The global smart lighting market is expected to reach an estimated $17.7 billion by 2022 and is forecast to grow at a CAGR of 23.9% from 2017 to 2022.
According to a new market report, the future of the smart lighting market looks promising with opportunities in the residential and commercial sectors. The major drivers of growth for this market are development of smart cities, increasing usage of wireless technology, and increasing awareness of energy saving.
Trends, opportunities and forecast in this market to 2022 by products (smart bulbs, fixtures, control systems), by light source (light emitting diode, fluorescent lamps, high-intensity discharge lamps, and others), by application (indoor lights and outdoor lights), by communication technology (wired and wireless) and by region (North America, Europe, Asia Pacific, and the Rest of the World)
Emerging trends, which have a direct impact on the dynamics of the smart lighting industry, include growing demand for Internet of things (IoT) technology and emergence of light fidelity (Li-Fi) technology in the field of smart lighting market.
Within the smart lighting market, light emitting diodes (LEDs) are expected to remain the largest market and are expected to witness the highest growth over the forecast period. Declining cost of LEDs, low maintenance, and high energy efficiency are expected to spur the growth of this segment over the forecast period.
Europe is expected to remain the largest market due to increasing standard of living and increasing building automation in Germany, France, and United Kingdom.
Add to My Watchlist
What is My Watchlist?