Smart Lighting Market size is expected to reach USD 46.90 billion by 2028
Smart Lighting Industry Overview The global smart lighting market size is expected to reach USD 46.90 billion by 2028, registering a CAGR of 20.4%, from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The market growth is attributable to the development of smart cities, the rising trend of smart homes , intelligent street lighting systems, and the need for implementing energy-efficient lighting systems. Although smart lights are expensive compared to general lights, their advantages outweigh the overall installation cost. However, the high price of smart lights restricted market growth as the purchasing capacity of the middle-class income group declined during the COVID-19 pandemic. Smart Lighting Market Segmentation Grand View Research has segmented the global smart lighting market based on component, connectivity, application, and region: Based on the Component Insights, the market is segmented into Hardware, Software and S...