MarketsandMarkets Expects the Smart Lighting Market to be Worth US$56.05 Billion by 2020
According to a new market research report “Smart Lighting Market by Component (Relays, Occupancy Sensors, Actuators, Transmitters, Receiv...
According to a new market research report “Smart Lighting Market by Component (Relays, Occupancy Sensors, Actuators, Transmitters, Receivers), Lighting Type (LED, FL, CFL, HID), Connectivity Technology (Wired, Wireless), Application (Commercial, Industrial, Public, Government, Residential) & Geography - Global Forecast & Analysis to 2014-2020” published by MarketsandMarkets, the smart lighting market is expected to grow at a CAGR of 15.8% from 2014 to 2020, and to reach $56.05 billion by 2020.
Smart lighting relates to the lighting technology intended for energy efficiency with utilization of lighting control systems. In industrial, commercial as well as residential applications, lighting consumes around 40% of total energy cost. Hence the governments, industrialists, stakeholders are focusing on reducing the energy utilization by substituting traditional lighting with advanced energy-efficient lighting devices and technologies. Therefore, the demand for lighting control systems is increasing in a drastic way thereby, giving an exponential growth to the smart lighting industry. This report covers the” Global Smart Lighting Market” and all its market aspects with future opportunities, drivers, restraints and others in detail.
The smart lighting market is a growing market, which includes major components like relays, occupancy sensors, controllers, actuators, transmitters, receivers. In this report the overall smart lighting market is segmented on the basis of five major verticals- lighting type, lighting control components, connectivity technologies, application and geography. Lighting types like;light emitting diode (LED), fluorescent lamps (FL), compact fluorescent lamps (CFL), and high intensity discharge lamps (HID) and the applications of smart lighting in sectors like commercial and industrial, residential, outdoor lighting, public and government buildings and automobiles have been discussed in detail in the report.
Geographical split for the smart lighting market is also included in the report. The overall market is divided into five major geographical segments- North America, South America, Europe, Asia-Pacific and Rest of the World.