The Smart Lighting Global Market Report 2023 by The Business Research Company, provides smart lighting market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Smart Lighting Global Market Report 2023, the global smart lighting market size will grow from $13.15 billion in 2022 to $15.55 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global smart lighting is expected to grow to $31.77 billion in 2027 at a CAGR of 19.6%.
Government support in developed and developing economies drive the growth of the smart lighting market. The growth of the smart lighting market in emerging markets is reinforced by the increase in disposable incomes, regulatory support in using energy-efficient lights, and the incorporation of advanced technologies. A smart lighting system confirms high-cost savings and lower energy consumption.
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The smart lighting market is segmented:
1) By Product: Smart Bulbs, Fixtures, Lighting Controls
2) By Application: Commercial, Government, Residential, Other Applications
3) By Light Source: LED, HID, Other Light Sources
4) By Communication Technology: Wired, Wireless
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 market report table of contents includes:
1. Executive Summary
2. Smart Lighting Market Characteristics
3. Smart Lighting Market Trends And Strategies
4. Smart Lighting Market – Macro Economic Scenario
5. COVID-19 Impact On Smart Lighting Market
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26. Africa Smart Lighting Market
27. Smart Lighting Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Lighting Market
29. Smart Lighting Market Future Outlook and Potential Analysis
30. Appendix
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