Lighting systems embedded with sensors and wireless technologies capable of reducing energy consumption are referred to as smart lighting. The installation of these energy-efficient lighting solutions in residential and commercial settings helps in conserving energy and reduces operating costs. Smart lights are developed by the digitization of light-emitting diode (LED) lighting systems.
Moreover, the adoption of connected technologies and smart automation in LED systems is revolutionizing the way lighting systems interact with their surroundings and consume energy. These lighting systems are being increasingly installed in smart cities. Thus, the soaring number of smart cities will drive the smart lighting market at a CAGR of more than 20.0% during the forecast period (2017–2023).
According to P&S Intelligence, the market will generate a revenue of $27,064.0 million by 2023. Since smart cities use sensors and embedded devices at numerous places, such as streets and traffic signals, the installation of smart devices can help in reducing energy consumption to a great extent. In recent years, the advent of light fidelity (LI-Fi) has improved the quality of smart lighting systems.
Li-Fi transfers data through illumination, wherein, the data is transmitted from an LED bulb at a speed which is faster than what the human eye can follow. With the emergence of new wireless technologies, such as Li-Fi, lights are not only being used for illumination but also for communication purposes. The high-speed and bidirectional transmission property of Li-Fi will provide unprecedented bandwidth and data features in the upcoming years.
Therefore, the soaring number of smart cities and the emergence of Li-Fi will fuel the installation of smart lighting solutions in the forthcoming years.
Market Street 