LONDON--(BUSINESS WIRE)--The lighting industry is seeing change in many areas, from smart lighting to cordless lamps and beyond. These advancements do bring some challenges, however the benefits provided from these advancements are leading the lighting market to steady growth. Market research firm Technavio expects the global lighting market to grow at a CAGR of 9% between 2017-2021.
Details on the advancements in the lighting industry and their impact on the market are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes in real time and can now connect on-the-go via BizVibe’s mobile app.
How is the lighting industry dealing with long-lasting LEDs?
Planned obsolescence has long kept the lifespan of light bulbs low, restricting it to 1000 hours when manufacturers have the ability to create longer-lasting products. This was put in place to allow lighting companies to continue to profit, as a lack of repeat purchases makes it challenging to continue selling the product. However, LEDs are an exception to this trend, and are making changes to the market.
LED light bulbs can last as long as 25,000 hours, which translates to roughly 40 years of average use. This is creating challenges for the lighting market, however, as higher adoption of these lights will lead to lower sales. Manufacturers are dealing with this in multiple ways, including entering the smart lighting market and creating LED components for products with shorter lifespans.
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Developments in the smart lighting market
The smart lighting market is growing rapidly as technology advances and interest increases. According to a report by The Insight Partners, the global market for smart lighting will grow at a CAGR of over 17% to reach a total value of USD 51 billion by 2025. This has led many firms and organizations to experiment with the technology and what it can accomplish.
Smart homes are still a relatively new concept, and still not accessible to many consumers. Ikea is taking steps to change that by producing lighting solutions that are compatible with smart home technology from multiple vendors, making it easier and more affordable to integrate smart lighting into one’s home. At the commercial level, British rail stations are beginning to use smart lighting columns in order to increase both safety and passenger convenience. These are just a few of the many ways these lights are being integrated into everyday use.
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Cordless lights are unplugging from convention
Cordless lighting is currently one of the industry’s biggest trends, and it provides advantages beyond just convenience. The future of lighting could very well be wireless. The lack of cords means that there are a wider variety of designs and styles available, allowing for not only portability but creativity as well. These lamps also use less electricity and create less waste, making them more environmentally friendly.
Another reason why cordless lights are making a splash is their cost: as most types are battery-operated, they reduce the user’s electricity bill, and those batteries do not need to be replaced or charged often. Aside from being attractive to individual consumers, this also appeals to restaurants, hotels, and other venues that require cost-effective lighting solutions.
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