Sellbyville, DE -- (SBWire) -- 10/16/2018 --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.
The 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 connected lighting market.
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Smart Lighting Market is projected to surpass USD 24 billion by 2024. Smart lighting incorporates different technologies to enable the automatic controlling of indoor and outdoor lights using automated settings, wireless/mobile controls, and a wide range of different adjustable features. It is a lighting system which is interconnected through a network and is operated and maintained by a centralized system or cloud. Smart lighting includes an MCU (microcontroller unit) based system that integrates electronics, automation, and network communication for improving energy efficiency of the lighting system.
In a smart lighting market, a light source can only be switched on/off manually, while, instead in a smart lighting system, different preset lighting modes can be preloaded into the system to meet the user's specific needs. Also, in conventional lighting systems, a heavily loaded lighting system requires high-capacity switch along with large volume of cables to drive a distant load. In connected lighting systems, an output driver directly powers a load without the need for increasing the power capacity of the switch. Moreover, connected lighting systems can be made dimmable and controllable using advanced lighting control devices to further optimize the energy consumption.
Technological innovations in LED lighting systems are largely contributing to the growing adoption of smart lighting systems for residential, commercial, and industrial applications. Modern LED lighting systems have an outstanding operational life expectation of up to 100,000 hours. By changing conventional lighting systems to smart LED lights, users do not have to incur repeated cost of replacing the lights for several months or even years. Also, in LED lighting systems, 100% of the electrical energy is converted into light as opposed to traditional incandescent bulbs wherein, 80% of the energy is converted into heat and only 20% is converted into light. Thus, smart LED lighting systems facilitate excellent energy efficiency and minimal energy wastage.
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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.
Some of the key players operating in the smart lighting market are Bridgelux, Acuity Brands, Cree, Echelon, Cooper Industries (Eaton), OSRAM, Digital Lumens, Honeywell, GE Lighting, Hubbell, Philips Lighting, Legrand, Schneider Electric, Zumtobel, Lutron, Secil, Silver Spring Networks and Tvilight.
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Smart Lighting Market to Hit US$24bn by 2024 : Bridgelux, Cree, Digital Lumens, Echelon, Honeywell and 12 Other Companies Profile
The smart lighting market growth is attributed to worldwide initiatives for smart city development and the growing popularity of home and building automation systems in residential, commercial, and industrial sectors.