BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research analyzes the global market for residential energy efficient lighting and lighting controls, including global market forecasts for LED, incandescent, halogen, and fluorescent lighting.
Prices for light-emitting diodes (LEDs) have come down dramatically, and the market for LED luminaires and lamps is set to explode in the residential sector as prices continue to fall, efficacy improves, and new use cases for lighting develop. Accompanying the spread of LEDs are advances in connected lighting that promise to dramatically alter the way people interact with the lighting in their homes. Click to tweet: According to a new report from Navigant Research, worldwide shipments of LEDs for residential applications are expected to grow from 81 million annually in 2014 to more than 1.1 billion by 2023.
“At the same time that many countries are phasing out or banning incandescent light bulbs, prices for LED bulbs are falling dramatically, especially for the popular A-type bulbs,” says Jesse Foote, senior research analyst with Navigant Research. “While compact fluorescent bulbs (CFLs) are still less expensive than LEDs, they cannot offer the same performance, and their use of mercury is an ongoing concern. LED adoption is therefore expected to increase rapidly in the coming years, as consumers choose to switch from incandescent to LEDs rather than to CFLs.”
Some LEDs are being designed with an embedded radio that allows the homeowner to remotely control a bulb, or a group of bulbs, using a smartphone, rather than the traditional wall switch. For lamp manufacturers facing revenue pressure because of the longer replacement cycles of LED lamps, the connected lighting revolution is likely to provide a timely boost, according to the report.
The report, “Residential Energy Efficient Lighting and Lighting Controls,” analyzes the global market for residential energy efficient lighting and lighting controls. It focuses on LED lamps and luminaires while also forecasting sales for three additional lamp technologies – incandescent, halogen, and fluorescent – as well as a number of control devices, including occupancy sensors, photosensors, timers, dimmers, lighting-only networks, and home energy management systems. Global market forecasts for unit shipments and revenue, segmented by region, lamp type, product type, and building type, extend through 2023. The report also examines the key technologies related to residential energy efficient lighting and lighting controls, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Residential Energy Efficient Lighting and Lighting Controls,” 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.