Smart Lighting Market Increasing at a phenomenal Pace to Reach USD 35.92 Billion By 2032

According to the report, the global Smart Lighting market size was valued at approximately USD 9.86 billion in 2023 and is predicted to reach around USD 35.92 billion by the end of 2032, expanding at a CAGR of around 13.8% from 2024 to 2032.

This review is based on a report by Zion Market Research, titled “Smart Lighting Market By Product (Fixtures, Smart bulbs, Lighting Control and others), By Light Source (LED, Fluorescent, HD and Others), By Technology (Wired and Wireless), By Applications (Indoor Lighting and Outdoor Lighting), By End-user (Residential, Commercial, Government, Industrial and Others), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032”

Consumer Preference Towards Smart Lighting Platforms to Spur Growth

The smart lighting market is expected to witness significant growth within the forecast period on account of increasing demand from recently emerging lifestyle and recreational user groups. Upcoming smart city projects, the advent of integrated lighting control systems, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide are some of the major reasons to drive the market growth of smart lighting systems. It is forecasted that it will show tremendous growth in the coming years.

Also, the expected increase in high-speed wireless technology, indoor lighting infrastructure is becoming more prominent, as it is cost-effective and hence foresees a lot of opportunities to smart lighting applications. The shift in consumer lifestyle due to increasing youth population, demand for interior lightings especially in hotels and offices are sure to create a surge for the market. The consumption of global energy in buildings is one-third, smart lighting offers various opportunities for reducing emission activities.

Presence of Big Players in The Region Support North America Dominance

North America is expected to account for the largest market for smart lighting owing to the presence of major players like General Electric Company, LightwaveRF PLC and RAB Lighting, among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for smart lighting in developing economies such as China and India. The growth in this region is majorly supported by benefits from high income, changing consumer preference and better infrastructure.

Companies are also focusing on launching new products to enhance their product offerings and focusing on mergers and acquisitions to gain a competitive advantage in the market. European region is growing because of the increasing usage of IoT and usage mainly in commercial buildings, automobiles applications and outdoor lighting is expected to generate huge demand for the market in this region.

Browse the full “Smart Lighting Market By Product (Fixtures, Smart bulbs, Lighting Control and others), By Light Source (LED, Fluorescent, HD and Others), By Technology (Wired and Wireless), By Applications (Indoor Lighting and Outdoor Lighting), By End-user (Residential, Commercial, Government, Industrial and Others), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032” Report at https://www.zionmarketresearch.com/report/smart-lighting-market

The global Smart lighting market is segmented as follows:

By Product

• Fixtures
• Smart bulbs
• Lighting control
• Others

By Light source

• LED
• Fluorescent
• HD
• Others

By Technology

• Wired
• Wireless

By Applications

• Indoor lighting
• Outdoor lighting

By End User

• Residential
• Commercial
• Government
• Industrial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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