Smart Lighting and Control Systems Global Market is Projected to Reach $153.7 Billion by 2030

The global market for Smart Lighting and Control Systems estimated at US$42.4 Billion in the year 2022, is projected to reach a revised size of US$153.7 Billion by 2030, growing at a CAGR of 17.5% over the analysis period 2022-2030.

Light Emitting Diodes (LEDs), one of the segments analyzed in the report, is projected to record a 20.7% CAGR and reach US$117.7 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Fluorescent Lamps segment is readjusted to a revised 6.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $10.1 Billion, While China is Forecast to Grow at 21.9% CAGR

The Smart Lighting and Control Systems market in the U.S. is estimated at US$10.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$26.6 Billion by the year 2030 trailing a CAGR of 21.9% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.5% and 16% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 15.6% CAGR.