Smart Lighting Market in communication technology sector is expected to exhibit excellent growth between 2018 and 2024 due to rapid advancements in wireless communication technologies such as LPWAN, Wi-Fi, and hybrid technologies. With the increasing popularity of highly interconnected IoT-based smart city ecosystem, these technologies are expected to play a critical role in enabling such intelligent and data-driven infrastructure.
As the lighting industry progresses from incandescent bulbs to CFLs and LEDs, smart lighting market has made its way as the next trending vertical. The vast expanse of this sphere can be aptly demonstrated by an incidence that occurred in Toronto a couple of years ago. A newly constructed building that nearly became a feather in the crown for the Toronto financial district, the EY Tower, made it to the headlines for offering IP addressable LED lights that tenants can control with internet-based building automation. The instance of EY Tower is of particular interest to the smart lighting industry as it demonstrates the steady presence of one of the most important forces, the real estate sector, into the smart cosmos.
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The energy efficiency that smart lighting systems can afford is a major factor driving smart lighting market size. In 2016, in the UN Climate Change Conference, Philips Lighting demonstrated how smart energy solutions work and can make a real difference to climate change. The event showcased the profoundly transforming capabilities of the smart lighting industry, including demonstrations that depicted the energy and greenhouse gas saving potential of this one single technology. Indeed, the technology is equipped with the potential to reduce energy demand from lighting by half.
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.
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.
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