According to a new report released by Navigant Research, the annual revenue of the global residential lighting control market will increase from $963 million in 2018 to $1.5 billion in 2027.
The residential market for networked LED lights, fixtures and controllers is growing. The interest in smart homes is growing, and the desire for home automation is driving the adoption of connected LED lighting worldwide.
Despite the added value of networked LEDs, the overall market penetration of these products remains low. This is due to a lack of consumer understanding of the value and use cases of connected lighting products.
Krystal Maxwell, the research analyst at Navigant Research, said: "Like LED prices and longer lifespans will help drive the adoption of unconnected LEDs. However, these drivers are not the same for networked LEDs, with the increasing popularity of smart homes and connected lighting. The added value is central and focuses on safety and health."
Lighting manufacturers are reportedly turning to light control and networking products to continue to create value for customers. As the revenue from residential luminaires declines, control devices, and networked LED products also provide manufacturers with new sources of revenue. This is due to the LED price drop and the longer life of the LED replacement traditional lighting products. However, even with the increase in the number of available control products, the control needs in the residential sector are still not high.
Residential lighting controls include sensors, timers, dimmers, and networked controls. The report forecasts global markets to 2027 based on region, technology type, product type, and building type.
