Smart Lighting Global Market To Reach Value Over $22 Billion In 2025
30 Aug, 2021
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 one of the features of smart lighting. A smart lighting system ensures high-cost savings and lower energy usage.
Global Smart Lighting Market Size And Drivers:
The global smart lighting market is expected grow from $11.07 billion in 2020 to $12.62 billion in 2021 at a compound annual growth rate (CAGR) of 14%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22.57 billion in 2025 at a CAGR of 16%. Supportive government initiatives in developed and emerging markets drive the growth of the smart lighting market across the globe.
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Trends In The Global Smart Lighting Market
The use of Li-fi (Light Fidelity) network is the latest trend in the general lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission. The common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second.
Global Smart Lighting Market Segments:
The global smart lighting market is further segmented based on product, application, light source, communication technology and geography.
By Product: Smart Bulbs, Fixtures, Lighting Controls
By Application: Commercial, Government, Residential, Others
By Light Source: LED, HID, Others
By Communication Technology: Wired, Wireless
By Geography: The global smart lighting market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Smart Lighting Market At:https://www.thebusinessresearchcompany.com/report/smart-lighting-market-global-report-2020-30-covid-19-growth-and-change
Smart Lighting Global Market Report 2021 is one of a series of new reports from The Business Research Companythat provides smart lighting market overviews, analyzes and forecasts market size and growth for the global smart lighting market, smart lighting market share, smart lighting market players, smart lighting market segments and geographies, smart lighting market’s leading competitors’ revenues, profiles and market shares. The smart lighting market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.