According a MarketsandMarkets research report, "Smart Lighting Market by Offering (Hardware (Lights & Luminaires, Lighting Controls), Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application Type, and Geography - Global Forecast to 2023", the smart lighting market is estimated to grow from $7.93 Billion in 2018 to $20.98 Billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide.
- Smart lighting market for services to grow at highest CAGR between 2018 and 2023
- Indoor application to hold larger share of smart lighting market by 2023
- Smart lighting market for wireless connectivity to grow at higher CAGR between 2018 and 2023
- APAC to hold largest share of smart lighting market by 2023
- Major players in the smart lighting market are Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).
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