This research report titled ‘Global Smart Lighting Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sunil Kumar Singh, a lead analyst at Technavio for lighting research, “The demand for smart lighting in new buildings or structures is expected to witness high growth compared to pre-installed traditional lighting systems. Although the total ownership cost of smart lighting is much higher than traditional lighting sources governments worldwide are investing in and promoting smart lighting to reduce significant energy consumption, as lighting accounts for more than 20% of the global energy consumption.”
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The report categorizes the global smart lighting market into three main application segments. They are:
- Commercial segment
- Residential segment
- Public infrastructure segment
The commercial segment is expected to exceed USD 23 billion by 2020, growing at a CAGR of more than 4% during the forecast period.
In this segment, smart lighting systems are used in shopping malls, hotels, office spaces, retail markets, airports, and harbors. China is expected to be the major contributor to the commercial segment due to the upcoming airport and railway projects approved by National Development and Reform Commission. In 2014, China announced its plan to spend nearly USD 115 billion on 21 supersize infrastructure projects. In addition, China's largest property developer Dalian Wanda Group is coming up with new projects through crowdfunding. Furthermore, companies such as Philips and Havells are also focusing on catering to the demand from China followed by the government's announcement about the smart city initiative. This project will increase the demand for LED smart lighting during the forecast period.
China will be followed by India where the mission of 100 smart cities will drive the market's growth. The government has allocated close to USD 15 billion to implement the smart cities plan, which will include smart ports, smart railways, smart villages, and SEZs.
In Brazil, an increase in commercialization due to the 2014 FIFA World Cup, the 2016 Summer Olympic Games, and an increase in FDI in commercial real estate projects has pushed the demand for commercial lighting. The Olympic Games will lead to a boost in the hospitality, retail, and leisure industries, increasing the number of stadiums, hotels, malls, and other commercial businesses.
The residential segment is expected to exceed USD 24 billion by 2020, growing at a CAGR of more than 53% during the forecast period.
In 2015, China represented the largest market for smart lighting in the residential segment. The increasing urban population in the country has increased the use of lighting, thus driving the growth of the market. In order to promote energy-efficient lighting, the government of China is offering subsidies on LED lighting, thus reducing its price.
In addition, the sales of LED lights are expected to increase in future years due to benefits such as color tuning, brightness tuning, and long lifespan, compared with other lights. The high demand for smart LED lights in the residential segment in China is one of the potential trends benefiting the vendors operating in the segment.
China is followed by Brazil, where the market is largely affected by the growing urban middle-class population. As of August 2016, 84% of the total population in Brazil is urban. This is boosting the real estate and therefore the smart lighting markets in the country.
“In India, the growing focus on smart cities will attract a large number of smart lighting vendors. This is also expected to drive the integration of LED lighting source in smart lightings as data centers will replace conventional lights with smart LED lights. Due to these factors, the segment will be the highest growing segment of the market during the forecast period,” says Sunil.
Public infrastructure segment
The public infrastructure segment is expected to exceed USD 8 billion by 2020, growing at an impressive CAGR of more than 30% during the forecast period.
With local municipal corporations and urban planners implementing plans for the installation of new street lights and renovation of existing lighting systems, the outdoor segment is set to grow during the forecast period. Countries across the globe are looking for the possibilities of efficiently implementing smart lighting in public infrastructures such as roads, airports, railway stations, and subway stations.
The adoption of smart LED lighting is picking up rapidly in metropolitan cities across the globe, with government initiatives to replace incandescent bulbs with LED bulbs for street lighting. Countries worldwide are trying to create awareness about smart LED lighting by providing LED bulbs at subsidized rates. India is still in its nascent stage in the adoption of LED lights, but increasing demand for LED street lights in the country is likely to be a key contributor to the global smart lighting market by 2020.
In Russia, the growth of this segment is mainly driven by the 2014 Winter Olympics (which was held in Sochi) and 2018 FIFA World Cup. The government has allocated USD 25 billion for the installation of LED flood lights and other high-power outdoor lights in stadiums and athletes' villages. The new lighting systems will include smart lights for stadiums and other public properties.
The top vendors highlighted by Technavio’s hardware and semiconductor research analysts in this report are:
- Acuity Brands
- General Electric
- Schneider Electric
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