Connected Lighting Platform Market Size & Share, by Component (Hardware, Software, Services); Connectivity (Wired, Wireless); Application {Indoor (Residential, Commercial, Industrial), Outdoor (Highways & Roadways, Architecture)} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Integration of Internet of Things (IoT) and Smart Infrastructure- Due to their ability to connect with the Internet of Things devices, as well as generating a range of light patterns by merely using mobile phones or tablets, the popularity and demand for lights have increased in both commercial and household spaces. In 2021 there were 1.28 billion people in the world with tablets, accounting for 16 % of the global population. Since 2013, the proportion has almost doubled or increased by 93,93%. A major driving force behind the connected lighting platform market growth is the ability to build intelligent homes, offices, and cities that operate smoothly by means of connectivity and automation.
• Bringing about the Adoption of Connected Stadium Lighting- A connected lighting system consists of a set of activities, such as controls and connection of lighting and sensors to a local network, which is controlled and monitored through a dashboard that can be accessed via a mobile phone, tablet or computer. It is becoming more and more common in stadiums to install connected lighting systems, which provide different lighting effects. Stakeholders may optimize lighting performance by remote control, build a multi-use venue, and obtain real-time data on the state of the lighting system at their sites via an interconnected lighting stadium. Users who want to improve their operation through the connection of lighting systems can engage with fans via a cellular device or another system. Energy efficiency, sustainability, operation, and fan experience improve as a result of the integrated lighting system in stadiums. As a result, demand for connectivity lighting platforms is increasing due to advances in technology.
• Favourable Government Regulation- Market demand for integrated LED lights is expected to be stimulated by favorable government regulations on conventional lighting and consumption of electricity in the United States, Europe, China, and India.

Challenges

• The cost of initial implementation to limit growth in the market- This leads to significant early capital investment, together with continued support and maintenance costs which are a problem for stakeholders because of the high cost of first installing connected lighting systems. As a result, it will increase capital expenditure and support staff expenses to carry out the required maintenance and upgrades, which is a handicap for connected lighting platform market growth.
• Interoperability issues can be created by the diversity of manufacturers and communication protocols. Attempts by consumers or businesses to integrate products from various suppliers, as well as the upgrade of current systems, may lead to difficulties.
• Entrepreneurship challenges may arise as the market for intelligent lighting grows at a slow pace.