How is Need for Energy-Efficient Lighting Solutions Driving Smart lighting Market?

1. How is Need for Energy-Efficient Lighting Solutions Driving Smart lighting Market? As per a study conducted by P&S Intelligence, the global smart lighting market is expected to generate a revenue of $27,064 million by 2024, and is predicted to advance at a 20.0% CAGR during the forecast period (2017–2023). The market is witnessing growth because of the increasing adoption of innovative technologies, including intelligent sensing and internet of things (IoT) in lighting solutions, rising need for energy-efficient lighting solutions, owing to the growing awareness regarding energy conservation, swift commercialization of the Wi-Fi technology, and gradual replacement of incandescent lamps with light-emitting diodes (LED). Get https://www.psmarketresearch.com/market-analysis/smart-lighting-market/report-sa mple the Sample Copy of this Report @ Smart lighting systems are integrated with a number of sensors and wireless technologies and are capable of decreasing the energy consumption significantly. In terms of source, the smart lighting market is categorized into LED, high intensity discharge lamp, and fluorescent lamp, among which, the LED accounted for the major share of the market in 2016 and is further predicted to advance at the fastest pace during the forecast period. This is majorly because of the fact that with LED-based smart lighting solutions, the user can control the light digitally. On the basis of wireless communication, the ​smart lighting market is divided into Zigbee, Bluetooth, Wi-Fi, and others, out of which, the Wi-Fi division dominated the

2. market in 2016. The division is further projected to progress at the fastest pace during the forecast period. When service is considered, the industry is bifurcated into lighting as a services (LaaS) and smart phone application. Between these two, the smart phone application bifurcation is predicted to hold the larger share of the market during the forecast period. Geographically, Europe has been the largest smart lighting market in 2016. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, which can be ascribed to the swift digitalization in industries, innovations in smart lighting technologies, growing investments in the industry, and increasing adoption of connected technologies in indoor and outdoor settings. In addition to this, the adoption of these lighting systems is also increasing in the region because of the advancements being witnessed in regards of IoT and enhancement in the network infrastructure. Make https://www.psmarketresearch.com/send-enquiry?enquiry-url=smart-lighting-mark et Enquiry Before Purchase @ A major driving factor the market is the growing utilization of energy-efficient lighting solutions. The surging demand for energy, owing to the rapidly increasing population, has resulted in the rise in electricity cost and growing government concerns regarding climate change. Since energy-efficient lighting solutions can save energy and reduce operating costs, their demand has been increasing swiftly. This is

3. one of the major reasons for the growing adoption of LEDs in various applications. Furthermore, the development of smart cities around the world is also predicted to lead to the increasing need for these lighting solutions. Smart cities make use of embedded sensors and devices at a number of places, such as streets and traffic signals, and the utilization of smart devices can aid in reducing the energy consumption. Moreover, smart city plans rely on open connected technology infrastructure and need the streamlining of operations for energy conservation. Smart lighting creates a powerful sensing network, through a multi-node and connected node, and collects information regarding the city’s development. This is resulting in the growth of the smart lighting market. Hence, the demand for smart lighting solutions is growing due to the need for utilizing energy-efficient solutions and development of smart cities.