The smart lighting market’s worth it going to grow to $20.98 billion by the year 2023 according to a report by MarketsandMarkets.
The growth comes as a result of the modernization and development of the smart lighting infrastructure to transform cities into smart cities, along with the reduced cost of LED’s, and the need for low-cost energy systems.
With growing interest in smart lights for use in cities, services will play a major role before and after installation of these smart lighting systems. Installation services, monitoring services, and more will be involved with the upkeep of these systems, while also reducing the cost of energy within the city.
Indoor usage will hold a larger share of the growth in smart light usage, with businesses, residential and office settings adopting the lighting solutions at a quick pace.
Offices will use these lights to better optimize energy costs by turning off lights when they’re not being used, wirelessly, or reducing the level of light to match the needs of each office or room.
The largest adopter of smart lighting solutions is in the Asia-Pacific (APAC) with increased construction leading to the installation of smart lighting solutions.
The report says that rising government expenditure is largely the reason for the increase in installation of smart lighting, with increased adoption rates due to a need for energy-efficient solutions for public infrastructures.