Residential connected lighting market shows significant potential as adoption of smart home platforms increases
A new report from Navigant Research examines the global market for residential connected lighting, providing market forecasts for shipments and revenue, segmented by type (lamps, luminaires, and controls) and region, through 2026.
The advent of smart home technologies is changing consumer interactions with lighting in their homes. Voice-activated platforms, such as Amazon Echo and Google Home, along with other connected lighting technologies, are demonstrating new use cases in applications that range from security and home automation, to health and wellness and elderly care. Click to tweet: According to a new report from @NavigantRSRCH, global residential connected lighting revenue is expected to grow from $644.3 million in 2017 to more than $1.9 billion in 2026.
“We are starting to see smarter lighting products enter the market as the competition grows, with large incumbents vying for market share and smaller startups offering unique point solutions,” says Paige Leuschner, research analyst with Navigant Research. “Though the market is nascent, it shows strong potential for growth as smart home adoption increases and use cases for connected lighting become more apparent.”
In the past couple of years, companies such as Lutron that have never been active in the residential sector have become key players in response to the potential opportunity of the residential connected lighting market, according to the report. Aside from increasing adoption of smart home technology and new use cases, market players are also entering this space to take advantage of new regulations and codes that may require decreased energy consumption and the use of daylighting—both of which can be achieved through the use of connected light-emitting diodes (LEDs).
The report, Residential Connected Lighting, analyzes the global market for residential connected lighting. The study provides an analysis of the market issues, including definitions, regulations, drivers, and barriers, associated with residential connected lighting. Global market forecasts for shipments and revenue, segmented by type (lamps, luminaires, and controls) and region, extend through 2026. The report also examines the key technology trends related to residential connected lighting, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Residential Connected Lighting, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.