Intelligent lighting systems are being widely touted as the future of the lighting industry. With the proliferation of lighting fixtures such as LEDs and others in the market, the smart lighting industry is set to dominate a plethora of applications ranging from commercial to outdoor applications, according to a new industry report.
According to the report, Smart Lighting Market Research Report – Forecast to 2021 from Market Research Future, the global market for Smart Lighting is expected to reach up to $59.973 billion by the end of 2021 and is expected to grow at a CAGR of ~19-21%.
The major factors contributing to the growth of the Smart Lighting market are driven by continuously declining average selling price of LED lamps and the influx of smart apps, the internet of things and remote access and lighting controls.
In terms of components, sensors such as proximity sensors had the largest share in the global Smart Lighting market, and it is expected to grow at the highest CAGR among all the projects considered in the study.