The growing popularity of smart cities one of the major contributing factors today for smart lighting market growth. Meanwhile, Smart Lighting Market is reckoned to surpass USD 24 billion by 2024. Smart lighting includes an MCU (microcontroller unit) based system that integrates electronics, automation, and network communication for improving the energy efficiency of the lighting system.
Technological innovations in LED lighting systems are largely contributing to the growing adoption of smart lighting systems for residential, commercial, and industrial applications.
Modern LED lighting systems have an outstanding operational life expectation of up to 100,000 hours. By changing conventional lighting systems to smart LED lights, users do not have to incur repeated cost of replacing the lights for several months or even years.
Also, in LED lighting systems, 100% of the electrical energy is converted into light as opposed to traditional incandescent bulbs wherein, 80% of the energy is converted into heat and only 20% is converted into light. Thus, smart LED lighting systems facilitate excellent energy efficiency and minimal energy wastage.
The competition in the connected lighting market is primarily characterized by constant product innovation and new product development initiatives by the market players by leveraging the latest advancements in the smart lighting technology and Internet of Things (IoT). These players are consistently involved in strategic partnerships for extending their smart lighting product portfolio and expanding their global presence. Also, a lot of companies are focusing on securing contracts for extensive smart streetlight installation projects from city administrators under smart city projects.
The Asia Pacific connected lighting market is projected to exhibit the 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.