One of the key factors anticipated to fuel the expansion of the global market for smart lighting over the forecast period is the rising need for energy-saving measures at homes throughout the globe. The demand for LEDs has grown globally as governments all over the world have begun enforcing policies and regulations around energy consumption. Also, manufacturers are embracing regulatory regulations more quickly, which is increasing consumer preference for light solutions. New criteria for light bulbs were created in 2007 as a result of the Energy Independence and Security Act, which was enforced by Congress in the United States. As a result, the market is expanding due to the increase in demand for energy efficiency.
The global Smart Lighting Market size was valued at USD 20.55 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030.
Prominent Players in the Smart Lighting Industry:
1. LG Electronics
LG Electronics Inc., together with its subsidiaries, manufactures and sells consumer electronics, mobile communications, and home appliances worldwide. LG Electronics Inc. was founded in 1958 and is headquartered in Seoul, South Korea.
2. Cooper Lighting, LLC
Founded in 1997, Cooper Lighting delivers an industry-leading portfolio of indoor and outdoor lighting, lighting controls and smart lighting systems. It has headquarters situated in Peachtree City, GA.
3. General Electric Company
General Electric Company operates as a high-tech industrial company. General Electric Company was incorporated in 1892 and is headquartered in Boston, Massachusetts. In December, 2022 GE Gas Power and MYTILINEOS, announced they have secured an order from the electricity Supply Board of Ireland for the construction of new gas fired power plant in Dublin.