May 22, 2024
Smart Lightning Control Market

The Rising Demand For Energy Efficiency Is Driving The Smart Lightning Control Market

Smart lighting control systems enable energy efficiency through remote monitoring and adjustment of lighting levels based on occupancy and daylight availability. Smart lighting solutions utilize sensors, switches, dimmers, and other devices that can be programmed and controlled either on-site or remotely. Common applications of smart lighting include outdoor lighting for streets, walkways, and buildings; indoor lighting for commercial spaces, factories, warehouses and homes. With the growing emphasis on reducing energy consumption and carbon footprint globally, the demand for intelligent lighting control systems that can effectively manage lighting infrastructure is increasing substantially. The rising focus towards achieving higher efficiencies in commercial, residential and industrial sectors is a major factor that is propelling the growth of smart lightning control market.

The global Smart Lightning Control Market is estimated to be valued at US$ 21.03 Bn  in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The integration of lighting control systems with IoT technologies has opened up new growth opportunities. Lighting control solutions equipped with IoT connectivity allow remote monitoring and management of lighting infrastructure through smartphones and web applications. This enables real-time adjustments to lighting patterns based on space utilization. Furthermore, advancements in wireless communication technologies like Zigbee, Bluetooth, and Wi-Fi are enabling wider adoption of wireless smart lighting controls. The emergence of lighting control platforms offering open application programming interfaces (APIs) is also promoting third party development of smart light apps. This is encouraging new product innovations and use cases across different verticals.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the smart lightning control market is moderate. Established players hold a strong market position due to significant investment in R&D and production facilities. However, new technologies and business models can enable new players to enter the market.

Bargaining power of buyers: The bargaining power of buyers in the smart lightning control market is high. Buyers can negotiate on price and demand customized solutions due to the availability of multiple vendors providing similar products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components are available from multiple global suppliers, reducing dependence on a single vendor. However, integration of different technologies requires collaboration between multiple suppliers.
Threat of new substitutes: The threat of substitutes is moderate. Traditional lightning control solutions still have a market but new smart city initiatives are driving demand for integrating lightning control into broader IoT platforms.

Competitive rivalry: The competitive rivalry is high due to major players competing globally. Players differentiate based on product functionality, reliability, and services.

Key Takeaways

The global Smart Lightning Control Market Demand is expected to witness high growth over the forecast period supported by rising demand for energy efficiency and the integration of lightning control into smart city IoT platforms. The global Smart Lightning Control Market is estimated to be valued at US$ 21.03 Bn  in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the market in 2024 owing to stringent energy efficiency mandates and high focus on smart city programs across major cities in the US and Canada. Asia Pacific is expected to witness the fastest growth through 2030 led by government initiatives for smart cities in China, India, and Singapore and the large installed base of traditional lightning systems.

Key players operating in the smart lightning control market are Siemens, GE, Voith, ANDRITZ, Toshiba, Harbin Electric, BHEL, Hitachi, Kirloskar, Ansaldo Energia. Major players are focusing on product development including the development of integrated IoT based software platforms to strengthen their market position. Partnerships with technology companies providing complementary solutions are also a key strategy.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it