Development Prospects of Intelligent Lighting Market

The smart Lighting Market Size is projected to reach USD 94.16 Billion by 2030, growing at a CAGR of 22.9%: Straits Research

The global smart lighting market size was valued at USD 14.72 billion in 2021. It is projected to reach USD 94.16 billion by 2030, registering a CAGR of 22.9% during the forecast period (2022–2030). North America accounted for the largest market share and is estimated to grow at a CAGR of 16.8% during the forecast period.

Prevailing Issue of Global Energy Crisis to Drive the Global Smart Lighting Market

The increasing global demand for energy is causing an increase in energy prices, a decrease in energy supply, and a rise in fear around climate change and associated liabilities. The future global economy is anticipated to have a higher energy demand. Consumption is expected to climb by more than 50 percent over the next 20 to 25 years, primarily due to the rising energy demand in developing nations such as China and India. In addition, the risk of climate change related to fossil fuel usage has hampered energy availability.

Lighting accounts for most household, commercial, and industrial electricity consumption. 15% of global electricity usage and 5% of global greenhouse gas emissions are attributable to lighting. Using LED lights with high efficiency is a solution to this energy dilemma. It is one of the primary causes responsible for the consumer trend toward smart lighting, which is contributing to the rapid expansion of the worldwide smart lighting market. According to the International Energy Agency (IEA), intelligent lighting solutions can save up to 35 percent more energy than conventional lighting systems. Compared to other technologies, LED technology is more efficient and has a longer lifespan, which is another reason customers are shifting to this technology.

Advancement in Lighting Control to Provide Opportunities for the Global Smart Lighting Market

In recent years, advanced lighting control systems have become increasingly widespread. With the development of sophisticated and advanced automation and lighting control systems using smart lights and electronic equipment, there is numerous potential for market participants in the global smart lighting area.

Controls for lighting save energy and money by ensuring lights are turned off when not in use or limiting the amount of illumination by sensing the surrounding surroundings and brightness. The energy and cost reductions provided by smart lighting controls depend on the applications and utilization rates of the facility. Intelligent and building-wide control systems reduce energy waste through rapid advances and improvements in occupancy/vacancy sensors, plug-and-play lighting systems, personal dimming, brightening controls, and lighting control circuit breakers. Moreover, they are anticipated to bring this opportunity to the forefront and create significant growth opportunities for the global smart lighting market throughout the forecast period.