Analysis of the driving factors for the future development of the smart lighting market

The Market Study Report released a new report on the smart lighting market, which provides a comprehensive review of the industry with regard to the driving forces that affect the market size. And analyzed the current and future trends of the intelligent lighting industry, as well as the regional pattern and its competitive advantages.

Analysis of the driving factors for the future development of the smart lighting market

Popularization of LED lighting

According to reports, by 2025, the smart lighting market will exceed 23 billion US dollars. The growth of the market is driven by the increasing popularity of global LED lighting. Today, the high performance and high energy efficiency characteristics of LED lighting are driving its adoption in indoor and outdoor lighting applications. At the same time, the decline in the average selling price of LED lights has also become the main driver of market growth. Strict government regulations restrict the use of inefficient lighting technologies and also accelerate the adoption of smart lighting solutions.

The rapid development of smart cities and smart homes

Hardware occupies most of the smart lighting market share. The market growth is mainly due to the increasing popularity of networking or smart bulbs worldwide. The proliferation of IoT devices has also become the main force driving the hardware market demand.

On the other hand, during the forecast period, the compound annual growth rate of the software market will exceed 22%. The increasing popularity of smart home and home automation solutions is driving market growth. In addition, the integration of wireless technology into lighting solutions has also developed a variety of new ways for the growth of the software market.

Intensification of the global energy crisis

More and more smart city development plans also increase the demand for smart lighting solutions. As the global population increases and energy consumption increases, governments and regulators around the world are shifting toward advanced technological solutions to optimize energy consumption.

Therefore, governments have invested heavily in smart and networked technology solutions to automate operations and reduce energy consumption. This encourages the adoption of smart lighting solutions worldwide.

New technology and policy promotion

The increasing popularity of smart street lighting systems and the increasing popularity of Li-Fi technology are the main drivers of market growth. However, data security and safety issues related to the use of smart lighting have hindered the growth of the market. In addition, performance, cost, and design issues are also major challenges in implementing smart lighting solutions.

LED lighting's high performance and high energy efficiency characteristics are driving its adoption in indoor and outdoor lighting applications. The decline in the average selling price of LED lights has also become the main driver of market growth. Strict government regulations restrict the use of inefficient lighting technologies and also accelerate the adoption of smart lighting solutions.

Wireline technology is a leading technology field, occupying more than 70% of the market in smart lighting. The market growth is due to the large-scale adoption of DALI and PLC protocols in residential and outdoor applications, respectively. Reliability and ability to withstand harsh environmental conditions also support market growth in the region. In view of the flexibility and convenience of the wireless technology market and cost-effectiveness, the compound annual growth rate of the technology during the forecast period is expected to exceed 21%.

In the smart lighting market, indoor lighting applications account for more than 78% of revenue. In residential, commercial and industrial facilities, the growing demand for energy-efficient lighting solutions has driven the development of the market. Government initiatives to support energy-efficient lighting and measures to ban the use of inefficient lighting solutions are driving market growth. The rising trend of connecting light bulbs and home automation systems has contributed to market growth.

In addition, the outdoor lighting market is expected to achieve a compound annual growth rate of more than 20% within the forecast period. Government agencies' increasing investment in smart city development plans is accelerating the adoption of smart lighting solutions.

Europe accounted for more than 35% of the smart lighting market share in 2018. The market growth is due to the widespread adoption of LED lights in the region. Governments throughout the region have launched multiple plans to phase out the production and use of inefficient lighting technologies. In addition, the stable economic situation in Europe and the increasing smart city development plan are promoting market growth.

On the other hand, during the forecast period, the Asia-Pacific smart lighting market will grow at a compound annual growth rate of more than 19%. The government's strict regulations on the use of inefficient lighting solutions are accelerating the adoption of smart lighting solutions.

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