At 20.4% CAGR, Smart Lighting Market Size to hit USD 68.53 Billion in 2028

The Smart Lighting Market size is expected to Reach USD 68.53 Billion by 2028, Registering to Accelerate at a 20.4% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global Smart Lighting Market size was Valued at USD 15.52 Billion in 2021. Increasing demand for energy-efficient lighting solutions coupled with government initiatives to reduce energy consumption is anticipated to drive the growth of the Global Market.

Factors like the rising demand for the intelligent systems of street lighting, rising need for the energy-efficient systems of lighting and the higher penetration of the LED lightings and bulbs will drive the global smart lighting market locally. But it is the higher cost of installation and maintenance of the smart lighting systems will be hampering the growth of the global smart lighting market. Moreover, the advancements in the wireless technology and the development of projects such as the smart city projects which exist particularly in the developing countries and the emerging IOT technologies. This is providing the lucrative opportunities for the global growth of the smart lighting market.

There are dynamics like the rising demand for the intelligent systems for street lighting in the developed and developing nations, growing need for the energy-efficient systems and the sustainable development is driving the global smart lighting market. A big factor that pegs the market though is the higher cost and maintenance cost for the smart lighting. The development of the technologies which operate on the lesser power see a higher amount of demand in the modern-day market. The systems like the electrical and electronic systems are operating on the energy and power sources. The depleted energy sources have increased the development of the energy efficient systems. There is considerably lesser power consumption in smart lighting than there is in traditional lighting and that provides great marketing opportunity for the smart lighting market.