Advances in efficient LEDs and remote controls have put the residential lighting market on verge of a widespread transformation, according to researchers at Navigant Consulting, Chicago. The consulting and research firm released a new study that looks at the primary classes of light sources and intelligent controls, and found that global revenue associated with the installation of residential lighting controls may grow from $2.4 billion in 2014 to $4.6 billion in 2023. Meanwhile Navigant expects LEDs for residential applications to exceed 1.1 billion units annually by that time.
Navigant sees drivers beyond the desire to reduce energy costs behind the change. The most important factor, they said in a release, is homeowners being drawn into the range of new uses that controllable and networked LED lighting systems can bring. “The movement to more all-encompassing home energy management (HEM) and home automation, of which smart lighting is a part, is steadily gathering pace,” Navigant said.
The report, titled “Residential Energy Efficient Lighting and Lighting Controls” offers analysis of the global residential lighting equipment market, focusing on LED lamps and luminaires but also forecasting sales for incandescent, halogen and fluorescent lamps as well as an assortment of control devices including occupancy sensors, photosensors, timers, dimmers and the like. They came up with market forecasts and also give readers a look at the competitive landscape in global lighting.