Research and Markets said in a report that the market will grow at a CAGR of about 16 percent over the next 10 years.

Companies surveyed by the research outfit include Bridgelux, Digital Lumons, Eaton Corp, Echelon, General Electric and Koninklijke Philips.

The report said that there is an increasing demand for energy efficient lighting systems, with some of that demand fuelled by government energy conservation schemes.

There are various types of smart lighting “standards” including Zigbee, Enocean, and Wired technology.

The report largely focus on more wealthy or upcoming economies such as the US, Canada, Mexico, the UK, Spain, France, Italy, China, Brazil and Saudi Arabia.