global smart lighting market is projected to reach USD 80.9 Billion by 2030, growing at an annualized rate of 22.3% – The Daily Chronicle

Increasing demand for energy efficient lighting solutions and growing number of smart city projects across the globe are amongst the key drivers behind the evolution of the smart lighting market

Roots Analysis has announced the addition of Smart Lighting Market, 2019-2030 report to its list of offerings.

Key industry players and regional governments are working together to implement energy efficient lighting solutions to meet the goal of Paris Agreement 2015.

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Key Market Insights

Hardware segment is expected to capture about three-fifth of the overall market share by 2030This segment is likely to be driven by the increased adoption of smart lighting lamps across the residential, commercial and industrial users. Further, smart LED lamps are anticipated to grow at a relatively faster rate (28.4%) during the forecasted period.

On cloud software is expected to grow at an estimated CAGR of 23.1% during the forecast periodCloud based software solutions help the users to remotely monitor, update and maintain the lighting systems from their preferred devices (phone / laptop / tablet / desktop) at all times.

Wi-Fi is amongst the most popular technologies and is witnessing a relatively higher adoptionWi-Fi based smart lighting products are popular for indoor lighting applications, such as for home, office, hospitals, and hotels. Ubiquity, ease of connection and user familiarity are some of the key factors that are likely to aid the growth of the Wi-Fi based smart lighting solutions.

By 2030, North America and Europe are anticipated to capture over 70% of the market shareThis can be attributed to increased adoption of energy efficient lighting systems in order to reduce electricity bills in these regions. It is also worth highlighting that the market is experiencing significant growth in the Middle Eastern and Latin American regions due to the various initiatives of regional governments to drive the use of such systems.

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Key Questions Answered

The USD 80.9 billion (by 2030) financial opportunity within the global smart lighting market has been analyzed across the following segments:By Hardware

By Software

By Technology

By End Users

By Geography

The research covers profiles of key players that offer smart lighting products:

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https://www.rootsanalysis.com/reports/view_document/smart-lighting-market/283.html

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Contact:Gaurav Chaudhary+1 (415) 800 3415+44 (122) 391 1091[emailprotected]

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global smart lighting market is projected to reach USD 80.9 Billion by 2030, growing at an annualized rate of 22.3% - The Daily Chronicle