Report: Smart lighting market gets even brighter

A new report from analysis firm NanoMarkets details that the market surrounding smart lighting – LEDs, MCUs, and sensors – is set to surge in the near future. With the IoT ready to become a mainstream application, smart lighting technology cannot be far behind.

The report titled, “The Markets for Smart Lighting Drivers, Controllers and Sensor Chips – 2014,” includes an extensive 8-year outlook for the smart lighting industry and promises certain growth for all manufacturers and organizations involved. With lighting developers focusing on IoT opportunities, the analysts believe the surrounding industry will burgeon in the next decade with a growing demand for ‘mood’ lighting, wireless components and intelligent LED drivers.

According to NanoMarkets, the market for MCU-powered LED lighting sensors is projected to reach $525 million by the year 2019. Analysts also project that the customizable ‘mood’ lighting and wireless sensor markets will exceed $220 million in that same timeframe. The report concludes with a sweeping list of companies that could benefit from this market swell, including Atmel, Philips and Siemens.

The NanoMarkets report is not the only good news on the horizon for the smart lighting industry. Another report from research firm ON World provides data that supports the fact that 50% of Americans are interested in wireless LED lighting. The report also goes into detail noting that smart home adopters would be willing to pay slightly more for customizable and efficient lighting options.

Interested in exploring the market a bit further? You can view the entire NanoMarkets report here. For a complete breakdown of the ON World findings, that can be found here.