The smart lighting market consists of sales of smart lighting products and services used as a lighting medium for ensuring energy efficiency. The use of sensors for instances like automatic light dimming or adjusting the brightness of light depending on the mood of the user is some of the features of smart lighting. A smart lighting system ensures high-cost savings and lower energy usage.
The global smart lighting market is expected to grow from $11.03 billion in 2019 and to $11.40 billion in 2020 at a growth rate of 3.36%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $18.58 billion in 2023 at CAGR of 17.69%.
