Having been chronicled as one of the most opportunistic business verticals of sustainable technologies industry, the revenue graph of smart lighting market is estimated to be exponential over the ensuing years. The commercialization scale of this business sphere is quite evident from the study undertaken by Global Market Insights, Inc., which claims that smart lighting industry share to surpass a total valuation of USD 24 billion by the end of 2024. With the growing popularity of home automation systems in residential and commercial sectors, major industry giants have been unveiling innovative products to remain aligned with the customized requirements of the current consumer base.
Smart Lighting Market Size, By Light Controls, 2017 & 2024 (USD Million)
Speaking of which, Legrand, one of the foremost specialists in smart lighting market, has launched a new collection of lighting controls at the recently concluded Consumer Electronics Show, 2018. The latest range, named as Radiant Collection, comprises a wide variety of lighting and scene controllers, wall plates, dimmers, plug-in modules, and light switches. It is quite prudent to mention that these devices integrate seamlessly with smart home platforms such as Samsung’s SmartThings cloud, Amazon Alexa, and Google Assistant, given that they work on Open Connectivity Foundation 1.3.1 security standard.
Apparently, the aforementioned instance of Legrand stands testimony to the fact that the global smart lighting market participants are readily deploying their resources to develop advanced and high-grade products to stay afloat in this ever-evolving business space.
Smart lighting industry trends to be influenced by strategic partnerships among prominent firms
As the modernized smart city infrastructure provides enhanced connectivity across numerous modules of the administrative setup including law & order, healthcare, and transport, there has been a spurt in the initiatives to develop such intelligent cities. This would, in consequence, open up myriad business expansion opportunities for the smart lighting market players over the forthcoming years. With the increasing need to reduce energy consumption and expenses coupled with the escalating demand for highly-efficient lighting systems, the commercialization potential of the overall smart lighting industry can aptly be described as exceptionally promising.