According to a new market report, global smart lightning market was valued at $21 billion in 2013, increasing at a CAGR of 15.9% from 2014 to 2020 to make up $56.62 billion in 2020.
The smart lighting market is mainly driven by the increasing demand for energy-efficient lighting system to reduce energy consumption cost. Smart lighting solutions mainly find applications in residential, outdoor, commercial and industrial lightings. The lighting systems contributes majority of the energy consumption cost in commercial and industrial buildings.
Presently, most of the lighting systems installed are based on the traditional lighting systems. However, increasing awareness for reducing lighting energy consumption cost among the building owners is driving the growth of the smart lighting market. Additionally, development of sensor and wireless technology in the field of smart lighting for better lighting efficiency and monitoring lightings is fueling the growth of the market. Growing implementation of smart lighting for intelligent streetlights and replacement of traditional lamps with LED lights is further aiding the growth of this market.