According to Future Market Insights, the connected lighting platform market was estimated at US$ 14 billion in 2022 and is projected to reach US$ 75 billion by 2033, at a CAGR of 17% from 2023 to 2033.
According to FMI analysts, the United States and Canada are expected to hold a combined share of 12% of the connected lighting platform market in the North American region in 2023. Over the forecast period, the market for connected lighting platforms is expected to grow by 7% in India. As of 2023, the smart homes market will hold a prominent market share of 32%, driving demand for connected lighting platforms.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 14 billion |
| Expected Market Value (2023) | US$ 15.55 billion |
| Anticipated Forecast Value (2033) | US$ 75 billion |
| Projected Growth Rate (2023 to 2033) | 17% CAGR |
Connected lighting is a key technology that is driving the trend toward smarter and more efficient commercial buildings. The use of a connected lighting system combined with an LED light source can save energy by 80%, and the system can pay for itself within 18 months. Communication and control of lighting systems are enabled by connected lighting platforms.
The market growth is being supported by:
Lighting systems are widely connected to the internet using Wi-Fi technology, enabling remote control and monitoring. Indoor lighting systems commonly use Bluetooth technology, which makes it easy for mobile devices to control and configure lighting. Smart home systems, including lighting systems, commonly use Zigbee wireless communication technology to grow in the market.
An upcoming communication protocol called DALI, or Digital Addressable Lighting Interface, has been developed, which creates an opportunity for lighting systems to be controlled digitally, including dimmer control and color adjustment capabilities. In order for lighting systems to benefit from the latest PoE technology, power and data can be transmitted over a single ethernet cable, which is a convenient way to transmit power and data. As light waves are used to transmit data, Li-Fi technology allows lighting systems to communicate with other devices at high speeds, allowing for collaboration between these devices.
Connected lighting system technology development needs are being identified and addressed through several DOE studies. A connected lighting test bed (CLTB) is the focal point of these studies, developed and maintained by the Pacific Northwest National Laboratory (PNNL). CLTB's technical feasibility studies offer insight into effective and ineffective practices, provide insight into improvements applicable to the industry, and make meaningful contributions to industry standards.
Asia-Pacific will grow faster than North America due to increased investment in research and development processes and more mainstream adoption of solutions. A large number of people in China and India, together with new inventions across an extensive spectrum of industries, has made emerging economies a highly lucrative market for firms entering the market.
Due to the presence of major players and growing demand for smart homes in North America, it is expected that the region will participate in the market with the largest share. Companies seek to gain a competitive edge by developing innovative products and forming strategic partnerships.
The number of countries enforcing laws about responsible energy usage in commercial and enterprise buildings is on the rise, and this trend is expected to be maintained in the coming years. Through the use of a platform that provides the perfect solution, connected lighting offers the opportunity to automate the control of lighting, a significant energy consumer. Using sensor technology, building management systems can operate lights semi-autonomously and determine if there is a malfunction by supplying valuable data back to the system.
Connected Lighting Platform is a modular development kit for prototyping cost-effective, commercial, and industrial lighting solutions. The connected lighting platform is energy efficient and offers features like wireless control on & off, dimming, etc.
The connected lighting platform comprises of components including an LED module, Bluetooth, AC/DC power board, LED driver board, etc. The connected lighting platform offers overall LED control functionalities using a control mobile app, web client, and RSL10 sense.
The COVID-19 pandemic has set the economy of the world back by many years and has impacted almost every sector. The Pandemic has hugely affected the lighting industry because China, a major supplier of raw materials for the finished electronic component is suffering from production losses, supply disruption, and price fluctuations.
Due to the pandemic, the lighting industry may witness the growth of around 12% to 15% which was expected to witness a growth of 20% to 25% before COVID-19.
Connected lighting is a set of activities like controls, and connection of lighting and sensors to a local network which is controlled and monitored through a dashboard that is accessed through a mobile phone, tablet, or computer. As the connected lighting system provides various lighting effects the adoption of connected lighting is increasing in stadiums.
Through connected lighting stadium stakeholders can optimize light performance remotely, create a multipurpose venue, and also collect real-time data on lighting system status. Users can interact with the fans by integrating mobile devices or another system for improving operations using the connected lighting system.
The connected lighting system in stadiums enhances energy efficiency, sustainability, operations, and fan experience. Hence, owing to increasing technological enhancement the demand for connected lighting platforms is increasing.
The initial deployment cost of a connected lighting system is high, so this translates into substantial upfront capital investment along with ongoing support and maintenance costs, which makes it difficult for stakeholders. This increases the capital expenses and cost of support staff to perform necessary maintenance and upgrades, which is hindering the market growth.
The key players in the Connected Lighting Platform market are
The connected lighting platform market dominated in North America and Europe in terms of revenue in 2019, owing to the increasing adoption of smart LEDs in the region. South Asia & Pacific is estimated to witness high growth owing to increasing investment by the government in public infrastructure is increasing the growth of the market in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain of the global Connected Lighting Platform market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with Connected Lighting Platform market attractiveness as per segments. The report on the Connected Lighting Platform market also maps the qualitative impact of various factors on Connected Lighting Platform market segments and geographies.
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