July 14, 2017: The global smart lighting and connected lighting controls market was valued at US$ 6 billion in 2015, which is estimated to more than double in value by 2020, according to IHS Markit report.
The residential smart lighting market was worth US$ 1 billion in 2015, which is forecast to see the highest growth for smart lighting, and will grow to about US$ 4 billion in 2020, at a compound annual growth rate of 30.5% from 2015 to 2020.
The driving factors
As lighting companies look for more application areas beyond LED lighting, and want to leverage the demand for IoT systems, smart lighting market will get a strong push. Basically, IoT will drive the smart lighting market.
The smart lighting market can be divided into three application areas—commercial, residential, and outdoor and street lighting. IoT systems will be a major driver for both commercial and outdoor and street lighting applications, as lighting companies will look to leverage lighting systems that can to act as the ‘backbone’ for IoT networks.
The residential smart lighting market is also witnessing growth with increase in adoption of smart home offerings like Google’s Nest, Apple’s HomeKit, Samsung’s SmartThings, Amazon’s Alexa, etc.