Smart Lighting Market size worth $ 21.16 Billion, Globally, by 2030 at 7.10% CAGR: Verified Market Research®

Smart Lighting Market size worth $ 21.16 Billion, Globally, by 2030 at 7.10% CAGR: Verified Market Research®

PR Newswire

JERSEY CITY, N.J., July 12, 2023

The "Global Smart Lighting Market Size By Offering (Hardware, Software), By End-user Application (Indoor, Outdoor), By Communication Technology (Wired, Wireless), By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Smart Lighting Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., July 12, 2023 /PRNewswire/ -- The Global Smart Lighting Market is projected to grow at a CAGR of 7.10% from 2022 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 11.55 Billion in 2021 and is expected to reach USD 21.16 Billion by the end of the forecast period.

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Browse in-depth TOC on "Smart Lighting Market"

202 - Pages

126 – Tables

37 – Figures

Smart Lighting Market Driven by Energy Efficiency and IoT Integration: Market Outlook and Key Players

Smart lighting technology aims to enable remote control of brightness levels, promoting energy efficiency through the use of automated controls and high-efficiency fixtures that can be adjusted based on factors such as occupancy and external lighting conditions.

The demand for street lighting systems is on the rise globally. Technological advancements and innovations have transformed outdoor lighting from traditional on-and-off systems to smart luminescence systems. The adoption of Internet of Things (IoT) and artificial intelligence (AI) technologies in the lighting industry has fueled the demand for smart lighting solutions for city streets. As a result, there is a growing need for automated lighting systems that enhance energy efficiency.

In today's economy, there is a significant demand for technologies that consume less energy. Many electronic and electrical systems rely on power sources, which are becoming depleted. Consequently, the development of energy-efficient technologies has gained momentum. Smart lighting, with its significantly lower energy consumption compared to traditional lighting, presents a substantial market opportunity.

The integration of IoT and AI technologies in smart lighting is becoming increasingly prevalent. Advancements in wireless technology and the rapid expansion of IoT infrastructure are driving the global demand for smart lighting solutions. This allows for seamless connectivity among various devices in smart infrastructures, enabling operational efficiencies such as auto-dimming and intelligent illumination. Applications span diverse sectors, including vertical farming, car interiors, and smart homes.

IoT-based lighting solutions face challenges related to security and reliability. Connected lighting systems utilize wireless networks to connect various components of the lighting control system. A sophisticated arrangement of LED lighting, equipped with sensors and cameras, is connected to a wireless network, forming connected lights. Data and information are stored in the cloud and can be accessed from any location. However, the reliance on the internet for connectivity exposes smart lighting products to potential exploitation by hackers, posing serious security risks.

The availability of solutions that offer multiple compatible technologies under one roof is a significant concern in the lighting control system market. Customers seek integrated systems that can effectively incorporate diverse technologies seamlessly.

Smart lighting presents a promising market opportunity driven by the increasing demand for energy-efficient solutions and the integration of IoT and AI technologies. However, challenges such as security and compatibility need to be addressed to ensure the sustained growth of the market.

To get market data, market insights, financial statements and a comprehensive analysis of the Global Smart Lighting Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Smart Lighting Market into Offering, End-user Application, Communication Technology, And Geography.

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