Global Intelligent Lighting Market Trend Analysis From 2018 to 2024

According to relevant data, the global smart lighting market is expected to reach $6 billion in 2018, and the annual composite growth rate between 2018 and 2024 will exceed 20%.

The growing demand for energy consumption in residential and industrial sectors is a major feature of the development of energy-efficient lighting systems.  The energy-efficient LED lighting system can reduce energy costs for residential customers, thereby reducing the impact of increasing tariffs on them.

Judging from the light source, the LED part is expected to occupy the main share of the intelligent lighting market in 2024, reaching over 60%. As the LED technology has become an efficient and energy-efficient alternative to the traditional incandescent lighting system, the application of LED bulbs has increased rapidly over the past five years. In addition, as a result of government subsidies and the purchase of LED bulbs in countries including China, India and the United States, the LED market is expected to show a strong growth trend in the forecast period.

In terms of application, because of the high popularity of networked lighting systems, especially in residential and commercial applications, indoor lighting is the dominant share of the intelligent lighting market in 2017. As customers in the housing market are increasingly aware of the benefits of intelligent lighting systems in reducing electricity costs, the demand for such lighting solutions by home and building automation systems may grow rapidly during the forecast period.

From a regional perspective, the European market is expected to account for the largest share of the global smart lighting market in 2024. Most of the reasons are mainly due to a large number of ongoing intelligent city projects, the government, the housing and commercial sectors are vigorously deploying intelligent lighting systems, as well as the government's stringent lighting system energy efficiency requirements. The Asia Pacific region will see the fastest growth of the intelligent lighting market. The government's initiatives to encourage the adoption of energy-efficient lighting systems are expected to become the main driving force for the growth of the intelligent lighting market in the region. For example, the UJALA plan implemented by the India government is aimed at improving consumers' awareness of the effectiveness of energy saving LED lamps. According to the plan, consumers can purchase LED through EMI payment mode.

Intelligent lighting provides many key advantages for residential, industrial, commercial and government departments, including energy efficiency, reduced maintenance costs, enhanced asset safety and convenience. Through them, users can access the lighting system anytime and anywhere through smart phone applications. In the smart city infrastructure, operators can actively predict the demand for street lamp replacement and blackouts, and can improve on-site efficiency. Through the use of LED lighting, connectivity, sensors and control, as well as analysis and intelligent functions, enterprises can successfully achieve the lowest cost of electricity.