The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Government support in developed and developing economies are expected to drive innovation in smart lighting manufacturing, thus driving the market during the forecast period.

The global smart lighting market is expected to grow from $13.15 billion in 2022 to $15.55 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The global smart lighting market is expected to grow to $31.77 billion in 2027 at a CAGR of 19.6%.

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Global Smart Lighting Market Segments Include:

• By Product: Smart Bulbs, Fixtures, Lighting Controls
• By Application: Commercial, Government, Residential, Other Application
• By Light Source: LED, HID, Other Light Sources
• By Communication Technology: Wired, Wireless
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global smart lighting market in 2021.

Major Market Players in the smart lighting market include Koninklijke Philips NV, Cree Inc., General Electric Company, Acuity Brands Inc., Cisco Systems Inc., Eaton, Deco Lighting, Dialight, Honeywell Inc., and Osram Licht AG.

The use of Li-fi (Light Fidelity) network is the latest trend in the general lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission. The common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second. Keeping up with the trend, in 2020, Light Rider Inc., a quantum Li-Fi company announced the launch of two quantum encryption products called the Light Rider LT and Light Rider Quantum. The company is the first to combine Li-Fi, a wireless communication technology that utilizes light to transmit data between devices, and quantum technology.

The Smart Lighting Global Market Report 2023 provides a smart lighting market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart lighting market forecast analyzes smart lighting market size, smart lighting market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Smart lighting is defined as lighting technology for smart homes connected to the internet. The use of sensors for instances like automatic light dimming or adjusting the brightness of light depending on the mood of the user are some of the features of smart lighting. A smart lighting system ensures high-cost savings and lower energy usage.

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