According to relevant data, the global smart lighting market is expected to be US$6 billion in 2018, and the average annual compound growth rate will exceed 20% from 2018 to 2024.
The continuous increase in demand for energy reduction in the residential and industrial sectors is a major feature of the continuous development of energy-saving lighting systems. Energy-saving LED lighting systems can reduce energy costs for residential customers, thereby reducing the impact of increasing tariffs on them.
For industrial customers, these lighting systems can reduce power supply costs and reduce peak loads. Initiatives by governments around the world to develop smart cities are a major factor in the growth of smart lighting solutions. It is expected that the connected lighting system will become one of the most important components of the smart city infrastructure, mainly to achieve the project's sustainable development goals. As the lighting system continues to optimize urban energy consumption, the self-sustainability and growth of the urban economy can be greatly accelerated.
In the product market, it is expected that the luminaires will have the fastest adoption rate during the forecast period; due to the rapid development of smart light bulbs and lighting technology, they will eventually occupy the main share of the intelligent lighting market in 2024. As companies offer a variety of innovative smart light bulbs and luminaires at competitive prices, it is expected that these fixtures will rapidly increase from 2018 to 2024.
In 2024, the wired lighting technology field in the intelligent lighting market is expected to occupy more than 60% of the market. Because this technology can provide high reliability and control of the lighting system, the demand for different modes (such as DALI and PoE) may increase significantly between 2018 and 2024. On the other hand, advancements in wireless technologies such as Bluetooth, Zigbee, and Wi-Fi, and the increasing adoption of smart sensors for IoT in smart city applications are expected to accelerate the growth of the wireless communications technology market during the forecast period.
From 2018 to 2024, the annual average annual compound growth rate of the outdoor lighting market is expected to exceed 25%. The main characteristic of rapid growth is the growing global demand for smart street lighting systems. Since these systems can intelligently turn on/off the lighting system according to the traffic and the availability of natural light, significant energy saving effects can be achieved through deployment. Smart City projects can also benefit from these smart lighting fixtures to achieve their energy security and sustainability goals.
Smart lighting provides many key advantages for residential, industrial, commercial, and government sectors, including energy efficiency, reduced maintenance costs, enhanced asset security, and ease of use. Through them, users can remotely access the lighting system anytime, anywhere through smartphone applications. In a smart city infrastructure, operators can proactively predict the need for street lamp replacements and blackouts, and improve on-site efficiency. By leveraging features such as LED lighting, connectivity, sensors and controls, and analytics and intelligence, companies can successfully achieve the lowest power costs.
The main concern of companies in the smart lighting market is product innovation and new product development strategies. Major companies are investing heavily in the research and development of smart lighting technology to provide networked lighting solutions for home and building automation, smart cities, and smart street lighting applications. In addition, strategic cooperation to strengthen product development capabilities and increase regional market share also contributes to rapid innovation in the smart lighting industry.