Smart Lighting Market Size Is Forecast to Reach Usd 8.5 Billion by 2023, Growing at a Cagr of over 22% from 2016 to 2023.

Smart lighting market size is forecast to reach USD 8.5 billion by 2023, growing at a CAGR of over 22% from 2016 to 2023. Rapid growing energy conservation demand along with rising need of maintaining an intelligent lighting ecosystem is anticipated to drive the industry over the forecast period.

Escalating concerns regarding environmental impact and surging commercialization of Li-Fi networked wireless communication technology is expected to further propel demand. Global Li-Fi market size is forecast to grow at over 70% CAGR from 2016 to 2023. Rising OLED penetration in numerous industry sectors such as industrial, architectural and backlighting is also likely to catalyze global smart lighting market growth.

Commercial smart lighting market share is expected to grow at a CAGR of over 20% from 2016 to 2023. It is projected to remain the key end-use segment over the long term. Asia Pacific smart lighting market size is projected to grow at a CAGR of over 20% from 2016 to 2023.

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In addition to controlling lights via an automated system, the technology enables dynamic functionality with respect to the intensity, control, as well as color. Convergence with IoT and growing demand in street lighting systems will also be among major growth drivers. Imparting awareness regarding the payback periods and installation costs are forecast to alleviate industry restraints.

These systems involve two major components, luminaries and control & communication circuitry. Luminaries include LED lamps, fluorescent bulbs and HID (high intensity discharge) lamps, whereas control & communication circuitry encompasses microcontrollers, sensors, receivers, and others. These systems involves usage of intelligent lighting control and are capable of controlling light based on numerous parameters such as color temperature, movement, occupancy and amount of natural...