NEW YORK, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) — With the advancement of smart technology, the lighting sector has changed in terms of energy, financial savings, consumer convenienceand security. The global smart lighting market is anticipated to grow at a significant rate in the projected period. This is a result of the merger of the physical security business with intelligent lighting, transforming the lighting industry into the electronics industry and adding voice control capabilities to future products. The urgent issue of the global energy crisis promotes the implementation of intelligent lighting. The increasing demand for smart homes, the benefits of customization and the decreasing average selling price (ASP) of LED bulbs are among the reasons behind the growth of the smart lighting industry. However, the global smart lighting market is hampered by LED design hurdles, lack of regulatory standards and interoperability issues.
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Dominant problem of global energy crisis to drive global smart lighting market
Rising global energy demand is causing energy prices to rise, energy supplies to shrink, and climate change fears and associated liabilities to increase. The future global economy is expected to have higher energy demands. Consumption is expected to increase by more than 50 percent over the next 20 to 25 years, mainly due to increasing energy demands in developing countries such as China and India. In addition, the risk of climate change associated with the use of fossil fuels has hampered energy availability.
Lighting accounts for the majority of electricity consumption in households, commerce and industry. Lighting accounts for 15% of the world’s electricity consumption and 5% of the world’s greenhouse gas emissions. Use High efficiency LED lights is a solution to this energy dilemma. It is one of…
