Increasing Efforts to Promote Energy Efficiency to Stimulate Demand for Smart Lighting and Control Systems
Smart lighting and control systems are finding increasing applications in various sectors due to the phenomenal energy efficiency they offer along with automated control. The rising consumer awareness regarding energy efficiency against the backdrop of increasing emphasis on reducing carbon emissions and global warming is propelling the market for smart lighting solutions and control systems. The growth of the market is further supplemented by favorable government initiatives.
According to a report by Transparency Market Research (TMR), the global smart lighting solutions and control systems market was valued at US$26.26 bn in 2015 and is expected to reach US$96.38 bn by the end of 2024, expanding at a CAGR of 15.6% between 2016 and 2024.
High Initial Cost to Hamper Growth Prospects
As the consumption of electricity is increasing, it has created a perennial need for improving energy optimization. Moreover, there is a growing demand for lights that can be controlled from a distance in wireless ways. These factors are, collectively, escalating the demand for smart lighting systems with automated controls across commercial and industrial sectors. However, the high initial cost of smart lighting and control systems is limiting their adoption across the residential sector. Furthermore, the lack of personnel with adequate technical skills is hampering the growth of the market.
High Acceptance of Advanced and Smart Technologies to Put North America at Forefront
The regional markets studied in the report are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America will continue to dominate the market until 2024, accounting for 33.4% of the overall market. The growth of the region can be attributed to the high acceptance of advanced and smart technologies and growing emphasis on cutting down the harmful impact of electricity consumption on the environment. However, as per the findings of the report, the emerging markets such as Latin America, Asia Pacific, and the Middle East and Africa are likely to offer immense growth opportunities to the overall market.