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Top 8 Growth Opportunities in Lighting, 2024

Publisher Frost & Sullivan
Published Dec 22, 2023
SKU # MC18401655

Description

Top 8 Growth Opportunities in Lighting, 2024



Rapid advancements in connectivity, wireless technologies, and value-added services, including innovative business models such as lighting-as-a-service (LaaS), will characterize the lighting industry in 2024. These trends, coupled with the growing focus on sustainability and smart buildings, are poised to create exciting opportunities for revenue growth and technology development in the lighting market. Adoption of connected lighting solutions is expected to surge, fueled by their energy efficiency, data insights, and improved user experience. Integrated platforms for managing lighting systems, collecting data, and enabling smart functionalities will become increasingly dominant. Lighting manufacturers will increasingly offer non-illumination services such as data analytics, predictive maintenance, and LaaS to differentiate themselves and generate recurring revenue.

The shift toward decarbonization will create opportunities for lighting manufacturers to offer low-carbon and sustainable lighting solutions. Circular lighting concepts will witness an increased uptake for longer lifespan, easier end-of-life management, and material recycling of lighting products. Competitive intensity will remain high in 2024 as non-lighting start-ups offering digital lighting software and control solutions make inroads in the market.

Table of Contents

Top Growth Opportunities for 2024
Strategic Imperatives
Top 8 Growth Opportunities
Growth Opportunity 1: Connected Lighting to Improve Occupant Health and Well-being
Growth Opportunity 2: Interoperable Lighting Control Protocols to Increase in Standardization
Growth Opportunity 3: Specialized Lighting to Thrive in Vertical Farming
Growth Opportunity 4: Proliferation of Wireless Penetration of Lighting and Related Controls
Growth Opportunity 5: Circular Lighting to Accelerate Sustainable Buildings and Business Operations
Growth Opportunity 6: UV-C Disinfection Lighting to Advance for Institutional and Healthcare Sectors
Growth Opportunity 7: LaaS to Rebound with Digital Lighting Services
Growth Opportunity 8: Li-Fi Growth to Advance Adoption in Smart and Critical Infrastructure Projects
Next Steps
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