Technology Strategy and Business Models to Fuel Advancement of Building Illumination and Specialized Lighting
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
- Legal Disclaimer
