Global smart lighting and control systems market to reach $78.8bn by 2026

Global Industry Analysts, a market research publisher, detail the market surge in their new report, Smart Lighting and Control Systems – Global Market Trajectory & Analytics.

The global market for smart lighting and control systems ($40.5 billion in 2022) is projected to reach a revised size of $78.8 billion by 2026 at a 14.7% compound annual growth rate (CAGR), according to the report.

LED segment

Light-emitting diodes (LEDs), one of the segments analysed in the report, is projected to record a 17.7% CAGR and reach $67.5 billion. Growth in the fluorescent lamps segment is revised to grow by 6.1% CAGR over the next seven years.

Market growth is dominated by the LED segment, due to its boom in use across lighting applications. It also benefits from numerous perks, including high energy savings, low carbon emissions, decline in cost and comparative superior performance.

Have you read:
The role of energy markets in times of rising energy prices
Saudi Arabia’s energy market unpacked
Global LiFePO4 battery market size to surpass $15 million by 2028 – report

International markets

The market in the U.S. is currently estimated at $9.8 billion. China is forecast to reach a projected market size of $11.8 billion by the year 2026 with a CAGR of 18.4%. Japan, Canada and Germany forecast growth at 12.6%, 13.6% and 13.3% respectively.

North American and European economies lead market growth due to strong government support and advanced LED lighting solution implementation.

Rising awareness about energy conservation constitutes a key factor driving smart lighting system use within developed economies. Comparatively, rapid industrialization and the need for energy optimized infrastructure are predicted to boost market prospects in developing economies.

Wired segment

As LEDs become ubiquitous in commercial spaces, wired smart lighting controls are expected to increase in number and open strong growth opportunities.

In the global wired (connectivity) segment, USA, Canada, Japan, China and Europe will drive an estimated 13.5% CAGR.

These regional markets, which account for a combined market size of $20.2 billion, will reach a projected size of $48.7 billion by the close of the analysis period.

China will remain among the fastest growing in this cluster. The Asia-Pacific market is forecast to reach $4.3 billion by 2026 and will be led by countries such as Australia, India, and South Korea.

The full report can be purchased here.