North America Smart Lighting Market will surge at 20% up to 2024
According to a new research report by the market research and strategy consulting firm, Graphical Research, North America Smart Lighting Market size to cross $6bn by 2024.
The North America smart lighting market growth is attributed to the growing emphasis on implementing smart lighting initiatives by replacing conventional lighting systems with energy-efficient smart lighting solutions in the U.S. and Canada. In October 2016, the U.S. Department for transportation invested USD 165 million in smart city technologies, leveraging the IoT-operated devices such as smart lights, sensors, and meters for the maintenance of the safety on roads due to connected street lights, in turn, reducing the energy consumption. The San Francisco Public Utilities Commission (SFPUC) replaced around 18,500 streetlights with highly efficient light emitting diodes. The adoption of these smart lighting solutions will reduce the energy consumption by 50%, reducing the electricity costs and improving the environmental efficiency. These initiatives are paving the way for further significant adoption of smart lighting systems in the region.
The technology market is expected to register a robust growth between 2018 and 2024 with a CAGR of around 30%. The increasing integration of different wireless communication technologies such as Bluetooth, Wi-Fi, and Zigbee into the smart lighting solutions is aiding the consistent growth of the technology market in the region. Modern smart lighting solutions will upgrade the connectivity as Wi-Fi hotspots will help in improving public and traffic safety by assisting in the implementation of smart navigation and parking technologies. Hence, the Wi-Fi segment is expected to grow at a robust CAGR of over 35% during the forecast period.
Some of the key vendors in the North America smart lighting market are Silver Spring Networks, Hubbell, Zumtobel, Tvilight, Schneider Electric, Philips Lighting, GE Lighting, Cooper Industries (Eaton), Cree, Acuity Brands, and Bridgelux.