Smart Lighting and Control Systems Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“The factors that are playing a major role in the growth of the market are the increasing interest of residential customers towards home automation, expansion and modernization of infrastructure to convert cities into smart cities, decreasing the cost of LEDs, and the rising awareness among government and consumers regarding energy savings.�
Global smart lighting and control systems market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Smart lighting and control systems are energy-efficient and can be controlled automatically. The factors that are playing a major role in the growth of the market are the increasing interest of residential customers towards home automation, expansion and modernization of infrastructure to convert cities into smart cities, decreasing the cost of LEDs, and the rising awareness among government and consumers regarding energy savings. However, the high cost of installation, privacy and security issues, and lack of awareness regarding payback periods may restrain the overall market in the years to come. Smart lighting and control systems market is segmented based on type, connectivity, offering, application, and region. Light emitting diodes (LEDs), fluorescent lamps, and high-intensity discharge lamps (HIDs) are the types that could be explored in smart lighting and control systems in the forecast period. Light emitting diodes (LEDs) sector accounted for the substantial share of smart lighting and control system market and is estimated to lead the overall market in the years to come. The reason could be the high demand from end-users, the high energy savings, and low carbon emission. Based on the connectivity, wireless and wired could classify smart lighting and control systems in the forecast period. The wireless sector is estimated to grow at the highest CAGR in the years to come. Also, the sector is estimated to lead the overall market in the years to come. Get Sample Copy of this Report @