31 Oct Navigant Research Report Finds Global Annual Revenue for Connected Lighting Systems Is Expected to Experience a Compound Annual Growth Rate of Nearly 18%
Key investment drivers include energy savings, market awareness of Internet of Things, and voluntary building standards
BOULDER, Colo.–(BUSINESS WIRE)–#AdvancedSensors–A new report from Navigant Research examines and sizes the global commercial market for connected lighting, including hardware, software, and services within commercial buildings, from 2019 through 2028.
The commercial lighting market is shifting as controls become more sophisticated. LEDs have provided the foundation for increased adoption of lighting controls and generated greater interest and adoption of connected lighting systems. Click to tweet: According to a new report from @NavigantRSRCH, global annual revenue for connected lighting systems is expected to experience a compound annual growth rate of 17.6%, reaching $6 billion in 2028.
“Connected lighting solutions deliver business value and insight by leveraging advanced sensors and analytics that drive efficiency and enable occupant controllability,” says Krystal Maxwell, senior research analyst with Navigant Research. “They may also integrate with other automation systems to coordinate operations of HVAC, security and access, facility scheduling, and maintenance systems to deliver even greater financial and business benefits.”
Although the connected lighting market has seen slow growth, a number of factors are helping to drive the market forward. Beyond LEDs, other key drivers are energy savings, the growth of IoT and connected devices, but also non-mandatory building codes, or quality organizations, such as the DesignLights Consortium (DLC), that certify products meet a set of quality requirements.
The report, Connected Lighting Overview, analyzes the global market for connected lighting, including hardware, software, and services within commercial buildings. Hardware forecasts cover occupancy sensors, photosensors, multi-feature sensors, embedded luminaires, relays, and switches within commercial buildings. The market outlook also projects revenue across office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transport segments. The study provides analysis of connected lighting opportunities across major geographic regions: North America, Europe, Asia Pacific, and the Rest of World. Market issues including key drivers and barriers in commercial buildings are also discussed. 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 – A Guidehouse company, 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.
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* The information contained in this press release concerning the report, Connected Lighting Overview, 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 – a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.