Published By : 05 Jan 2017 | Published By : QYRESEARCH
Environmental awareness among consumers has recently been growing as a result of the repeated hazards faced by people across the world. The following features of smart lighting and control system have led to an upsurge in the market for the same:
An increased demand for LED lights can be seen in the global market. High intensity discharge lamps, and compact florescent lamps are some other options. These systems find applications in commercial as well as domestic market segments.
Market to Gain Impetus from Favorable Government Policies
Besides the aforementioned features of the smart lighting and control systems, which fuel their demand, governmental policies aimed at curbing consumption of energy from conventional resources might also provide an impetus to the smart lighting and control systems market worldwide.
According to the TMR findings, US$96.38 billion is the estimated worth of the global smart lighting and control systems by the year 2024, which in 2015 was around US$26.26 bn. A CAGR of 15.6% is anticipated between 2016 and 2024. The smart lighting and control systems markets in developing economies like Africa and South America are expected to expand significantly in the forthcoming period. Presently, North America leads the lighting and control systems market among the emerging countries.
Eaton Corporation, Belkin International, Inc., Elgato Systems, Honeywell International Inc., Lutron Electronics Company, Inc. are some of the key producers of smart lighting and control systems.