart Lighting Market” in detail along with the table of contents
Speaking of which, Legrand, one of the foremost specialists in smart lighting market, has launched a new collection of lighting controls at the recently concluded Consumer Electronics Show, 2018. The latest range, named as Radiant Collection, comprises a wide variety of lighting and scene controllers, wall plates, dimmers, plug-in modules, and light switches. It is quite prudent to mention that these devices integrate seamlessly with smart home platforms such as Samsung’s SmartThings cloud, Amazon Alexa, and Google Assistant, given that they work on Open Connectivity Foundation 1.3.1 security standard.
Source: IT Research Brief