Owing to the rapid adoption of smart lights, the global ambient lighting market is expected to reach $156.5 billion in 2030, from $60.8 billion in 2019, at a 9.2% CAGR between 2020 and 2030. As a result of the Industry 4.0 revolution, advent of the internet of things (IoT) technology, and need to save energy, the usage of light-emitting diodes (LED) lights is increasing.
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These factors have led to the introduction of smart lights, which are energy-efficient, offer improved functionality and aesthetics, and can be connected to the internet. Unlike traditional lighting, smart lighting systems can be preprogrammed according to people’s illumination requirement and remotely controlled from any internet-connected device.
The rising sales of smart LEDs are helping the ambient lighting market grow, as they allow people to control their color and brightness, as per the mood; moreover, such systems allow multiple bulbs to be controlled from one spot, via the mesh technology, which lets individual LED lights communicate with each other. The ambient lighting market is currently witnessing the negative effects of the coronavirus situation, as the supply of lighting components and manufacturing of the final products have halted to a great extent.
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Moreover, due to a shortage of laborers, residential, industrial, and commercial infrastructure projects are witnessing a stagnation in progress, especially in China and India, which has reduced the demand for lighting solutions. Similarly, with a partial or complete ban on people stepping out for leisure purposes, the travel and tourism sector, which is a major consumer of ambient lighting solutions, is under recession.
