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
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.
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