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 Smart Lighting and Control Systems 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.
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.
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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.