The global smart lighting market is anticipated to gather pace in its growth due to the need for efficient lighting systems that will help control the rise of energy consumption in industrial and commercial settings. The growth of the global smart lighting market could see an increase in the near future because of the development of connecting technologies and sensors. Transparency Market Research (TMR) foresees the global smart lighting market to obtain a valuation of US$56.6 bn by the end of 2020.
The global smart lighting market is projected to gain impetus as the penetration of LED lamps and other energy-efficient lighting solutions improves. For instance, Nestlé completed its three-month trial of Zumtobel’s smart lighting at its Swiss headquarters in the last week of September 2018. According to Zumtobel, the system of fifteen intelligent LED floor lamps showed its potential to make a 20% reduction in energy costs at the Swiss building.
LED Lamps to Make Mark in Market with Ability to Reduce Energy Costs
According to type of lighting, there are various kinds of products available on the global smart lighting market. However, LED lamps are forecast to show promising growth in the global smart lighting market. Their ability to reduce energy costs at a substantial rate could place LED lamps in a better position in the global smart lighting market in terms of growth.
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High initial investment for installation and other services compared to conventional lighting solutions is expected to loom over the LED lamps market as a threat for its growth. Nonetheless, increasing awareness about varying temperature and light color, dimming, and other features and their greater lifespan could help LED lamps to collect large demand in the coming years.
Europe and North America could be among leading regions of the global smart lighting market, considering their faster rate of the adoption of smart concepts.