Smart lighting is a system that uses energy-saving fixtures as well as automated technologies to make effective use of light resources. This allows the user to change the ambient lighting depending on the number of people in the room or the amount of daylight available. Smart-lighting commodities are often comprised of a wall keypad and touchscreen panel and are used in commercial, industrial, and residential locations. The lights may also be controlled using a smartphone app. Smart lighting systems also allow users to adjust the color as well as the brightness of fixtures from any location on the planet. Because a large number of public lamps across the world utilize high-intensity lights that consume mercury and other materials to function, smart lighting is an important factor in smart-city development.
Growth of Smart Lightning Market (2021-2026)
The smart lighting business has a bright future ahead of it, with potential in both the home and commercial sectors. The worldwide smart lighting market is anticipated to produce $8.68 billion in revenue in 2018, rising to $38.68 billion by 2026, representing a CAGR of 20.5 percent over the forthcoming years. The expansion of smart cities, the increased use of wireless technology, and increased awareness of energy conservation are all key growth factors for this industry. Rising demand for Internet of things (IoT) technology and the introduction of light fidelity (Li-Fi) technology in the smart lighting market are two emerging trends that have a direct influence on the industry’s dynamics.
It is forecasted that the control system will continue to be the biggest category because of the rising efficiency of smart homes and improved energy. And the retail for automated bulbs is anticipated to rise the most throughout the projected period, owing to the rising need for wireless technology in smart cities.
Light-emitting diodes (LEDs) are anticipated to remain the biggest market in the smart lighting industry and to expand at the fastest rate during the projection period. Over the projection period, the decreasing cost of LEDs, minimal maintenance, and great energy efficiency is projected to drive this segment’s growth.