Smart Lighting Market Value to Double by 2020 - Energy Watch News

Smart Lighting Market Value to Double by 2020

The global smart lighting and connected lighting controls market was valued at US$ 6 billion in 2015, which is estimated to more than double in value by 2020, according to IHS Markit report. The residential smart lighting market was worth US$ 1 billion in 2015, which is forecast to see the highest growth for smart lighting, and will grow to about US$ 4 billion in 2020, at a compound annual growth rate of 30.5% from 2015 to 2020. As lighting companies look for more application areas beyond LED lighting, and want to leverage the demand for IoT systems, smart lighting market will get a strong push. Basically, IoT will drive the smart lighting market.

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