The global smart lighting market is projected to grow substantially in the coming years owing to rapid urbanization and rising demand for energy efficient lighting solutions across both residential and commercial sectors. Smart lights offer seamless connectivity with IoT devices and provide customizable lighting effects. With technological advancements in LEDs and controls systems, smart bulbs, lamps and lighting fixtures are becoming smarter, brighter and more eco-friendly. Several governments worldwide are promoting smart city projects which is creating conducive environment for market growth of smart lighting.
Market Dynamics:
The key drivers fueling the global smart lighting market include growing need to reduce energy consumption, rising inclination towards home and building automation, and increasing governmental initiatives for infrastructure development and adoption of smart technologies. However, high initial costs of smart lighting installations and complex technical upgrades are expected to hamper the market demand initially. On the positive side, ongoing R&D to develop advanced wireless lighting control solutions and growing adoption of Li-Fi technology based smart lighting offers numerous opportunities in the coming years.
Key features of the study:
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