Smart lighting technology is maturing, and the global market size is expected to exceed US$40 billion.
Published Time:
2021-08-03
The concept of smart lighting has been around for many years, but with the rapid development of the Internet of Things (IoT) and mobile internet technologies centered around wireless and mobile technologies, smart lighting is no longer just talk.
The concept of smart lighting has been around for years, but with the rapid development of the Internet of Things (IoT) and mobile internet technologies centered around wireless and mobile technologies, smart lighting is no longer just talk. Looking at the current development of the smart lighting industry, companies are crossing industries to jointly promote industry development, the future market growth potential of smart lighting is huge, and each manufacturer's product layout has its own considerations.
Technology giants and lighting companies are collaborating across industries to drive the rapid development of smart lighting. Internet companies have advantages in high-speed internet and cloud data, while lighting companies understand the characteristics of electricity and optics. The essence of cross-industry collaboration is complementary advantages, each getting what they need. Lighting manufacturers provide hardware products, lamps, and light sources; control system manufacturers provide hardware and software products, control systems/central control equipment; and platform manufacturers provide hardware and software platforms, internet software interfaces, and related value-added services, including communication operators, e-commerce platforms, IT companies, and internet companies.
Market compound annual growth rate exceeding 25%, with the largest share in commercial lighting market. According to OFweek Industry Research Institute statistics, the global smart lighting market size was US$16.6 billion in 2018. With the increasing prominence of energy saving issues, the decline in LED component prices, and the addition of emerging advanced technologies such as the Internet of Things (IoT) and connected devices, plus the active promotion of major manufacturers and the drive of smart city construction, it is expected that the smart lighting market compound annual growth rate will exceed 25% in the next few years, exceeding US$40 billion by 2022. Among the various applications of smart lighting, the largest share is commercial lighting, including industrial/factory lighting, shopping mall/store/shopping center lighting, hotel lighting, supermarket chain lighting, and office building lighting.
Technology is ready, manufacturers have different considerations for product layout. From the perspective of lighting manufacturers' product layout, Signify has a comprehensive layout, covering commercial, residential, and outdoor applications; many lighting manufacturers use smart home lighting as an entry point for layout, and very few companies use smart streetlights as an entry point.
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