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Market forecast: By 2028, the smart lighting market will reach US$46.9 billion

Update time : 2021-08-18 17:53:27

Market forecast: By 2028, the smart lighting market will reach US$46.9 billion

The market growth is attributed to the rising trend of smart cities, smart homes, smart street lighting systems, and the demand for energy-saving LED lighting systems.

According to a new study by Grand View Research, Inc., by 2028, the global smart lighting market is expected to reach 46.9 billion U.S. dollars, with a compound annual growth rate of 20.4% from 2021 to 2028. The market growth is attributed to the rising trend of smart cities, smart homes, smart street LED lighting systems, and the demand for energy-saving lighting systems. Although smart lights are more expensive than ordinary lights, their advantages outweigh the overall installation cost. However, due to the decline in purchasing power of middle-class income groups during the COVID-19 pandemic, the high price of smart LED lights has limited market growth.

The global smart LED lighting market will be worth 10.85 billion U.S. dollars in 2020, and it is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2021 to 2028. Ambient lighting using only smartphones or tablets has increased its popularity and demand in commercial and residential spaces. Smart lamps can be dimmed in various tones as needed, can be arranged to turn on/off, monitor the energy usage of the lighting, and connect via Wi-Fi, Bluetooth, SmartThings, Z-Wave or ZigBee.

In addition, smart LED lamps can be voice-controlled through integration with platforms, such as Google Assistant, Amazon's Alexa, Apple's Siri or Micro soft's Cortana. In addition to lighting, these extensive functions, coupled with the increasing popularity of IoT devices and smart assistant platforms, have created a market growth path for smart lighting.

In addition, many smart lighting companies have reported that the COVID-19 pandemic has had a negative impact due to lockdowns, destruction of construction activities and raw material supplies. The decline in consumer purchasing power and the delay in completion of construction projects due to the COVID-19 pandemic have driven the number of smart light purchase orders, timetables and payments.

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