Smart commercial lighting market to reach $48 Billion by 2022: Report
Infoholic Research LLP, a global ICT market research and consulting organization, recently published a study titled “Smart Commercial Lighting Market: Trends & Forecasts: 2016-2022”. Infoholic predicts that the intelligent LED lighting lamps will dominate the smart commercial lighting market in coming years and it is estimated to reach $ 48.12 billion by 2022.
“In next few years, smart commercial market is going to witness double digit growth in developing economies of Asia-Pacific, Middle East and Africa (MEA). Increase in infrastructure spending and government push are few factors that will support the growth of market in these economies,” said Komal Sharma, Research Analyst at Infoholic Research.
This multi-billion smart commercial lighting market will see a significant growth in the coming years due to the growing number of global smart cities and growing awareness regarding energy efficient lighting solutions. The ZigBee and Wi-Fi network technologies will continue to be preferred technologies in the smart commercial lighting market. “The smart commercial lighting market is a highly competitive market and itis expected to grow at a CAGR of 20.8% during the period 2016-2022,” according to Infoholic Research.
“Globally, retail and healthcare will be the leading industry verticals which will be spending a lot in the smart commercial lighting market. Smart CFL and LED lighting lamps will slowly replace the global outdoor lighting such as street lighting and sports stadiums in coming years,” said Tariq Shaik from Research Operations of Infoholic Research.