The global annual revenue for connected lighting systems will increase by 17.6% between 2019 and 2028, according to Navigant Research.
The market revenue is expected to reach $6 billion in 2028.
Key investment drivers include energy savings, increasing market awareness of the Internet of Things and an increase in the implementation of both voluntary and mandatory building energy-efficiency standards.
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The study reveals that:
- LEDs are providing a foundation for the increased adoption of connected lighting systems.
- The commercial lighting market is shifting as controls become more sophisticated.
Krystal Maxwell, a senior research analyst with Navigant Research, said: “Connected lighting solutions deliver business value and insight by leveraging advanced sensors and analytics that drive efficiency and enable occupant controllability.
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“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.”
For information about the report, click here.