NanoMarkets Projects Smart Lighting Market to Grow to US$10.9 Billion by 2019
Glen Allen, Virginia: Industry analyst firm NanoMarkets has announced the release of a new report titled, “Smart Lighting Markets 2014 Volume I: Market Drivers and Forecasts.” In the report the firm projects that smart lighting markets worldwide are expected to grow from around $1.0 billion (USD) in 2014 to around $10.9 billion by 2019. While the market is currently dominated by lighting for commercial and residential buildings today, NanoMarkets expects that street lighting, other outdoor lighting and applications in transportation will account for 42% of smart lighting revenues by 2019.
About the report:
NanoMarkets has been covering the smart lighting market for four years and has acquired a deep understanding of the key applications, technologies and companies in this rapidly expanding business. The four products categories analyzed and forecast in this report comprise traditional lighting management systems, next-generation lighting management systems, smart mood lighting and smart lighting with visible light communications.
Eight-year volume shipment and revenue projections are provided for these products in each of the following market sectors: residential buildings, commercial and industrial buildings, government and public buildings, streetlights/outdoor lighting. There are also eight-year forecasts for system components and by the geographical region in which smart lighting systems are sold.
Although corporate strategies are fully covered in Volume II of this report, this volume also discusses how major firms are helping to drive smart lighting markets forward from the supply side. Some of the firms mentioned in this report include Acuity Brands, Daintree, Digital Lumens, GE, Honeywell, Johnson Controls, Marvell, NXP, Osram, Philips, and Redwood.
Because of our years of coverage in this field, NanoMarkets believes that our 2014 reports provide the best information and analysis available on the current trends in the smart lighting sector. We believe that these reports will prove of value to executives throughout the lighting, semiconductor, sensor and networking industries.
From the report:
The market for smart lighting will be dominated by substantial commercial and industrial usage for the next decade since the benefits of smart lighting can easily be proved in this sector. By 2019, NanoMarkets expects sales of smart lighting systems for commercial and industrial buildings to reach $5.1 billion.
However, NanoMarkets also expects sales of smart lighting to surge in the residential sector as energy costs continue to rise and the Internet-of-Things becomes more pervasive. By 2019, sales of smart lighting for residential applications will exceed $820 million and will be helped along by smart lighting standardization, such as the adoption of ZigBee Light Link for the residential market as well as the introduction of smart lighting development platforms by firms such as Marvell and NXP. The trend of residential smart lighting over the next decade will also be toward systems that can be installed by any homeowner.
Another significant opportunity for smart lighting can be found in outdoor lights, especially streetlights. This currently small market is expected to reach $1.6 billion by 2019. Streetlights are in need of improved automation to better adjust to changes in light and traffic conditions throughout the day. Through interfaces with smart grids these smart streetlights will be able to immediately report outages, allowing crews to make necessary bulb replacements or repairs. Using visible light communications, these smart streetlights will also be able to communicate with vehicles.
Throughout the eight-year period covered in this report, Europe is expected to be the largest market for smart lighting systems with North America slightly behind – by 2019, revenues generated by European sales of smart lighting systems are expected to reach $3.5 billion. However, NanoMarkets expects that the fastest growing geography will be China, which will generate $1.8 billion in revenues from smart lighting by 2019.