The global lighting industry is at a constant upswing in the current scenario. One of the critical parameters catalyzing the growth of the lighting industry is the demand for energy-efficient lighting solutions. The consumers in the developed countries, as well as developing countries, are increasingly emphasizing towards utilization of as less as possible electricity. This factor has pressurized ecosystem players to invest and innovate intelligent lighting systems, thereby boosting the Smart Lighting and Control System Market.
The continuous advancements in the technology sector of lights are heavily influencing the residential and commercial end-users to adopt advanced lighting solutions. The benefit of controlling the lighting systems using portable and connected devices has gained the attraction of several customers across commercial and residential sectors across the globe. The integration of ZigBee, Wi-Fi, and Bluetooth with the lighting solutions is enabling the smart lighting and control systems manufacturers to witness increasing attraction and procurement. Internet of Things (IoT) on the other hand, is also playing a crucial role in driving the smart lighting and control systems market. Using the Internet of Things (IoT), the lighting system manufacturers are leveraging on auto-dimming technology to conserve energy, which is thereby, bolstering the Smart Lighting and Control System Market.
The smart lighting and control systems industry is anticipated to soar in the forthcoming years, attributing to the rise in investments towards smart cities by different governments. Additionally, the increasing adoption of intelligent lighting in smart homes, smart factories, and smart retail stores are also creating lucrative business growth opportunities for smart lighting and control systems market players. From the investment point of view, the industry is experiencing significant capitalization in developed countries as well as in developing nations. For instance, in 2019, an Israel based lighting company, Juganu, completed its financing round of US$ 23 Million. Another growth prospect of companies operating in smart lighting and control systems market is the collaborations between the market players and real estate developers.
The demand for intelligent lighting and controlling solution is continually surging in North America and Europe regions, owing to the increasing awareness among the customers related to energy conservation. Also, several countries in these regions are heavily investing in the growth of smart cities. Increasing usage of automated technologies on residential and industrial sectors is growing in North American and European countries. Moreover, countries in these two regions houses significantly higher number of lighting technology providers, that continuously invest in developing robust lighting solutions.
The Smart Lighting and Control System Market in the Asia Pacific region are gaining thrust with the increasing urbanization in different countries. Additionally, smart city programs in China, India, and Japan, among others are accentuating the demand for intelligent lighting solutions, thereby, throttling the smart lighting and control systems market. Several governments are undertaking huge initiatives to boost the information, communication, and technology (ICT) sector in respective countries, which is again a boosting factor for smart lighting and control systems market.
In the GCC countries, the demand for advanced technologies is growing at a steady rate. The infrastructure growth is demanding for an advanced lighting solution to ensure optimized electricity consumption. Saudi Arabia and UAE are the two largest energy-consuming countries in the region, followed by Qatar. Additionally, the UAE and Saudi Arabia are continually investing in smart city programs. Growing smart city initiatives is stipulating the adoption of intelligent lighting solutions, thereby, escalating the growth of smart lighting and control systems market. From the future perspective, the total investment monetized in the Middle East is expected to double over the next five years. South America, on the other hand, is witnessing growth in middle-class group, which are increasingly demanding advanced technologies, thereby, creating a substantial business space for smart lighting and control systems market players.
- The requirement for smart lighting and control systems is expected to surge in the coming years, attributing to the increase in consumer awareness and governmental initiative to reduce energy wastage.
- Rising population, increasing investments, continuous technological up-gradations, with increasing count of technology providers are some of the key drivers for the smart lighting and control systems market.
- Increasing procurement of smart lighting solutions in developing countries such as China, India, Saudi Arabia, UAE, Mexico, and Brazil are foreseen to stimulate the market investments further and ultimately drive the smart lighting and control systems market.
- Governmental initiatives towards smart city programs, including smart public infrastructure, are expected to catalyze the growth of smart lighting and control systems market in the developing countries in the near future. Additionally, governmental schemes to educate end customers related to the advantages of intelligent lighting solutions would benefit the smart lighting manufacturers.
Rupanjan Guha: Rupanjan is an Aerospace & Defense Market Research Analyst at The Insight Partners, a leading business intelligence and consulting company. He is an Aeronautical engineer with sound knowledge of aviation and defense industry. He is proficient in business consulting, research report writing, & market forecasting, sales support, competitive analysis, and Go-to-Market Strategy.