Smart Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

Albany, NY -- (SBWire) -- 09/28/2018 --Globally, the demand for energy efficient lighting systems has grown significantly from the last few years with the aim to reduce energy consumption in industrial and commercial buildings. Growing connecting technologies and advancements of sensors in the field of smart lighting are further driving the market growth. In addition, the rising penetration of energy efficient lighting such as LED lamps is expected to fuel the growth of global smart lighting market in the coming years. Smart lighting is highly preferred nowadays as it is more efficient than traditional lighting systems. Moreover, growing awareness and increasing government initiative to encourage the use of smart lighting have benefitted the global smart lighting market at massive level.

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In a recent report by Transparency Market Research, the global smart lighting market is projected to rise at 15.9% of CAGR during the forecast period between 2014 and 2020. By the end of 2020, the market is expected to reach valuation of US$56.6 bn.

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What Are The Factors Driving The Demand For The Smart Lighting Market Globally?

Introduction of wireless technology and various sensors that will help in reducing the energy consumption through traditional lighting systems. As the consumption of light is very high in industrial and commercial building there is sever need to alter the means of electricity consumption. According to the U.S. Green Building Council, buildings that results in 39% of carbon emission consume 70% of the electricity in the U.S. itself. The reason behind this can be use of old and less energy efficient lighting technology. Thus, now building owners and stakeholders are making conscious efforts in using energy efficient ways to lighting.

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Moreover, introduction of LED lamps has also benefited the growth of this market are LEDs provide better light, consume less energy, and is considered one of the largest incorporated smart lighting solution. To increase the use of smart light various government and other private organizations take initiative to boost its demand. Recently, Amazon was selling smart LED lights that were cheaper than Philips was. Thus, these types of initiates will help the smart lighting market to grow massively and benefit the market.