Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) --
The global smart lighting market size is predicted to expand tremendous growth during the forecast timeframe, attributed to the rising concerns about minimizing the environmental impact and curbing CO2 and GHG emissions. Below mentioned are some regional trends that will shape the industry outlook in the years ahead:
LEDs to emerge as a prominent lighting source in the U.S.
According to the U.S. Department of Energy, LED lights hold tremendous potential to impact energy savings across the United States. Estimations suggest that residential LEDs, specifically ENERGY STAR-rated products, could save up to 75% energy and last around 25 times longer than incandescent lighting.
The authority anticipates the majority of lighting installations to utilize LED technology by 2035, which could lead the energy savings to outdo 569 TWh annually.
These assessments point toward a large-scale adoption of LED lights in the upcoming years, which in turn may propel smart lighting sales.
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Wireless technology to gain considerable traction in North America
The wireless lighting control technology is primarily used for home automation. Due to its scalability and resiliency, the technology has been gaining significant popularity across commercial applications. It enables a lighting installation to have a virtually limitless distribution of control nodes.
Wireless systems are easy to install, thus, accounting for potentially downsized labor costs, especially while retrofitting an existing lighting application, where substituting the installed wired system would be cost-prohibitive and time-consuming.
Canada to account for appreciable market share
Canada smart lighting industry could drive lucrative growth opportunities due to accelerating efforts of the government and local and national authorities toward building efficient infrastructure.
As part of this move, in May 2022, RealTerm Energy announced to streamline the transition of 30 cities in the US and Canada from conventional streetlights toward LED lights with integrated dimming and control features.
This is likely to reduce energy consumption across these cities by around 67% each year. Such moves may positively influence the industry landscape across North America.
Highways and roadways installation to drive significant gains in the Asia Pacific
In January 2022, on the trail of launching its latest LoRaWAN® gateway, Kerlink, a specialist in IoT dedicated solutions, joined hands with CITiLIGHT, an India-based leading firm in smart-lighting solutions, to team up and install large smart street-lighting projects internationally and in India.
These developments will resonate with the flourishing low emission and energy efficiency trends across the region and will foster the Asia Pacific industry growth in the times to come.
India smart lighting market size to experience notable expansion
The country's growth could be attributed to the increasing rollouts of retrofitting and new smart lighting installation projects.
For instance, in July 2022, under the Ministry of Power, the Telangana government launched the Telangana Gram Panchayat LED street-lighting project, which aims at retrofitting/installing around 790,000 smart, energy-efficient LED streetlights in 12,753-gram panchayats.
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Increasing emphasis on building sustainable infrastructure in China
In September 2022, Chinese President Xi committed to achieving carbon neutrality by 2060 and aspired to expand China’s economy by two times by 2035. The country further declared a New Infrastructure initiative implicating a shift from export-led, highly polluting manufacturing to a high-tech, advanced, service-driven economy.
Such initiative will foster the adoption of efficient lighting solutions, increasing Asia Pacific smart lighting market share.
Outdoor lighting application to gain momentum across Europe
This could be attributed to the supportive government policies that intend to improve living standards while offering an energy-efficient infrastructure.
In July 2022, the municipality in Molenbeek-Saint-Jean in association with Sibelga, Brussels, launched its first smart-lighting cycling path with more intelligent public lighting intending to push the country's transition towards more durable forms of energy.
Such moves will pave the way for further socially minded projects, redefining Europe smart lighting market trends.
Hardware component to push the European market revenue trajectory
The segment is projected to surpass USD 5290 million by 2028 on account of the strict regulatory mandates like the recent one implemented by the European Commission that focuses on phasing out general-purpose fluorescent lighting across the continent in 2023. The increasing emphasis on minimizing the carbon footprint and promoting efficient utilization of energy sources will stimulate the industry forecast in the future.
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