Report finds smart buildings drive demand for energy-efficient lighting
LED lighting is a future-proof platform offering evolving technology trends such as Li-Fi and smart workplaces, according to a report from Frost & Sullivan.
The analysis – 2020 Annual Update of Global LED Lighting Market – found that the increasing demand for energy-efficient lighting, the rising number of smart city projects and overall infrastructure development are driving the LED lighting market across the globe.
The market is estimated to reach $82.0 billion by 2026 from $67.7 billion in 2019.
The COVID-19 pandemic has had an impact, however, and even with the partial ease in lockdowns and a resumption of manufacturing, the market will need a couple of years to recover and reach the same level as before the crisis.
“Smart buildings will accelerate the adoption of smart lighting more than any other segment. The revitalization of cities will also provide the much-needed impetus for the installation of smart lighting,” said Dennis Marcell Victor, Energy & Environment Research Analyst at Frost & Sullivan.
“Government rebates, savings on disposal costs, improved performance of workers, and limitless Internet of Things (IoT) applications for LED lighting present a good business case for LEDs to be adopted across applications.”
Victor added: “Lighting-as-a-Service (LaaS) will see higher adoption and usher in a new business model while driving other applications such as connected lighting and facility management. It is expected to reduce the capital expenditure of the consumer, with service providers bearing upfront costs.
2020 Annual Update of Global LED Lighting Market is the latest addition to Frost & Sullivan’s Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.