Authored By: Sarah
19 Nov 2023

Smart Lighting Market to antcipate USD 17.20 Bn revenue growth through 2023-2027  

According to projections, the smart lighting market would grow at a compound annual growth rate (CAGR) of 16.88%, followed by revenue growth of USD 17.20 billion, between 2022 and 2027.Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

" Navigating through the market drivers,it has been observed that  major factor propelling the market's expansion is the introduction of smart lighting."

Smart lighting maximises the usage of electricity by controlling remote appliance control, lighting, heating, and cooling.These gadgets can be set up to operate independently and in accordance with user instructions

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Snapshot of Smart Lighting Market Analysis

Reduced energy consumption and connectivity to smart and IoT devices are two benefits of adopting LEDs. LED technology is continuously upgraded by manufacturers to stay up to date with IoT advancements. 

Current Lighting Solution LCC,Eaton Corp. Plc, Helvar Merca Oy Ab, Honeywell International Inc., Hubbell Inc., Legrand SA, Leviton Manufacturing Co. Inc., Lightwaverf Technology Ltd., Lutron Electronics Co. Inc., OSRAM Licht AG, RAB lighting Inc., Savant Systems Inc.,etc are some of the prominent names that comes with wide spectrum of offerings for the consumers

Global interest in smart lighting is fostering an ecosystem for energy -efficient smart light followed by potential uses in commercial and urban settings are anticipated to drive growth in the global smart lighting market.

Technavio's study includes comprehensive insights into the many development factors and barriers that may impede market advancement. Learn more about the  market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of almost 16.88%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 17.20 Bn through 2023-2027.

  3. What is a key factor driving this market?
    Emergence of smart lighting will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    Europe, North America, APAC, South America, and Middle East and Africa are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    34% growth will originate from Europe

  6. What are the market segments covered in this report?
    The market is segmented by Application (Commercial, Residential, Public infrastructure, and Others), Component (Hardware, Software, and Services), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)
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