Smart Lighting Market Size is projected to reach USD 94.16 Billion by 2030

The global smart lighting market size was valued at USD 14.72 billion in 2021. It is projected to reach USD 94.16 billion by 2030, registering a CAGR of 22.9% during the forecast period (2022–2030). North America accounted for the largest market share and is estimated to grow at a CAGR of 16.8% during the forecast period.

The increasing global demand for energy is causing an increase in energy prices, a decrease in energy supply, and a rise in fear around climate change and associated liabilities. The future global economy is anticipated to have a higher energy demand. Consumption is expected to climb by more than 50 percent over the next 20 to 25 years, primarily due to the rising energy demand in developing nations such as China and India.

Lighting accounts for most household, commercial, and industrial electricity consumption. 15 percent of global electricity usage and 5 percent of global greenhouse gas emissions are attributable to lighting. Using LED lights with high efficiency is a solution to this energy dilemma. It is one of the primary causes responsible for the consumer trend toward smart lighting, which is contributing to the rapid expansion of the worldwide smart lighting market. According to the International Energy Agency (IEA), intelligent lighting solutions can save up to 35 percent more energy than conventional lighting systems. Compared to other technologies, LED technology is more efficient and has a longer lifespan, which is another reason customers are shifting to this technology.