The global smart lighting market is projected to reach USD 80.9 Billion by 2030
Roots Analysis has announced the addition of "Smart Lighting Market, 2019-2030" report to its list of offerings.
By: Roots Analysis
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Key Market Insights
Hardware segment is expected to capture about three-fifth of the overall market share by 2030
This segment is likely to be driven by the increased adoption of smart lighting lamps across the residential, commercial and industrial users. Further, smart LED lamps are anticipated to grow at a relatively faster rate (28.4%) during the forecasted period.
On cloud software is expected to grow at an estimated CAGR of 23.1% during the forecast period
Cloud based software solutions help the users to remotely monitor, update and maintain the lighting systems from their preferred devices (phone / laptop / tablet / desktop) at all times.
Wi-Fi is amongst the most popular technologies and is witnessing a relatively higher adoption
Wi-Fi based smart lighting products are popular for indoor lighting applications, such as for home, office, hospitals, and hotels. Ubiquity, ease of connection and user familiarity are some of the key factors that are likely to aid the growth of the Wi-Fi based smart lighting solutions.
By 2030, North America and Europe are anticipated to capture over 70% of the market share
This can be attributed to increased adoption of energy efficient lighting systems in order to reduce electricity bills in these regions. It is also worth highlighting that the market is experiencing significant growth in the Middle Eastern and Latin American regions due to the various initiatives of regional governments to drive the use of such systems.
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The USD 80.9 billion (by 2030) financial opportunity within the global smart lighting market has been analyzed across the following segments
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