Smart Lighting and Control Systems Global Market is Projected to Reach $153.7 Billion by 2030: Smart Intelligent LED Lighting Catalyzes Growth Prospects
/PRNewswire/ The "Smart Lighting and Control Systems: Global Strategic Business Report" report has been added to ResearchAndMarkets.com s offering. The.
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A Decimated Global Economy Leave Smart Lighting & Control Systems Market High & Dry. Revenues Shrink by -11.9%
The global market for Smart Lighting & Control Systems is expected to decline by -11.9% in the year 2020 and thereafter recover and grow to reach US$93.2 billion by the year 2027, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027. COVID-19 has pushed the global economy into the steepest recession ever with GDP growth nosediving by -4.9%, shaving off over US$7 trillion in value.
Although the pandemic has highlighted the importance of smart technologies in building resilience against disruptions, financial constraints are impeding immediate technology investments. As new construction projects take a hit, novel installations of lighting is dwindling. In industrial and commercial settings, there is likely to be a decrease in retrofit installations, given that there are