Smart Lighting Market size worth $ 18131.31 Million, Globally, by 2028 at 6.32% CAGR

Verified Market Research

The rapid surge in the number of smart city development initiatives and investments, industrialization, and urbanization are significantly increasing, and the growing implementation of LED lighting products fuels the growth of the Smart Lighting Market.

JERSEY CITY, N.J., July 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Lighting Market" By Installing Type (New Installation, Retrofit Installation), By Communication Technology (Wired Technology, Wireless Technology), By Application (Indoor Applications, Outdoor Applications), By Offering (Hardware, Software, Services, Post-Installation), and By Geography. According to Verified Market Research, the Smart Lighting Market size was valued at USD 11203.56 Million in 2020 and is projected to reach USD 18131.31 Million by 2028, growing at a CAGR of 6.32% from 2021 to 2028.

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Global Smart Lighting Market Overview

Over the past couple of decades, various factors are driving the growth of the global Smart Lighting market, such as rising smart city projects with smart lighting, and rising demand for energy-efficient lighting. This has ultimately escalated the demand for Smart Lighting. In addition to this, increasing adoption of Li-Fi technology and strengthened government regulations and regulatory bodies across the globe will create substantial opportunities for Smart Lighting over the forecasted period. However, data safety and security concerns and challenges of installation cost and performance are some of the factors that might hinder the Smart Lighting market growth.

The factors such as stringent government regulations globally to restrict the use of inefficient lighting technologies are driving the Smart Lighting Market. The worldwide government is continuously working to phase out inefficient lamps such as incandescent and halogen lamps, promoting the use of environmental lighting lamps. The development of IoT technology and an increase in the demand for intelligent solutions for street lighting systems are the major drivers for the growth of the market. Factors such as a rise in demand for intelligent street lighting systems, a rise in the need for energy-efficient lighting systems, and high penetration of LED bulbs and flashes of lightning globally drive the global Smart Lighting Market. Moreover, the energy efficiency of smart bulbs and the cost-effective nature are augmenting their demand in the market. Furthermore, the concept of wireless networking is emerging and is being adopted vigorously. Automated lighting control not only provides economical and flexible lighting but also monitors the tasks carried out by the users. These have positively anticipated in propelling the growth of the global Smart Lighting Market.