Global Smart Lighting Market is Projected to Reach $34.5 Billion by 2025
According to a new market intelligence report by BIS Research titled "Global Smart Lighting Market – Analysis and Forecast, 2019-2025", the global smart lighting market is expected to reach $34.5 billion by 2025. Smart lighting fixtures and controls play an important role in the designing of the smart lighting system. Due to the inherently controllable character of solid-state lights, usage of controls increases with a downfall in the price of LED lights.
With the increase in smart city lighting interest, and increasing environmental concerns and the risk of climate change associated with fossil fuels have made the supply of energy increasingly difficult. The future global economy is expected to rely on more energy demand. According to Energy Information Administration (EIA), global energy consumption is predicted to increase by nearly 50% in the coming 25-30 years.
According to Ajeya Saxena, Principle Lead Analyst at BIS Research, "The shift toward LEDs has increased energy efficiency and dealt with the prevailing issue of the energy crisis. Due to the rapid technological developments and scientific innovations such as connected LED lighting, companies have started adopting solid-state lighting aggressively to minimize per-unit costs and increase energy efficiency. Moreover, continually declining average selling price (ASP) of LED bulbs owing to advancement in miniaturization technologies, especially for integrated circuits and electronic devices, is further accelerating the growth of the smart lighting market".
Growth in the development of smart cities has further led to an increase in demand for smart lighting solutions. Since smart cities use sensors and embedded devices from streets to power meters to traffic signals, smart lighting decreases the consumption of energy up to a great extent. However, the lack of standards makes it difficult to integrate, operate, and maintain management systems for smart lighting and is prohibiting the growth of the smart lighting market.
The report covers aspects at not only a global level but also deep dives across all major regions of the world and key countries within them. 243 Data Tables and 36 Figures over nearly 240 Pages provide sufficient and relevant depth and coverage to help make confident and reliable business decisions for now and the future.