Smart Lighting Market size to grow by USD 17.20 billion from 2022 to 2027

The smart lighting market is expected to grow by USD 17.20 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 16.88% during the forecast period.

The market is segmented by application (commercial, residential, public infrastructure, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

The emergence of smart lighting is a key factor driving market growth. Smart lighting can optimize its use of power by controlling lights, heating, and air conditioning as well as remotely managing appliances. It reduces electricity consumption through the judicious timing of light activations. Various features, such as automatic room entry activation and color correction, are available in smart lighting networks. In addition, this system can respond to user commands on its own and can be programmed.

The adoption of LED is expected to save energy, as well as integrate with smart and Internet of Things technologies. Manufacturers regularly upgrade LED technology to match advances in IoT. Growing global interest in smart lighting is driving supplier partnerships and global ecosystems. Hence, these factors are expected to drive market growth during the forecast period.