Smart lighting and control systems are being extensively used in several sectors as they offer exceptional energy-efficient along with automated control. The demand for these technologies and systems are expected to soar in times when energy consumption and its hazardous impact on the environment have become a heated debate. While the smart lighting solutions allow energy optimization, the control system permits users to control the luminance levels of lighting in accordance to the ambiance, intensity of daylight, infrastructure, and others such as occupancy, and physical presence. According to the research report, the global market is expected to be worth US$96.38 bn by the end of 2024 as compared to US$26.26 bn in 2015. The market is estimated to surge at a CAGR of 15.6% during the period from 2016 to 2024.
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Adoption of Smart Technologies Improves Uptake
The global market has been witnessing a remarkable surge in the past few years due to the growing pressure of reducing the consumption of electricity. The need to create a sustainable environment by reducing the greenhouse gas emissions is also expected to spur the demand for these solutions and controls. Owing to these reasons, smart lighting and control systems are being deployed in industrial, commercial, and residential sectors. Furthermore, the increasing penetration of Internet of Things (IoT) and its integration with phones is also expected to boost the sales of smart lighting solutions and control systems. The market is also projected to receive a significant impact from the growing government initiatives to reduce conventional resource consumption is also providing impetus to the global market.
High Energy Savings with LEDs Keep Segment in Forefront
On the basis of lighting source, the market for smart lighting and control systems comprises high intensity discharge lamps, fluorescent lamps and compact fluorescent lamps, and light emitting diodes (LED). LED accounts for a significant share in the overall market owing to the fact that it is used across various lighting applications. This can be attributed to its features such as low carbon emission and high energy savings.
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By way of end use, the smart lighting and control systems market includes commercial, residential, outdoor, and industrial lighting. Smart lighting and control systems are anticipated to find immense application in outdoor and residential lighting and these segments are likely to exhibit a strong growth rate over the coming years. The steadily rising demand for smart lighting in street lights and home automation is projected to aid the expansion of these segments.
North America to Continue Dominance in Global Market
On the basis of geography, the global market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these geographies, North America is expected to show dominance in the overall market. The region’s dominance will be due to the high adoption of technology and increasing effort to curb the hazardous impact of electricity consumption on the environment. However, the research report suggests that emerging economies of Asia Pacific, South America, and the Middle East and Africa will also offer lucrative opportunities to the global market.
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Some of the key players operating in the global smart lighting and control systems market are Acuity Brands Lighting, Inc., General Electric Company, Belkin International, Inc., Koninklijke Philips N.V., Eaton Corporation, Lightwave PLC, Elgato Systems, LiFI Labs, Inc., Lutron Electronics Company, Inc., and Honeywell International, Inc. The growing penetration of smart technologies across the world is projected to offer these companies lucrative opportunities in the coming few years.
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