Market for smart lighting expected to grow at a CAGR of 23.1%

According to a global smart lighting market report the market for smart lighting was estimated at $11.93 billion in 2020 and is expected to grow at a CAGR of 23.1% during the forecast period from 2021 to 2025.

The growth of the market is attributed to factors including the development of smart cities, and the increasing trend of smart homes along with customization benefits supporting the smart lighting market, among others.

Some of the trends that can influence the growth of the market include cloud-based lighting controls, light fidelity (Li-Fi) becoming a brighter way to communicate, OLED panel shipments on the rise, LED filament bulbs combining incandescent bulb beauty with led lamp benefits, and lighting as a service (LaaS).