North American Smart Lighting Market Projected to Exceed $6 Billion

Upward Growth

Upward GrowthAccording to a new growth forecast report by Graphical Research, the North American smart lighting market is expected to surpass $6 billion by 2024. Market growth is attributed to a growing emphasis on replacing conventional lighting systems with energy-efficient smart lighting solutions in the U.S. and Canada.

Between 2018 and 2024, the technology market is expected to register a robust growth with a CAGR of around 30%. The increased integration of wireless communication technologies—including Bluetooth, Wi-Fi and Zigbee—into smart lighting solutions is aiding the consistent growth of the technology market in the region.

In October 2016, the U.S. Department of Transportation sparked a reduction in energy consumption when it invested $165 million in smart city technologies, leveraging IoT-operated devices including smart lights, sensors and meters for road safety maintenance.

The San Francisco Public Utilities Commission also replaced around 18,500 streetlights with light emitting diodes. The adoption of these smart lighting solutions will reduce the energy consumption by 50%, decreasing electricity costs and improving the environmental efficiency.