Global Lighting Digital Service Growth Opportunities

Global Lighting Digital Service Growth Opportunities

Energy Efficiency and Sustainability Goals to Drive Lighting Digital Services’ Future Growth Potential

This Frost & Sullivan study explores the lighting industry's dynamic landscape, with a focus on the adoption of digital technologies to revolutionize lighting systems for built environments. Frost & Sullivan estimates the market to grow at a compound annual growth rate (CAGR) of 18.4% between 2022 and 2028.

The escalating global demand for energy-efficient solutions and sustainability initiatives acts as a primary driver for the adoption of lighting digital services. Technological advancements, including the Internet of Things (IoT) and Artificial Intelligence (AI), have enabled the integration of smart lighting systems with intelligent control mechanisms into buildings, providing improved energy optimization and operational efficiency. In addition, the proliferation of smart city projects and the increased focus on smart infrastructure, such as smart streetlighting, drives the demand for connected and automated lighting services.

Despite promising growth prospects, the global lighting digital services market faces challenges in terms of high initial implementation costs and a lack of standardized protocol for interoperability. Moreover, concerns regarding data security and privacy in IoT-driven lighting systems pose significant restraints to the market's expansion.

This study highlights market revenue and end-user vertical share along with a competitive overview. It features research findings from customer analysis on awareness, implementation, contract duration, perceived benefits, and service provider selection criteria.

Several growth opportunities that can catalyze the lighting digital services market are evaluated. Smart streetlighting initiatives are expected to witness substantial growth as cities invest in energy-efficient lighting solutions to reduce costs and enhance public safety. The study also highlights the role of digital lighting in vertical farming, the incorporation of lighting systems to improve occupant well-being, and the adoption of integrated lighting digital services that optimize energy consumption and reduce environmental impact.