Smart lighting market value to hit $24bn by 2024

(USA) – The new research report from Global Market Insights predicts healthy growth in lighting control, LED and outdoor lighting markets as smart lighting becomes more prevalent.

According to a new research report by Global Market Insights, the smart lighting market is predicted to be valued at $24billion (£17.7billion) by 2024.

The smart lighting market growth is attributed to worldwide initiatives for smart city development and the growing popularity of home and building automation systems in residential, commercial, and industrial sectors.

Smart lighting products are used in different applications to enable highly connected and energy-efficient lighting solutions. These applications include commercial, residential, industrial, and outdoor lighting applications such dynamic traffic management systems employed in public places, highways and roadways, tunnels, and bridges.

In the light control market, sensors are expected to exhibit the fastest adoption over the forecast period. This accelerated adoption can be attributed to technological advancements in different types of sensors, such as occupancy sensors and motion sensors, which enhance the ability of smart lighting systems to effectively react to the surrounding conditions. Also, as these sensors enable remote operability of lighting systems through mobile devices, their utility in connected lighting solutions is likely to increase substantially over the forecast timeline.

With the rapid adoption of LED bulbs to replace traditionally used incandescent lighting systems, the LED market is projected to exhibit accelerated growth with a CAGR of more than 20% between 2018 and 2024. Their adoption in smart lighting systems is also expected to grow exponentially over the forecast timeline. Elsewhere, the outdoor lighting market is projected to register a fast growth over the forecast period due to the increasing popularity of intelligent street lighting systems in the smart city infrastructure.

Europe is projected to hold a dominant position in the market by 2024 with a market share of more than 30%. This market dominance is attributed to growing emphasis on developing smart city infrastructure in the region and the large-scale installation of smart lighting systems across the commercial and residential sectors.

However, the Asia Pacific smart lighting market is projected to witness the fastest growth between 2018 and 2024 due to the growing awareness among emerging economies including India, Japan, and Singapore regarding the efficacy of connected lighting systems in enabling significant cost savings through optimal energy consumption.

The full report is available to view online here.