Smart Lighting Market To Collect Hugh Revenues Due To Growth In Demand by 2032.

Market Overview

The smart lighting industry is projected to grow from USD 11.05 Billion in 2022 to USD 40 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.1% during the forecast period (2022 - 203.

Smart Lighting is recognized to be one of the most substantial lighting solutions for offering solutions for both indoor and outdoor drives with the latest developed technology products counting LEDs, luminaires, fluorescent bulbs, and others. Main factors that are anticipated to lift the growth of the smart lighting market in the estimated period are the constant arrival of smart city projects in advancing countries. Furthermore, the improved adoption of standard protocols for lighting control systems is further projected to propel the growth of the smart lighting market. Moreover, the increase in the need for IoT-enabled lighting fixtures and smart lighting solutions is further projected to cushion the growth of the smart lighting market. The emergence of COVID-19 caused a gap in manufacturing and a break throughout the supply chain, subsequent in weakened development of industrial output and a decrease in light-manufacturing capacity throughout substantial manufacturing centers. However, as people spent more time in their homes, the predisposition to upgrade the interiors also augmented, which functioned absolutely for the market. Moreover, the growing penetration of smart home devices and the rising usage of LEDs in households is projected to further propel the market growth in the imminent years.

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