Smart Lighting and Control Systems Market Estimated to Reach US$96.38 bn by 2024

The competitive landscape of the market for smart lighting and control systems market is quite a consolidated one marked with the presence of few large players, according to a report published by Transparency market research. It is revealed in the report that the three leading players of the market account for 47.53% of the total market share. The three leading key players in the global smart lighting and control systems market are Acuity Brands Lighting, Inc., General Electric Company, and Koninklijke Philips N.V. The major players are now shifting their focus on research and development of smart lighting and control systems to obtain upper hand and stay ahead in the competition. These leading companies are also emphasizing on the expansion of their geographical reach through associations with local players.

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In 2015, market for world smart lighting and control systems was worth around US$26.26 bn. Expanding at a double digit CAGR of 15.6%, the market is estimated to reach an estimated amount of around US$96.38 bn over the forecast period that stretches from 2016 to 2024.

Government Initiatives Coupled with Concerns over the Environment are Expected to Trigger the Market

More and more people are becoming aware about the importance of energy conservation and energy efficient smart consumer electronics against the backdrop of rising concern about global warming and carbon emissions. The adverse effects of greenhouse emissions on the environment and the human beings as a whole are worrying people more these days. With more programs and campaigns on the need to conserve energy, people are becoming increasingly aware about the need to use smart lighting and control systems. As such, various commercial, industrial, and other sectors are adopting smart lighting and control systems. These initiatives are further supported by governments worldwide who are taking every measure to contain the harmful effects of the regular lights that we use widely.

The usage of smart devices is an upward trend, as such it has it has sparked substantial demand for smart lighting solutions. These days, smart lighting systems come with a lot of automated control that can be controlled remotely through smart devices. These lightings are used in commercial, industrial and residential sectors. The market is anticipated to gain momentum from the fact that there has been a substantial increase in the consumption of electricity across various sectors.

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Increasing usage and implementation of Internet of Things (IoT) and its integration with various phones and devices is also expected to provide a boost to the market for smart lighting and control system.

There is, however, a flipside of the story as well. Deployment of such smart lighting and control system entail high cost and as such a lot of consumers are discouraged to go for such lighting and control systems. High cost of deployment has, as such, has marred the market for smart lighting and control system especially in the residential sector. Apart from high cost, lack of skilled laborer who are required to install the lighting system also restrains the growth of the market.

North America to Lead the Market for Smart Lighting and Control systems

Geographically, the market of global smart lighting and control systems market has been segmented into Middle East and Africa, South America, Europe, Asia Pacific and North America.

North America is leading the market for smart lighting and control systems so far as geography is concerned. The dominance of the region is marked with the increasing and very high adoption of latest technologies. Besides, there are efforts on part of the American citizens to contain the hazardous impact of electricity consumption. The report also indicates that there will be immense opportunities in the emerging economies of Asia Pacific and South America.

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This release was published on openPR.