The global smart lighting market is estimated to generate revenue of USD 12 billion in 2020 and is expected to reach USD 32 billion by 2027, witnessing 20.4% CAGR during the forecast period.

The global smart lighting market will grow at a CAGR of 20.4% during the forecast period 2021-2027. The need for energy-efficient connected lighting controls, innovation in smart city projects in emerging economies, growing usage and reduced cost of LEDs, integrating lighting solutions with smart devices, awareness concerning adoption of energy-efficient devices among users and government globally are the factors that drive the growth of the global smart lighting market.

The COVID-19 pandemic has led to the decline in the smart lighting market owing to a halt in production and disruption in the supply chain.

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Based on the application, the global smart lighting market is bifurcated into indoor application and outdoor application. The indoor segment is anticipated to have the largest share in the market owing to rising affordability and high efficiency in commercial, industrial, and residential buildings. Moreover, the increasing awareness among consumers regarding smart lighting and usage of energy-efficient products will fuel the growth of the segment.

Geographically, Asia-Pacific Is anticipated to be the fastest-growing region in the global smart lighting market owing to the adoption of connected lighting systems in diverse applications like smart offices/workspaces. Moreover, the rising construction activities, rising number of smart city and smart infrastructure projects undertaken by the government will substantially contribute to the growth of the smart lighting market in the region.

Key players operating in the smart lighting industry includes Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.

Source: VynZ Research