Two recently released reports on the future of smart lighting technologies signal a bright future for the industry. The reports, issued by research companies Research and Markets and NanoMarkets, point to increased consumer demand, better technology and government regulation as being the primary drivers of future growth.
Research and Markets
The report by Research and Markets specifies three major growth areas for smart lighting technologies. Commercial and industrial buildings are expected to lead the way in adding these technologies, because lighting can account for up to 40 percent of their total energy consumption. With the potential to realize huge savings on usage, and thus costs, applications of new lighting technologies for commercial and industrial buildings present a major opportunity.
Public and government buildings represent the second biggest area for smart lighting application, according to the report. With almost guaranteed stability due to government-backing, which means it will be given priority in most markets, public and government buildings should provide a strong basis for future growth in the industry.
Another area the study points to as having huge growth potential is residential building. With an expected compound annual growth rate of 87.5 percent from 2013 to 2018, residential complexes, whether single family or multifamily, offer the widest array of options for both contractors and others in the building trades to install smart lighting systems.
Finally, outdoor lighting could be the another market that has barely been tapped. As products like outdoor lighting controls and automated lighting become more prevalent on the market, cities could begin using smarter and more cost efficient LED lighting systems in street and parking lot lights.
The NanoMarkets report focuses more on smart lighting as it applies to issues like quality of life, while also discussing how it will affect business development in the lighting industry and beyond.
Pointing to research that indicates smart lighting technology can improve health and mood, air quality controls and even delivery of information services, the report shows how smart lighting technologies aren't just important for cost and energy savings, they can play a major role in overall improvement in people's lives. That aspect alone indicates a strong future for the industry as people continually look to new technology to increase happiness and productivity.
Focusing heavily on LED lighting solutions, the report goes on to discuss the many different business opportunities presented by smart lighting. Aimed at "planners and marketers throughout the lighting, semiconductor, sensor and networking industries," it offers eight-year forecasts for nearly every sector of the lighting industry.
Taken together, these reports provide an extremely positive outlook for the future of smart lighting technologies like LEDs and other types of efficient commercial lighting both in the U.S. and globally. As businesses, governments and residential property owners and renters become more aware of the benefits of these technologies, the room for growth in the smart lighting market appears to be immense. That also means finding expert lighting consultants to help you decide on the proper smart lighting solutions for all of these different spaces will become increasingly important in the coming years.