BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research provides global market forecasts for residential energy efficient lighting and lighting controls segmented by region, technology type, product type, and building type, through 2027.
The residential market for connected LED lighting lamps, luminaires, and controls is growing. Increased interest in the smart home and desire for home automation is spurring global adoption of connected LED lighting. Click to tweet: According to a new @NavigantRSRCH report, global annual residential lighting controls revenue will grow from $963.0 million to $1.5 billion from 2018 to 2027.
Despite the added value of connected LEDs, overall market penetration of these products is still small. This is partly due to consumers’ lack of understanding of the value and use cases of connected lighting products.
“Declining LED prices and the longer lifetime are helping to drive adoption of non-connected LEDs,” says Krystal Maxwell, a research analyst with Navigant Research. “However, these drivers are different for connected LEDs, which are centered around growing adoption of the smart home and added values of connected lighting focused on security and health.”
According to the report, lighting manufacturers are turning toward lighting controls and connected products to continue adding value for customers. Controls and connected LED products also provide manufacturers a new or increased revenue stream as revenue for residential lamps declines. This is due to declining LED prices and the replacement of legacy lighting products with longer lasting LEDs. However, even with the increased number of available controls products, demand for controls in the residential sector is still not strong.
This Navigant Research report, Market Data: Residential Energy Efficient Lighting and Lighting Controls, analyzes the global market for residential energy efficient lighting and lighting controls. The study focuses on residential non-LED, LED, and connected LED luminaires and lamps. Residential lighting controls are also included in this assessment, including sensors, timers, dimmers, and connected controls. Global market forecasts, segmented by region, technology type, product type, and building type, extend through 2027. The report also examines the key trends and market drivers and barriers related to residential energy efficient lighting and lighting controls.
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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Market Data: 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.