Smart Lighting To Score A $20.98 Billion Market Share

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.

 

High Points 

SENSORS MIDWEST

Sensors Midwest Hits Rosemont, IL October 16-17!

Sensors Midwest, the industry's largest event focusing on sensors, design, and IIoT in the Midwest region, is scheduled for October 16-17 at the Donald E. Stephens Convention Center in Rosemont, IL. Co-located with STMA, the event draws over 1,000 engineers and engineering professionals that are looking for access to the latest sensor advancements and will provide an opportunity to connect with the area's greatest technology leaders and suppliers.
  • 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). 

For greater illumination, browse the report.

 

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