by Shane Henson — June 13, 2014—The demand for long-lasting, energy-efficient lighting is fueling the smart lighting market, according to a new market research report by MarketsandMarkets. Per the report, the market is forecast to grow at a compound aggregated growth rate of 15.8 percent from 2014 to 2020, and to reach $56.05 billion by 2020.
According to the market research company and consulting firm, smart lighting relates to the lighting technology intended for energy efficiency with utilization of lighting control systems. In industrial, commercial, and residential applications, lighting consumes around 40 percent of total energy cost. Hence the government, industrialists, and stakeholders are focusing on reducing 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, giving an exponential growth to the smart lighting industry.
The smart lighting market includes major components such as relays, occupancy sensors, controllers, actuators, transmitters and receivers. In the MarketsandMarkets 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 such as light emitting diodes (LEDs), fluorescent lamps, compact fluorescent lamps (CFLs), and high-intensity discharge lamps, and the applications of smart lighting in sectors like commercial and industrial, residential, outdoor lighting, public and government buildings, and automobiles are 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 the Rest of the World.
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 is available on the MarketsandMarkets Web site.
