The world is marching towards an age of energy crisis, wherein the depleting fossil fuels won't be able to generate electricity to fulfill the global demand. The diminished supply of fossil fuel generated electricity in the future has pushed the world to harvest renewable resources for energy and employ an efficient method to utilize this energy. As a result, smart lighting market has gained pace substantially over the last few years. With the emergence of smart lighting technology, which includes automated controls and high-efficiency fixtures, the efficient use of electrical energy has gained traction.
The emergence of smart lighting on a global scale has been a consequence of shifting paradigm of lighting industry to electronics industry, along with integration of physical security industry with smart lighting as well as adding voice control feature to the upcoming products. Smart lighting is being adopted as an energy efficient alternative amidst the issue of global energy crisis. Smart lighting market has been growing gradually owing to the increasing smart homes market along with customization benefit and constantly decreasing Average Selling Price (ASP) of LED bulbs. However, the market consists of certain hurdles including designing challenges while using LED, and lack of standards and the associated interoperability issues.