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Smart Lighting and Control Systems Market is Anticipated to Expand at a CAGR of 15.6% from 2016 to 2024

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Smart Lighting and Control Systems Market is Anticipated to Expand at a CAGR of 15.6% from 2016 to 2024

October 21
20:38 2021
Smart Lighting and Control Systems Market is Anticipated to Expand at a CAGR of 15.6% from 2016 to 2024
Smart Lighting and Control Systems Market is expected to be worth US$96.38 bn by the end of 2024.

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.

Automation Technology to Aid Market Growth

The advent of internet of things (IoT) and automation technologies shall play a vital role in driving market demand. Presence-sensing lights have been accredited as the most commendable technology for saving energy. Hospitals and healthcare centres have been quick to induct presence sensing lights in sitting areas and lounges. Furthermore, smart energy initiatives of governments have led state-level authorities to use automated lighting systems in government buildings and public premises.

The public sector has become a key recipient of smart technologies in recent times. The attitudes of employees in the public sector have undergone positive changes. Furthermore, education and information has played a vital role in popularising smart technologies. Hence, the global smart lighting and control systems market is projected to become a lucrative haven in the years to come.

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Wholesome Adoption of Smart Technologies in Scandinavian Countries

Several regions have become driven toward inducting smart technologies across their key sectors. Finland, Norway, Denmark, and Sweden have emerged as the most responsible countries in managing the energy crisis. These countries have extensively adopted smart energy systems including smart meters, smart lighting controls, and smart grids. Hence, the smart lighting and control systems market across the Scandinavian countries shall drive market demand. Furthermore, investments in smart energy sector have also grown in recent times.

Some of the leading vendors operating in the global smart lighting and control systems market are Koninklijke Philips N.V., Belkin International, Inc., Eaton Corporation, Elgato Systems, Lightwave PLC, LiFI Labs, Inc., and Lutron Electronics Company, Inc.

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