The global smart lighting market was worth more than US$ 11.29 Bn in 2020. The global market is likely to rise at a CAGR of 20.3% during the forecast period, from 2021 to 2031. The global smart lighting market is anticipated to surpass the US$ 83.52 Bn mark by 2031. The global smart lighting market is being driven by rise in the number of smart city initiatives in developing countries. Rapid urbanization, industrial expansion, continuous infrastructural developments, and technical breakthroughs are all projected to propel the global smart lighting market in the years to come. Smart lighting devices are also becoming increasingly popular all over the world.
Due to their impressive performance, various smart lighting products such as high intensity discharge lamps, discharge lamps, LED lamps, and compact fluorescent lamps are rapidly being employed in a variety of end-use businesses. LED lights have a wide range of applications in both commercial as well as residential buildings, and the demand is projected to grow in the years to come.
The Asia Pacific smart lighting market is predicted to grow during the forecast period, due to technological breakthroughs and presence of substantial growth opportunities for market players in countries such as Taiwan, South Korea, Japan, India, and China. The region’s expanding infrastructural and construction business is likely to bolster growth of the market. Owing to growth in the number of smart city as well as smart infrastructure projects launched by governments in the recent years, Asia Pacific accounted for a significant share of the global market.
Key Findings of Market Report:
Smart LED lighting system for various residential end-use applications can be remotely operated, and a portable device can allow self-learning mode through Wi-Fi transmission. Wi-Fi is gaining popularity among many wireless communication modules, as it can be incorporated into a remote control smart LED lighting system for enhanced performance.
Due to continued smart city initiatives, the global smart lighting market is expected to grow considerably throughout the forecast period. Governments in developing nations are investing heavily in the establishment of smart cities. This presents a huge potential for companies who supply utilities, technology, and consulting services.
Use of smart lighting is becoming increasingly common as the trend of working remotely and smart retail grows. As a result, growth of the smart lighting market is likely to be fueled by increasing use of smart and automated systems by commercial firms.