September 20, 2016 - 2:03 PM EDT
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Top 3 Trends Impacting the Global Lighting Market in the Hospitality Sector Through 2020: Technavio

Technavio’s latest report on the global lighting market in the hospitality sector provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

Navin Rajendra, an industry expert from Technavio, specializing in research on lighting sector, says, “Lighting manufacturers are focusing on the development of smart lighting solutions to capitalize on the growing diversity of internet of things (IoT) standards. Lighting manufacturers are introducing smart LED bulbs that can communicate with other IoT devices such as smartphones.”

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The top three emerging trends driving the global lighting market in the hospitality sector according to Technavio hardware and semiconductor research analysts are:

  • Declining manufacturing cost of LED
  • Ban on use of energy-inefficient lighting sources and components
  • Demand for intelligent lighting systems
  • Rapid urbanization

Declining manufacturing cost of LED

The manufacturing cost of LEDs has declined since 2012 and will continue to decline during the forecast period. This is mainly due to the declining ASP of the chips and components used in the manufacturing process of the LED devices. The decline in manufacturing cost of LEDs is leading to the decline in initial installation cost of LED lamps and fixtures. This is accelerating the installation of new LED lamps and fixtures in the hospitality sector.

Ban on use of energy-inefficient lighting sources and components

Energy efficiency has become a major concern nowadays, particularly as a result of global warming and the rapid depletion of non-renewable power resources. Increased consumption of energy has led several countries worldwide to frame policies that ban the use of incandescent light bulbs, which have relatively low power efficiency. For instance, the Australian Federal Government has banned sales of incandescent light bulbs, since 2010. Furthermore, it has announced a list of minimum energy performance standards for lighting products. In Africa, a law was passed in 2011 to ensure that new buildings meet energy-efficient specifications.

The EU passed legislation in 2013 to phase out halogen lamps, which are typically used in parking lots and warehouses in the hospitality sector. Governments have also proposed new guidelines that aim at conserving energy. For instance, California Energy Commission’s Title 24 standards demand incorporation of multi-level controls or continuous dimming for all luminaires used in commercial buildings. The new version of the standard mandates daylighting controls and occupancy sensors in many different indoor spaces, from indoor parking areas to offices to classrooms.

Demand for intelligent lighting systems

Digitization has revolutionized the lighting industry with the introduction of new generation intelligent lighting systems and controls. Electron ballast with embedded intelligence is foraying in the market that offers lighting systems the ability to adapt to changing space needs in the hospitality sector.

The ballasts are networked via a low-voltage bus, which will enable them to perform various functions such as automatic shut-off, daylight harvesting, demand response, and personal dimming control. As LEDs are integrated with sensors and controls, the demand for LED lighting is increasing at a rapid pace, especially in outdoor and industrial applications. “Therefore, intelligent lighting systems not only save energy but also provide valuable information that can be used for energy analysis and maintenance,” says Navin.

Rapid urbanization

Rapid urbanization worldwide, especially in emerging economies, is leading to the increased demand for lighting devices in the hospitality sector. Rapid urbanization and changing lifestyle, will impact the hospitality sector due to increasing demand for luxury bars, restaurants, and high-class facilities in hotels, boosting the growth of advanced high quality lamps and luminaires. The luxury landscape will be largely driven by the rising urban middle class consumers, fueling the need for more commercial buildings, luxury malls, hotels, and restaurants.

Rapid urbanization prompts governments of different regions to invest in large scale urban infrastructure projects to meet the needs of the growing population. As of 2015, there are 35 megacities worldwide, some of which are Beijing, Delhi, London, New York, Paris, and Tokyo. The development of mega cities will lead to the development of high class luxury hotels and restaurants in the cities, further driving the demand for energy-efficient lighting solutions.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Technavio Research
Jesse Maida
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www.technavio.com


Source: Business Wire (September 20, 2016 - 2:03 PM EDT)

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