In 2020, the total smart lighting market is expected to reach $8.14 billion, with a compound annual growth rate of 22.07% between 2015 and 2020.
The smart lighting market presents tremendous growth potential in the coming years, and the high-year compound growth rate of smart lighting will redefine the lighting industry, providing energy savings while increasing the ease of use with accessibility features. In the next five years, the demand for intelligent lighting and intelligent lighting control is transforming from traditional lighting at an alarming rate, which will further promote the development of intelligent lighting systems. Some of the key factors driving the development of smart lighting worldwide include the price reduction of energy-efficient lighting technology, the government's initiative for efficient lighting, and the evolution of new wireless technologies.
Intelligent lighting is an innovative technology that uses an automated control system to control the lighting, adds lighting, and is more vibrant in color, intensity and control. The main participants in intelligent lighting for FL and LED lights. Fluorescent lamps, due to their cost-effectiveness and energy efficiency over incandescent bulbs, have plenty of opportunities in the near future.
However, LED luminaires have the highest growth potential in the near future, which is obvious. Such as the development of smart LED solutions, including: GreenWhip-enabled bulbs from GreenWave, NXP's GreenChip ISSL wireless LED bulb solutions, GreenChip iCFL for CFL, and PhilipsHue smart LED bulbs – all of which show through LED lights The lighting solutions developed to be smarter, uniquely controllable and compact in shape make it an attractive option for smart lighting applications. Lighting controllers and sensors are the most widely used intelligent control components, and their demand is expected to grow at an exponential rate.
The global lighting market, the main "players" include Philips (Netherlands), Osram (Germany), Acuity Brands Lighting (USA), General Electric (USA) and so on. The report also stated that the main limitation of the smart lighting market is the lack of awareness about installation costs and payback periods. The chart below shows the projected growth of the smart lighting market from 2013 to 2020.
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