Northbrook, IL 60062 -- (SBWire) -- 04/17/2023 --The commercial lighting market is projected to reach USD 21.8 billion by 2025 from USD 8.2 billion in 2020; it is expected to grow at a CAGR of 21.5% during the forecast period.
The most significant factors driving the growth of this market are the ongoing and upcoming smart city projects in the developing countries, growing focus of governments worldwide on energy consumption, increasing acceptance of standard protocols for lighting control systems, escalating demand for LED lights and luminaires for use in outdoor applications, and surging use of integrated lighting control systems.
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Based on end-use application, the indoor segment held the largest share of the commercial lighting market in 2019
The market for indoor smart lighting is expected to hold the larger share, owing to the high demand in commercial space. In these applications, smart lighting is an essential element in creating a modern workspace that attracts customers with changing preferences. It continues helping owners to create a flexible working environment, reduce expenses, improve work efficiencies, and create quality lighting that enhances the occupant experience. Hence, the adoption of smart lighting in commercial spaces is gaining more traction and has a high opportunity in the near future due to smart city initiatives by governments across the world.
The wied communication technology segment projected to account for a larger size of the commercial lighting market during the forecast period
The wired segment is estimated to continue to hold a larger share of the commercial lighting market during the forecast period. Wired technology offers reliable performance and greater control. However, the cost of wiring and installation is high, especially in a commercial setting. This high cost, therefore, acts as a restraining factor for the adoption of wired technology-based smart lighting solutions.
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Opportunity: Rapid transition from traditional lighting to connected lighting solutions
In recent years, there has been a rapid shift from conventional lighting systems to connected lighting systems due to various advantages offered by connected lighting solutions, such as increased energy efficiency, improved ambiance at the workplace, and cost savings in the long run. Connected lighting devices are well known for their energy efficiency. These devices consume less power and have a long life, thereby reducing maintenance and replacement costs. Most of the connected lighting solutions consist of wireless sensors and switches that provide flexibility in lighting control operations, whereas conventional lighting solutions do not have these features. The introduction of wireless lighting controls has boosted the market for retrofit lighting systems, which, in turn, has increased the demand for lighting control systems. Wireless lighting control solutions have not only reduced the use of wires but also helped avoid reconstruction of existing buildings.
Challenge: Interoperability issues between different network components
At present, the biggest concern in the lighting control ecosystem is the availability of solutions with multiple interoperable technologies. End-users need to choose a suitable lighting control solution from a wider range of available solutions but, the lack of uniform standards makes it challenging to integrate the available solutions. The incompatibility of various components and the lack of interoperability create problems for end-users. Traditional lighting control systems usually consist of hardware and software manufactured by the same manufacturer, whereas different manufacturers develop controls in connected lighting solutions. This creates interoperability issues, causing problems for communication between various network components of a lighting system. Hence, there is a need to establish standard protocols to develop compatible products. Several organizations such as the Connected Lighting Alliance (TCLA) and the ZigBee Alliance are trying to standardize the protocols used in connected lighting technology so that luminaires could be used to collect and share data for analytics purposes.
Commercial Lighting Market Trends, Growth Drivers, Analysis, Forecast to 2025