Global Lighting Industry – Top 8 Growth Opportunities in 2024

DUBLIN, Feb. 21, 2024 /PRNewswire/ — The “Top 8 Growth Opportunities in Lighting, 2024” report has been added to ResearchAndMarkets.com’s offering.

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.

Top 8 Growth Opportunities

Connected Lighting to Improve Occupant Health and Well-beingInteroperable Lighting Control Protocols to Increase in StandardizationSpecialized Lighting to Thrive in Vertical FarmingProliferation of Wireless Penetration of Lighting and Related ControlsCircular Lighting to Accelerate Sustainable Buildings and Business OperationsUV-C Disinfection Lighting to Advance for Institutional and Healthcare SectorsLaaS to Rebound with Digital Lighting ServicesLi-Fi Growth to Advance Adoption in Smart and Critical Infrastructure Projects

For more information about this report visit https://www.researchandmarkets.com/r/7nrx6m

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SOURCE Research and Markets