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Smart Lighting Market to Reach $21 Billion by 2024

Smart Lighting Market to Reach $21 Billion by 2024

NEW YORK, N.Y. — Smart lighting systems are designed to ensure energy potency, and include automated controls and extremely economical fixtures. These systems embody general, accent and task lighting. Moreover, sensible lighting systems ensure lower energy usage and high price savings.

The smart lighting market is expected to exceed more than $21 billion by 2024 at a CAGR of 22% in the given forecast period.

The smart lighting market is segmented on the lines of its technology, lighting type, application, and by region. The basis of the technology is segmented into Wired Technology and Wireless Technology. Lighting types cover LED lamps, fluorescent lamps, compact fluorescent lamps, high-intensity discharge lamps, and others. Applications cover commercial and industrial, residential, outdoor lighting, public and government buildings, and others. The Smart Lighting Market geographic segmentation covers various regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each geographic market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, Brazil, and GCC countries.

The report, issued by Market Research Engine, includes a detailed study of Smart Lighting Market with the reasons given for variations in the growth of the industry in certain regions.

The report covers detailed competitive outlooks including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include Encelium Technologies, Inc., Osram Licht AG, Honeywell International Inc., Royal Phillips N. V, Zumtobel Group AG, Acuity Brands, Inc., Legrand SA, Digital Lumens, Inc., Lutron Electronics, and Streetlight Vision. Company profiles include assignments such as company summary, financial summary, business strategy and planning, SWOT analysis, and current developments.

The major driving factors of the smart lighting market are as follows:

  • Modernization and Development of Infrastructure to rework Cities into sensible Cities
  • Increased Demand for Intelligent Solutions for Street Lighting Systems
  • Need for Energy-Efficient Lighting Systems
  • Increasing Penetration and Decreasing price of LEDs
  • Growing Awareness regarding Energy Savings Among consumers and Governments Worldwide

The major restraining factors of the smart lighting market are as follows:

  • Perception of upper prices of Installation and restricted Awareness regarding Payback Periods
  • Security and Privacy problems in sensible Lighting Systems
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