Smart Lighting Market to Touch $56.62 Billion by 2020 - Energy Watch News

Smart Lighting Market to Touch $56.62 Billion by 2020

According to a market report by Transparency Market Research, global smart lighting market was worth $21 billion in 2013, which will grow at a CAGR of 15.9% from 2014 to 2020 to touch $56.62 billion in 2020. The smart lighting market is mainly driven by the significant demand for energy efficient lighting system in order to reduce energy consumption cost. Smart lighting solutions primarily find applications in commercial, industrial, residential and outdoor lightings. 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. In addition, 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 lamps is further aiding the growth of this market.

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