Globally Smart Lighting Market to Reach Worth $27.7 Billion by 2026
The smart lighting market is projected to reach $27.7 billion by 2026 from $10.9 billion in 2021; it is expected to grow at a compound annual growth rate (CAGR) of 20.5 percent from 2021 to 2026, according to a research report by MarketsandMarkets. Europe has the largest market share for smart lighting, the report notes. However, the Asia-Pacific (APAC) region has the highest growth rate and is expected to grow at the highest CAGR during the forecast period due to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea and Australia. The smart lighting market is exhibiting an upbeat outlook in the APAC region because of advancements in technology and the emergence of new business models as well as new construction in its developing cities. The booming commercial and industrial sectors would further fuel the adoption of smart lighting in APAC. Furthermore, growth in end-use sectors and mounting investment from government bodies also favor the growth of smart lighting in the region. Also, various smart city projects are going on worldwide, presenting a huge opportunity for technology companies, technology service providers, utility providers, and consulting companies. The concept of smart cities is becoming synonymous with smart lighting. The main objective of smart city infrastructure is to use electricity more efficiently. Smart cities are being seen as the driving factors for sustainable economic growth in a country; the growth of cities is strongly attributed to rapid urbanization. There is a growing trend of the transformation of cities into smart cities. Energy efficiency, sustainability of resources, and advancements in digital technologies have led to the rise of the smart cities concept. The Covid-19 pandemic has had a heavy impact across industries and businesses. Since the outbreak began in China in 2020, major disruptions have created ripple effects in economies worldwide. The impact of Covid-19 on the smart lighting market will have a long-lasting effect. Like much of the manufacturing sector, smart lighting manufacturers also depend on China for a significant percentage of the components used; the country is one of the major exporters of LED and lighting components. The lockdowns imposed across the world disrupted the production of LED and other components, resulting in a profound impact on the smart lighting industry supply chain. Without the necessary components, production came to a complete stop in many regions such as North America and Europe. However, the situation improved in the second half of 2020 as supplier companies started operating with limited capacity.
Tags : INTERNATIONAL COVID-19 pandemic Globally Reach Smart Lighting Market