Development of Smart Cities and Homes & the Ensuing Focus on Optimizing Energy Use Drives Demand for Smart Intelligent LED Lighting

Growing popularity of LED-based smart lighting, rapid adoption of LED lighting technologies in emerging countries, expansion of LED lighting to niche applications beyond regular lighting, and the urgent need to achieve energy and cost savings amidst spiraling electricity consumption are poised to drive the global market for LED Lighting in General Lighting Applications to exceed US$100 billion by 2024.

LED lighting is one of the most practical trends because the energy costs incurred with LED lighting are lesser and more affordable over the long term compared to other alternatives. Though the upfront costs are higher for LED lighting, the overall costs calculated over the entire period of use are significantly lower than other lighting systems. Moreover, the efficiency of LED lighting is 6-7 times more than conventional lighting, with the ability to last longer by up to 25 times. High energy-efficiency, optimal durability, and comparatively lower total cost-of-ownership as compared to legacy incumbent lighting technologies are few of the many factors that are supporting rapid penetration of LED lighting products across the world. In addition to the inherent characteristics of LED luminaires, favorable regulatory influences also contributed significantly towards its soaring popularity. LED technology’s general lighting applications witnessed significant increase in adoption driven primarily by the fiscal stimulus that several countries across the world undertook in the recent years. Additional factors that are responsible for the strong evolution of the market over the years include significant improvements on the price and performance parameters, accelerating incandescent bulb phase-out, and increasing consumer awareness with regard to energy efficiency.

Strong growth is projected for the market in the coming years supported by soaring popularity of smart intelligent lighting; innovations in smart home technologies; growing number of smart homes and smart cities; and integration of security, smart LED lighting, and climate control in home automation solutions. Rapid penetration is projected for intelligent LED lighting in the coming years in residential indoor lighting, security lighting, commercial lighting, lighting of public spaces, energy efficiency lighting in commercial and residential spaces, human-centric lighting at offices, homes and also healthcare facilities, and horticulture lighting, among others. Other important growth drivers include faster adoption of LED lighting in street lighting application hitherto dominated by HID bulbs; myriad benefits of LED Lighting in Industrial Automation; exponential increase in urbanization driving development and adoption of higher quality, more efficient, and longer lasting LED solutions; and rising demand in horticultural applications supported by the need to support plant protection and health in controlled environment. Few of the many technology innovations and advancements benefiting market prospects in the near term include the development of products that can produce cool, neutral and warm white lights along with color temperatures in the range 2700K-8300K; Lumentalk™ Technology; Ultra-thin Lumination™ LED luminaires, and Indigo-Clean™ LED luminaire that kill bacteria continuously and safely. Futuristic LED lighting systems will be a fusion of Internet and lighting that would save energy; help to digitize services while offering a responsive environment. These systems will make optimal usage of the IP-connected lighting including apps, services and software using the platform and ideas that compel use-case.

As stated by the new market research report on LED Lighting, Europe represents the largest market worldwide. Europe and North America are expected to witness increasing LED Lighting adoption as the regions embark on the much needed energy efficiency drive helped by a multitude of energy saving regulations. Asia-Pacific and Latin America offer huge market growth potential supported by the rapid rise in construction, large scale infrastructure development, unpenetrated and underpenetrated nature of the markets, rapid urbanization, expanding middle class and their rising affluence, and growing demand for premium LED lighting solutions.

Major players in the market include Acuity Brands Lighting, Inc., Bajaj Electricals Ltd., Cree, Inc., Crompton Greaves Ltd., Current, Powered by GE, Dialight plc, Eaton Corporation plc, Cooper Industries Plc, Fagerhult Group, Feilo Sylvania, Feit Electric Company, FW Thorpe Plc, Havells India Limited, Hubbell Lighting, Inc., LEDvance LLC, Inc., LG Corporation, MEGAMAN®, NVC Lighting Technology Corporation, OMS, a.s., Opple Lighting Co., Ltd., Osram GmbH, Panasonic Corporation, Philips Lighting Holding B.V., PhotonStar LED Group plc, Schréder Group GIE, Samsung Electronics Co., Ltd., Sharp Corporation, Targetti Sankey S.p.A., TCP International Holdings Ltd., TRILUX GmbH & Co. KG, and Zumtobel Group AG, among others.

The research report titled “LED Lighting: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, issues, challenges, product launches and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for major geographic regions including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), the Middle East and Latin America (Brazil and Rest of Latin America). Key general lighting applications analyzed in the report include Residential, Architectural, Commercial, Outdoor, and Others.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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