Before starting to talk about market value of any product, we have to highlight essential principles. Commercial transactions are very critical operations. Therefore, it has to be built upon basic mainstays. These pillars are transparency, truthfulness and security. Many also argue about another principle, which is after sale warranty and services. These should be the bases of any transaction process. Having said so, smart lighting market is one of the market, which their producers are committed to these principles. This market has been also expanding greatly these years. Thus, in this article we are going to discuss more the value and the horizons of this market. Notice also that in the second section we will be dealing with the American electricity market as a case study.
What is Smart lighting?
Simply, the smart bulb is a lighting tool that is supported by technological assets. That means that you might, now, control you house lighting via a mobile application. When you are out, in your office, jogging or visiting a friend, you can always manage your energy. The technique used is called mesh networking. Mesh network is when each mesh (or node) communicates and transfers information for the total network system.
Moreover, the mobile applications, tablets or Apple laptops are not the only tools of control. Software like Cortana, Alexa or Siri are also measures of controlling your lights remotely. Expressions like “Hi Cortana, turn the lights on” or Siri, reduce the brightness of the bulbs” are cool instructions that make life much easier. Additionally, many smart bulbs have the feature of changing colors and displaying music. Imagine listening to Bach while having your shower or changing the colors or tunes during Christmas or any other occasion only by one fingertip.
However, the reason behind the creation of these techniques of remote control systems is not only to make life easier. In fact, they are effective measures for energy conservation. Smart lighting systems are a key element in smart cities. It is therefore, an adequate and necessary change towards the modern life, which is happening in a crazy and fast pace.
The world is becoming a large and complex network. If you know that, there is more than four billion public lamp in the world. Then, imagine that these lamps could be controlled and managed effectively and remotely. Conclude, now, how much energy the world could save. Sharing data and controlling cities’ lighting in a very accurate and strict way would create harmonious cities for sure. Progress is not mere theory. It is a style of life. Thus, smart lighting systems are pillars of more communicative and developed environment.
On the other hand, many would be fearful of cyber-attacks to these networks. That is a fact. However, attacking these systems is not as easy as it sounds to be. Governments and local authorities harshly sanction cyber criminals. In addition, the creation of security measure and IT solutions are the armor against these dangers.
The international scale of smart lighting market
Market insights and research predict that with the hectic growth of smart cities there is a large growth of smart lighting market going hand in hand. According to the Arc Magazine, the market value will reach $24billion by 2024. This promising market is a revolutionary step towards the establishment of more advanced and smarter cities. In USA, for instance lighting comes as the third consuming source of energy. To explain more, according to EIA America residential exhausting use of electricity is shared between three sections, which are air conditioning (first place), water heating and thirdly lighting (percentage 9.4%). As far as commercial use, the percentage of lighting consumption is 10.6% of the total electrical consumption. The third sector of power consumption is lighting. If we would like to convert these factual percentages into kilowatt, we would find that USA lighting sector seizes 273 billion kilowatt per hour (kWh) of electricity for illumination. To conclude, the market of lighting, thus, smart lighting is in an increasing phase. Investments are worth billions of dollars.
Smart lighting companies are expecting more consumers to adopt smart bulbs systems. They are modern, beautiful and extremely practical. EoT is becoming a more necessary gain and acquisition of modernization and innovation.
Though the American market is one of the largest, it is not ranked number one in terms of dominance. The European continent is the leading actor, reaching a market share of about 30%. This is a logical result as Europe is adopting and building more smart cities than ever.
Global business opportunities in smart lighting field:
If we discuss the global market of smart lighting, we would find great signs of expansion and growth. We would also find that the indicators prove that it is a lucrative business, which would not be losing its sparkle any time soon. Under these facts, private sectors are interested and concerned by building more smart cities. According to statistics, more than 1 million people migrate to cities every day. These migrants are certainly going to be a large and larger customer base for more cities and mainly to smart cities. That would be a portal for more distribution of smart equipment like smart lighting, smart meters, smart infrastructure, smart means of transportations and so on and so forth. Another business arena that many investors are oriented towards is public smart lighting. For governments these connected and controlled lights provide safer environment for street users. Surely, governments are also considering the conservation of energy through controlling time and brightness of lights. Subsequently, smart lighting tenders and business opportunities are a great ground of activity to consider.
The persistent pace of advancement and technological revolution pushed humanity forward more each day. To join the parade of globalization and modernization nations are going smart. We would find everywhere in the globe smart cities, smart applications, smart software and smart equipment. People are inter connected more than ever and cyber security has become in the pick of their Maslow need pyramid.
 Arc magazine : Article title Smart lighting market value to hit $24bn by 2024 published in 22nd May 2018
 EIA: US Energy Information Administration. Section Electricity explained: use of electricity.