Smart lighting systems embedded with various sensors and wireless technology can substantially reduce energy consumption compared to traditional lighting systems. One of the most prominent applications of smart lighting includes commercial and industrial buildings. Lightings in commercial and industrial buildings contribute to around 40% of the total energy expenditure.
Presently, the majority of the lightings installed in buildings stocks are based on the older and less energy-efficient lighting technology. The building owners and other stakeholders are increasingly becoming aware of and accepting the need for smart lighting to trim down energy consumption. This factor has resulted in the growth of smart lighting market during the forecasted period.
Furthermore, gradual transition from traditional lighting or lamps to more energy efficient LED lamps is attributing to the growth of the smart lighting market globally. Ability of LEDs to adjust light color, intensity and directions is leading to increasing incorporation in smart lighting solutions. Surge in installation of LED lamps by replacement of traditional lamps is expected to boost the global smart lighting market growth during the forecast period.
The global smart lighting market is divided based on lighting type into five segments: LED lamps, fluorescent lamps, compact fluorescent lamps, high intensity discharge lamps and others. LED lamp segment have the highest growth potential during the forecast period attributed to the ability of substantially reducing energy expenditure in end user applications such as commercial and industrial buildings.
However, incorporation of LED lamps requires high initial investment due to elevated price of LED lamps compared to traditional lighting such as compact fluorescent lamps and fluorescent lamps. Overall the LED lamp type segment is expected to see a robust growth throughout the forecast period owed to its high life expectancy and features such as dimming and varying light color and temperature.
Rapid advancement in the technology is considered to be one of the major reason boosting the market growth. Rising urbanization and increase in construction activities is leading to surge in number of residential building, which is having a positive influence on the smart lighting market. High demand for energy efficient lighting is prognosticated to play a pivotal role in pushing the market in the forward direction.
Growing demand for lights equipped with wireless and sensor technology has further favored the growth of the market. Apart from these, high demand for smart intelligent street lights to avoid accidents and encourage smart city concept is fostering the growth of the market.
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