A new TechNavio report analyzing the professional luminaire sector predicts that the sector will grow by a compound annual growth rate (CAGR) of almost 4 percent through 2020.
The growth, the report says, will be driven by urbanization and industrialization. Lighting, which consumes about 20 percent of global electricity, has led governments to focus on energy efficient luminaires. This will drive the growth of LEDs, compact linear fluorescent and compact fluorescent lighting. The Asia Pacific region will account for more than half of the market and dominate the market. The leading brands in the sector are Acuity Brands, GE Lighting, OSRAM, Panasonic and Philips, according to TechNavio.
The addition of Internet of Things (IoT) sensors to LEDs will gradually enable them to network for management of lighting, power and related functions.