Smart Lighting Market to Reach Value of US$ 83.52 Bn by 2031

The global smart lighting market was worth more than US$ 11.29 Bn in 2020. The global market is likely to rise at a CAGR of 20.3% during the forecast period, from 2021 to 2031.

The global smart lighting market is anticipated to surpass the US$ 83.52 Bn mark by 2031. The global smart lighting market is being driven by rise in the number of smart city initiatives in developing countries.

Rapid urbanization, industrial expansion, continuous infrastructural developments, and technical breakthroughs are all projected to propel the global smart lighting market in the years to come. Smart lighting devices are also becoming increasingly popular all over the world.

Due to their impressive performance, various smart lighting products such as high intensity discharge lamps, discharge lamps, LED lamps, and compact fluorescent lamps are rapidly being employed in a variety of end-use businesses. LED lights have a wide range of applications in both commercial as well as residential buildings, and the demand is projected to grow in the years to come.