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The smart lighting market size is forecast to increase by USD 26.56 billion at a CAGR of 20.85% between 2023 and 2028. The market is experiencing significant growth due to the emergence of energy-efficient LED technology and the advent of IoT. LED smart lighting systems are increasingly replacing traditional incandescent lamps to reduce greenhouse gas emissions and promote environmental protection. The longer life spans and energy usage efficiency of LED technology make it an attractive choice for both residential and commercial applications. However, challenges persist, such as the need for interoperability standards like Z-Wave and DALI, and the mercury content in traditional lighting systems posing disposal issues. Smart assistant platforms are also transforming the landscape of lighting systems, enabling users to control smart street lights and indoor lighting with voice commands. The market is expected to continue growing as technological advancements address these challenges and drive innovation in the smart lighting sector.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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