The market for outdoor LED smart lighting solution is predicted to expand at 12 % CAGR during the forecast period (2016-2022). The market is expected to reach USD 8 billion by 2022 owing to the growing consumption of outdoor LED solutions, asserts Market Research Future (MRFR). The concept of LED smart outdoor lighting is gradually gaining popularity as it finds application in various areas of outdoor lighting comprising sports parks, highways and roadways, public areas and city parks, outdoor parking lots, commercial site lighting, and university and college campuses.
Drivers and Constraints Impacting the Market
LEDs are small and solid bulbs with extremely energy efficient and long-lasting properties. The advent of IoT which brings in collaborative streaming of real-time data along with artificial intelligence has transformed the outdoor LED smart lighting market. Owing to the rise in electricity prices across the globe, municipalities are switching over to smart outdoor lighting to reduce functional costs, thereby improving safety and efficiency. This is estimated to drive the market over the assessment period. LEDs offer lower energy consumption, longer lifetime and reduced maintenance cost compared to legacy streetlight technologies.
On the flip side, higher import duties on lighting sources are considered to inhibit the market growth over the forecast period. Duties and taxes such as storage fee, airport fee, declaration, and handling fee are also predicted to impact the market growth in the coming years. Moreover, due to political impact, the import rate of several countries including Argentina, Brazil, and Italy are very high which leads to an increase in the prices of technologically enabled outdoor lighting, thereby hampering the market growth during the review period.
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Wipro Lighting has launched its Internet of Lighting (IoL) solutions for Smart & Connected indoor & outdoor lighting at the Light Show. The IoL solution will mark a revolution in institutions, office, and outdoor lighting sectors. The Emergence of Big Data and IoT have made smart and connected digital lighting solutions a reality. These solutions will bring in both functionality and intelligence into lighting systems.
The prominent players in the outdoor LED smart lighting solutions are Philips Lighting Holding B.V. (Netherlands), Acuity Brands, Inc. (U.S.), General Electric (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Cooper Industries, Inc. (U.S.), Schneider Electric SE (France), Digital Lumens, Inc. (U.S.), Streetlight. Vision (France), Lutron Electronics Company, Inc. (U.S.), among others.
Global Outdoor LED Smart Lighting Solution Market: Segmental Analysis
The global outdoor LED smart lighting solution market is segmented on the basis of communication technology, component, application, and region.
By mode of component, the outdoor LED smart lighting market has been segmented into software, hardware, and service.
By mode of communication technology, the market has been segmented into wired and wireless. The wireless network controlled systems bring smart lighting with controlled strategies like daylight harvesting, task tuning, and scheduling to deliver demand-based lighting.
Bu mode of application, the market has been segmented into street lighting, landscape lighting, stadium, parking, waterways, and others.
Geographically, the outdoor LED smart lighting solution market spans across regions namely, America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
Among all the regions, North America is anticipated to dominate the global market for outdoor LED smart lighting owing to the growing effort to curb the hazardous impact of electricity consumption and high adoption rate of technology.
The emerging economies of Asia Pacific and the Rest-of-the-World are expected to showcase lucrative opportunities during the assessment period. Europe is also one of the important regions dominating the global market due to smart LED solutions in several applications such as industrial, commercial, residential, and outdoor segment.
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- LED Manufacturers
- Smart Lighting Solution Providers
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