Smart Lighting Will be $47,674.3 Million Market by 2030

A news market research study published by P&S Intelligence predicts that the smart lighting market garnered $10,600.8 million in 2021, and it is projected to generate $47,674.3 million in 2030, rising at a rate of 18.2% from 2021 to 2030.

In an average house, lighting consumes around 15% of the total electricity, and the usage of LEDs can save $225 in energy bills. The availability of a wide range of features, including energy usage monitoring, automatic on/off, and Bluetooth, Wi-Fi, and ZigBee connectivity, along with the rising adoption of IoT devices and smart assistant platforms, propels the smart lighting demand.

The new installation category captures an approximately 60% industry share, led by the strong focus on removing conventional lighting systems from the mainstream and installing novel lamps and associated controls in their stead. This trend is easily visible in the newly constructed industrial, commercial, and residential spaces.

Among all kinds of hardware, lighting control captures the largest industry share, led by the rising count of technological advancements and transformations in smart lighting system controls.

LEDs will continue to experience the fastest growth in the smart lighting industry, driven by the technological advancements in LED lighting. The industry is also propelled by the rising consumer awareness of the advantages of more-energy-efficient and reliable lighting sources over the conventional incandescent lamps.