Smart lighting: Opportunities and challenges
The advent of smart lighting technology is threat to the existing lighting market
Smart lighting is an innovative technology arrived due to need for energy efficient and affordable lighting solutions. The technological development in smart lighting has progressed rapidly from past few years. Internet of Things (IoT) has penetrated in lighting market and conceived smart lighting as its part. The technology has evolved from simply managing the lighting controls to automated control systems that involves lighting adjustments based on moods, occupancy, internal and external environment conditions and availability of natural light. Smart lighting technology adoption has increased dramatically as it provides environment eco-friendly, affordable, highly flexible and automated lighting solutions.
Smart lighting technology is highly implemented in commercial sector driven by need for cost, energy and operation management efficiency. Moreover, the trend towards the attractive, tunable, and highly featured lighting has boosted the adoption of smart lighting market for residential applications. Other major growth potential holding applications of smart lighting include street lamps, airports, government offices, healthcare, industrial, and automotive. This technology penetration has increased the lighting/lamps replacement market with considerable rate. Companies are investing million dollars in research and development to enhance their technological competitiveness and sustainability. Furthermore, to gain a competitive edge in the market, key players are adopting merger and acquisition, collaboration and partnerships strategies with tech start-ups and suppliers. U.S and many European countries are already a big revenue pockets for smart lighting and developing countries such as India, China and other Asian countries hold a lot potential for the growth of smart lighting owing to increasing trend towards automation and electronic industry. This technology has created ample opportunities at every stage of value chain and holds high revenue growth.
M14 Intelligence’s research study on smart lighting helps you identify the product market strategies of leading suppliers, business expansion strategies of manufacturers, and new market entry strategies of emerging players in the market. Our research study assist you in taking right business strategy initiatives for your lighting business that will help you thrive in this technology disruption.