North American Smart Lighting Market to Exceed US$6 Billion by 2024
May 14, 2019
North America’s smart lighting market share was over US$1.5 billion in 2017 and is expected to achieve robust growth between 2018 and 2024 with a CAGR of around 20%, according to a new report by Graphical Research.
This growth is attributed to the growing adoption of IoT for modern applications such as smart cities and initiatives for the development of solid-state lighting (SSL), including both OLED and LED technologies. Initiatives such as The U.S. Department of Energy’s Energy Efficiency and Conservation Block Grant (EECBG) program that encourages the installation of high-efficiency street-lighting technologies are expected to contribute significantly to the growth of the North America smart lighting market over the forecast timeline.
The Chicago Smart Lighting Program is one of the largest street lighting modernization programs in the U.S. that has been undertaken to provide more reliable and better-quality outdoor lighting for Chicago. The program to replace 270,000 city lights with intelligent controls and LEDs over the next four years could eventually save the city nearly US$10 million every year in energy expenses. Such initiatives are driving the growing adoption of smart lighting solutions.
The product market is expected to hold a majority market share of around 80% by 2024 due to an extensive deployment of smart lighting solutions in commercial and residential environments to benefit from the energy efficiency and cost-savings realized from the smart lighting installations. The luminaires segment in the product market is expected to exhibit the fastest growth over the forecast period with a CAGR of around 20%. An increasing demand for smart bulbs and fixtures resulting from government incentives for homeowners and businesses to use energy-efficient lighting solutions is expected to drive the increasing adoption of smart bulbs and fixtures in the region during the forecast period.
Companies operating in the North America smart lighting market are focusing on strategic acquisitions for enhancing their smart lighting technological capabilities. For instance, in May 2018 Acuity Brands, one of the leading lighting solutions manufacturing companies in the region, acquired IOTA Engineering, LLC, an Arizona-based emergency lighting products manufacturer. The acquisition was aimed at enhancing Acuity’s product offerings for institutional and commercial applications in the U.S. and in the international market. Such strategic acquisitions are contributing to the growth of the North America smart lighting market.
Key vendors in the North America smart lighting market include Acuity Brands, Digital Lumens, Bridgelux, Cree, Cooper Industries (Eaton), Honeywell, Echelon, GE Lighting, Osram, Hubbell, Philips Lighting, Legrand, Tvilight, and Silver Spring Networks.
Find out more about the report: www.graphicalresearch.com/industry-insights/1024/north-america-smart-lighting-market.
