According to a recently released research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Smart Lighting Market will exceed US $24 billion by 2024.
The smart lighting market growth is attributed to worldwide initiatives for smart city development and the growing popularity of home and building automation systems in residential, commercial, and industrial sectors. As the modernized smart city infrastructure offers intelligent connectivity among different components of the administrative framework such as transport, healthcare, and law & order, further initiatives for developing smart cities are likely to be undertaken aggressively around the world over the next one decade.
In the lighting control market, sensors are expected to exhibit the fastest adoption over the forecast period. This accelerated adoption can be attributed to technological advancements in different types of sensors, such as occupancy sensors and motion sensors, which enhance the ability of smart lighting systems to effectively react to surrounding conditions. Also, as these sensors enable remote operability of lighting systems through mobile devices, their utility in connected lighting solutions is likely to increase substantially over the forecast timeline.
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