September 19, 2019

Need for Energy-Efficient Technologies to Drive Demand within Global Smart Lighting and Control Systems Market

The recent launch of ‘Lifx Beam’ smart light system has generated extensive ripples of development across the lighting control market. The integration of this 12-inch rectangular lighting system with Apple devices is a key value proposition. The global smart lighting and control systems market is expected to grow at a stellar pace in the years to follow. The presence of a handsome industry for smart lighting systems has emerged as a key prospect of market growth. The energy sector is emphasizing on the need to induct LED and other energy-efficient lighting technologies.

The global energy crisis has reflected in changes across several industries and sectors. High-consumption of traditional lighting systems is being shunned across the globe. Scientists believe that the use of smart lighting systems could save huge amounts of energy that can be used to power unelectrified areas. Furthermore, the responsiveness shown by the masses to heed to the new standards of lighting across industrial and commercial units has also aided the growth of the global smart lighting and control systems market.

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Energy consumption patterns of key industries have improved over the past decade. This owes to the institution of improved practices at intrinsic levels. Some of these practices include increased spending on smart lighting systems, information and education of employees, and regulatory mechanisms on the operational end. All these moves have culminated into sizable growth opportunities for the global smart lighting and control systems market.

Transparency Market Research (TMR) predicts that the global smart lighting and control systems market would expand at a remarkable CAGR of 15.60% over the period between 2016 and 2024. Furthermore, the smart lighting and control systems market would accumulate revenues worth US$96.38 bn by 2024-end, rising up from a value of US$26.26 bn in 2015. The need for creating ambient environments in workplaces and other commercial spaces shall play an integral role in the market’s growth.