Having been chronicled as one of the most opportunistic business verticals of sustainable technologies industry, the revenue graph of smart lighting market is estimated to be exponential over the ensuing years. The commercialization scale of this business sphere is quite evident from the study undertaken by Global Market Insights, Inc., which claims that smart lighting industry share to surpass a total valuation of USD 23 billion by the end of 2025.
Increasing number of innovative product launches to augment the industry trends over the forecast period
With the growing popularity of home automation systems in residential and commercial sectors, major industry giants have been unveiling innovative products to remain aligned with the customized requirements of the current consumer base.
Speaking of which, Legrand, one of the foremost specialists in smart lighting market, launched a new collection of lighting controls at the Consumer Electronics Show, 2018. The latest range, named as Radiant Collection, comprises a wide variety of lighting and scene controllers, wall plates, dimmers, plug-in modules, and light switches. It is quite prudent to mention that these devices integrate seamlessly with smart home platforms such as Samsung’s SmartThings cloud, Amazon Alexa, and Google Assistant, given that they work on Open Connectivity Foundation 1.3.1 security standard.
Apparently, the aforementioned instance of Legrand stands testimony to the fact that the global smart lighting market participants are readily deploying their resources to develop advanced and high-grade products to stay afloat in this ever-evolving business space.
Strategic partnerships among prominent firms to impact smart lighting industry outlook
Digital Lumens, one of the major participants of smart lighting market, has recently teamed up with Schneider Electric to leverage connected technologies and provide enhanced automation and energy management solutions to its customers. The firm’s open API enables its LightRules software platform to provide access to an array of real-time sensor data and controls—including energy use, temperature, and occupancy—from solutions such as Schneider Electric’s SmartStruxure.
Moreover, the API further assimilates with third-party building management systems. As part of the agreement, Schneider Electric would support the company’s sensor-based connected lighting and next-generation analytics suite which would assist Digital Lumens in fortifying its stance in smart lighting industry over the ensuing years.
In June 2017, the Australia based Vivid Technology Ltd declared to have signed a Memorandum of Understanding with Honeywell Building Solutions Australia Ltd, to supply its LED lighting technology on a slew of strategic products. It is quite imperative to mention that Vivid has previously worked with Honeywell in the past and has a track record of successfully completing joint projects for RMIT University and Northern NSW Health in Melbourne.
Under the latest MoU, both the firms would leverage each other’s marketing plans, technology enhancements, and product roadmaps to garner competitive advantage in the overall smart lighting industry in Australia.
Rising collaborations undertaken by industry players to augment North America smart lighting market share
Regarded as one of the largest North America based smart lighting market players, Acuity Brands, Inc., has joined hands with Silver Spring Networks to develop a networked street lighting control solution. Apparently, this solution would aid utilities, smart cities, and large campus operators to renovate their aging lighting infrastructure and increase operational efficiency. As part of the agreement, Silver Spring’s standards-based Gen5 IPv6 networking platform would be integrated with Streetlight Vision smart city management software. This integration would further upgrade LED lighting system which would reduce energy expenses substantially, cite industry experts.
Driven by the immense number of alliances between industry contenders, North America holds more than 28% of smart lighting market share. Collaborations aside, the expansion of North America smart lighting market size can also be credited to the rising prominence of smart cities in the region.
As the modernized smart city infrastructure provides enhanced connectivity across numerous modules of the administrative setup including law & order, healthcare, and transport, there has been a spurt in the initiatives to develop such intelligent cities. This would, in consequence, open up myriad business expansion opportunities for the smart lighting market players over the forthcoming years.
With the increasing need to reduce energy consumption and expenses coupled with the escalating demand for highly-efficient lighting systems, the commercialization potential of the overall smart lighting industry can aptly be described as exceptionally promising.