Global Smart Lighting market is expected to reach $40.02 billion by 2026

The Global Smart Lighting market is expected to reach $40.02 billion by 2026 growing at a CAGR of 19.5% during 2018 to 2026. A smart lighting system is utilized to reduce greenhouse emissions by means of inert infrared and tenancy sensors. There are wired and non-wired smart lighting systems that are used for the power-saving function in the residential, commercial, and industrial sectors.

Factors such as increasing acceptance of Li-Fi technology, mounting number of stylish city development initiatives across the globe and growing demand for energy efficient lighting are driving the market growth. Though, short of installation and payback awareness is restraining the market. Development in lighting control is the opportunity for the Smart Lighting market.

Based on end user, outdoor segment is anticipated to grow at the significant rate during the forecast period, due to the mounting focal point on enhancing connectivity by constructing roads and installing smart lights intended for these roads, particularly in the rising countries in the APAC region. This, in turn would spur the development of the outdoor market.