The world is marching towards an age of energy crisis, wherein the depleting fossil fuels won’t be able to generate electricity to fulfill the global demand. The diminished supply of fossil fuel generated electricity in the future has pushed the world to harvest renewable resources for energy and employ an efficient method to utilize this energy. As a result, smart lighting market has gained pace substantially over the last few years. With the emergence of smart lighting technology, which includes automated controls and high-efficiency fixtures, the efficient use of electrical energy has gained traction.
The use of energy-efficient light bulbs such as Light Emitting Diode (LED) lights, High-Intensity Discharge (HID) lamps, and Compact Fluorescent Lights (CFL) have various advantages over traditional light bulbs in terms of energy usage and lifespan of lights. Although the installation cost of energy-efficient bulbs is a bit higher than the traditional ones, they save a huge amount of energy as well as money over the lifespan of the bulbs. The smart lighting can compensate for the initial installation cost within five years and provide a high return on investment in the future. These lights are available in a wide range of light colors and levels as per the user preference and convenience.
With the development of smart cities and smart homes, the smart lighting market has gained pace steadily in the recent years. Since 2014, the market has witnessed a substantial increase in the adoption rate of smart lighting for different applications due to the significant advancement in the technology. Besides this, the integration of physical security industry with intelligent lighting, the paradigmatic transformation of lighting control industry to electronics industry, and the addition of the voice control feature to the upcoming products are expected to drive the smart lighting market growth in the future.
The global smart lighting market is expected to grow at a CAGR of 10.9% from 2017 to 2023. The changing paradigm of intelligent lighting market to electronics industry has opened up a plethora of opportunities for the growth of intelligent lighting controls market. Companies are venturing into several industry verticals within the smart lighting industry such as control systems, dimmers, and software based solutions and sensors.
The advent of modern technologies in the lighting industry has transformed the industry drastically. Now the industry not only involves lamps, but also the sensors which collect and transfer the information or data, which is then delivered to the software for generating the suitable response which could be dimming the illumination, changing the color or switching the light on or off.
BIS Research has conducted an extensive market research on ‘Global Smart Lighting Market – Analysis and Forecast 2017-2023‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.