Global Smart Lighting Market Forecast 2016 - Management Consulting Classified Ads in Minneapolis
Global Smart Lighting Market Forecast 2016
The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry, and addition of voice control feature to the upcoming products can be ascribed as the prime reasons for the enhancing growth rate of the global smart lighting market. In terms of value, the smart lighting market is estimated to reach $78 billion by 2022 at a CAGR of 11.7% through the forecast period. This growth in the smart lighting market is attributed to the increasing smart homes market along with customization benefits and the continuously decreasing Average Selling Price (ASP) of LED bulbs. However, designing challenges while using LED, and lack of standards and the associated interoperability issues are restraining the growth of the global smart lighting market.