Global Smart Lighting Market Worth US$19.47 Billion by 2022
June 29, 2017
The total smart lighting market size, in terms of value, is expected to reach US$19.47 billion by 2022, at a compound annual growth rate (CAGR) of 27.1%, according to a new research report. In terms of volume, the market size is expected to reach 1.27 billion units by 2022, at a CAGR of 71.3% during the forecast period. Growing consumer demand for energy efficient lighting system is expected to be the major factor driving the market.
The report looks at the smart lighting market by product type (smart bulbs, fixtures, and lighting controls), light source (fluorescent, LED, HID), communication technology (wired, and wireless), software and service, application, and geography.
The use of indoor lighting applications within the commercial sector is boosted by the use of lighting control systems, which use parameters such as occupancy, available daylight, and time of the day to turn lights on or off — providing noteworthy energy and cost savings. These are expected to be the leading factors for this segment.
The gradual reduction in prices of LED components, besides factors such as low maintenance costs and low power consumption, are proving to be the main drivers for the growth of LED light sources within the smart lighting market.
Find out more about the report: http://www.marketsandmarkets.com/PressReleases/smart-lighting.asp
Photo courtesy of KROMKRATHOG at www.freedigitalphotos.net.
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