Smart Lighting Market worth 20.98 Billion USD by 2023
According to the new market 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 USD 7.93 Billion in 2018 to USD 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.
Browse 68 tables and 50 figures spread through 169 pages and in-depth TOC on "Smart Lighting Market - Global Forecast to 2023"
Smart lighting market for services to grow at highest CAGR between 2018 and 2023
Services play a major role before and after the installation of smart lighting systems. This segment comprises design and engineering services, installation service, and post-installation services (maintenance, and support and monitoring services). The growth of the smart lighting market for services is mainly attributed to the expected high rate of adoption of smart street lighting systems for energy conservation and ecological safety during the forecast period. Post-installation services consist of maintenance, support, and monitoring services for smart lighting systems. Among these, maintenance and support services require high expenditure. Post-installation services consist of maintenance and support for smart lighting systems to ensure long life of the luminaires and lamps, with minimum energy consumption and maximum efficiency.
Indoor application to hold larger share of smart lighting market by 2023
Indoor application (residential, commercial, and industrial) is expected to hold a larger size of the smart lighting market during the forecast period. In residential applications, smart lighting can be installed according to the requirement of a particular room or