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Research and Markets Forecasts Rapid Growth for Global Smart Light Fixture, Control and Services Mar
February 3, 2015...Research and Markets has examined the global smart light fixture, control, and data enabled services market in their new report. The firm cites the explosive demands of LED lighting and their declining ASP, the advent of smart homes & building automation, and the ubiquity of Internet of Things (IoT) as drivers of the market. Research and Markets forecasts that these drivers will push revenue of this market to nearly $60 billion by 2020.
The company predicts that growth of the market will be at a CAGR of 19.4% from 2015 to 2020. The segment of Data enabled Services is expected to be the fastest growing sector, rocketing to more than $2.9 billion by 2020 at a CAGR of 53.6% from 2015 through 2020.
In addition to the Internet of Things, the market is anticipated to stand strong drivers such as the influx of smart apps, remote access & control by software providers and addressing the global energy crisis.
According to Research and Markets, the global energy crisis looms large over the future, therefore, the adoption of lighting systems capable of conserving energy is required. The government legislations and policies are also the encouraging the growth of the market globally, with the strongest influence from the European countries. The company contends that lack of awareness of the advantages of smart lighting, lack of standards, and interoperability issues may inhibit market growth and wide scale adoption of smart lighting systems.
