Smart Lighting Market Projected to Reach $27.7 billion by 2026

According to a research report by MarketsandMarkets, the Smart Lighting Market is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026.
Major drivers for the growth of the market are ongoing and upcoming smart city projects in developing cities, improved smart standards for higher power, introduction of new features such as data analytics and API event generation, rising demand of IoT enabled lighting fixtures, increasing use of LED lights and luminaires in outdoor lighting, etc.
The increased digital transformation throughout the globe and adoption of ever changing technology is also a reason for the increased demand of smart lighting in commercial and industrial sectors. Moreover, the lower manufacturing cost and rapid infrastructure building and increasing government initiatives for energy efficient buildings as well as huge untapped market in countries of APAC act as growth opportunities for developers of smart lighting.
Growing smart office and smart retail trends, geographical opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination toward energy-efficient lighting solutions are the major opportunities for the smart lighting market. However, disruption in the smart lighting supply chain due to COVID-19 and interoperability issues between different network components are proving to be a challenge for the market.
Source: LED News - blognews