Smart Fixtures to Triple Share of General Purpose Lighting Market Through 2024
Friday, March 26, 2021
CLEVELAND, March 18, 2021 /PRNewswire/ -- While just a fraction of the general purpose lighting market in 2019, smart lighting fixtures are expected to triple their share of demand through 2024, when sales are expected to approach $600 million. Robust sales growth will be driven by:
-- rapid growth in the broader smart tech and Internet of Things (IoT)
markets, including smart home devices, commercial building automation,
and smart city infrastructure
-- consumer interest in the convenience of smart lighting capabilities,
such as wireless, away-from-home, and voice control
-- energy saving initiatives, especially in commercial applications
The rising adoption of smart or smart-capable lighting will be driven by user interest in its technologically advanced capabilities, including wireless functions and voice-control features.
Smart Homes, Commercial Building Automation, & Smart Cities Represent Key Growth Areas
Smart lighting is one of the most common features of smart homes, commercial building automation, and, increasingly, smart cities. As the market for smart tech expands and approaches the goal of a pervasive IoT, smart lighting sales will be boosted significantly:
-- The residential market accounts for the bulk of smart lighting source
sales due to the surging popularity of smart home systems seen in recent
years as prices have dropped. The COVID-19 pandemic stimulated adoption
of smart home equipment as consumers were spending more time at home, a
key development driving some recent smart home product launches.
-- In commercial and nonbuilding markets, lighting already forms a
widespread electrical network and is therefore a natural platform for
integration of data networks, automated systems, and IoT connectivity.
Want to Learn More?
General Purpose Lighting Fixtures is now available from the Freedonia Group. This study analyzes the US market for general purpose lighting fixtures. Historical data for 2009, 2014, and 2019 and forecasts for 2024 and 2029 are provided for lighting fixture demand at the manufacturer's level in current dollars (which are not adjusted to account for inflation) by product, market (construction markets and consumer and commercial markets), and geographical region. Demand for smart lighting is also broken out in a separate chapter.
Specific products covered include:
-- outdoor lighting fixtures (area lighting, flood and security lighting,
outdoor PAR lampholders, roadway lighting, spotlighting)
-- indoor lighting fixtures (table, floor, and desk lamps; emergency and
exit lighting; ceiling- and wall-mounted lighting fixtures)
-- specialty lighting fixtures (industrial-grade and hazardadous,
flashlight
-- parts and accessories (roadway poles and other outdoor poles and
accessories, aftermarket lamp ballasts)
Demand is also segmented by light source:
-- light emitting diodes (LEDs), including LED lamps and LED-integrated
fixtures
-- fluorescent
-- HID
-- Incandescent, halogen, and other lighting
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@freedoniagroup.com
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SOURCE The Freedonia Group
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