Smart Lighting Market is Expected to Grow at a CAGR of Approximately 27% During the Forecast Period 2017-2027
Research Reports
Jan 08, 2021
Market Analysis
The global smart lighting market size is predicted to touch USD 25 billion at a 27% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. Smart lighting, simply put, is lighting systems that are embedded with different wireless technologies and sensors that can reduce the consumption of energy in comparison to a conventional lighting system. It has both indoor and outdoor uses.
Various factors are propelling the global smart lighting market share. As per the current MRFR report, such factors include increasing awareness regarding energy savings among governments and consumers across the globe, availability of lights with smart devices, increasing adoption of LEDs and decreasing cost, the trend for smart city projects in the developing economies, and the launch of integrated lighting control systems. Additional factors adding market growth include demand for intelligent street lighting systems, demand for energy-efficient lighting systems, advances in wireless communication technology, and the emergence of internet of things technology for smart lighting.
On the contrary, high installation cost, high maintenance cost, lack of professional experts, and a temporary halt in manufacturing facilities due to the current COVID-19 pandemic are factors that may impede the global smart lighting industry growth over the forecast period.
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Regional Analysis
Based on the region, the global smart lighting market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe will have the lions share in the market over the forecast period. Stringent government regulations to limit the usage of inefficient lighting technologies, increasing use of LED lamps, the smart city development initiative, and the adoption of advanced technologies are adding to the global smart lighting market growth in the region.
The global smart lighting market in North America is predicted to have notable growth over the forecast period for the rising use of smart lighting systems as energy-efficient lighting solutions.
The global smart lighting market in the APAC region is predicted to have healthy growth over the forecast period. Increasing adoption as energy-efficient lighting solutions, low labor costs, abundant raw material supply, fall in the cost of LED lamps, supportive government initiatives, rising adoption of connected lamps, and increasing urbanization & industrialization are adding to the global smart lighting market growth in the region.
The global smart lighting market in the RoW is predicted to have sound growth over the forecast period.
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