Smart Fixtures To Triple Share Of Lighting Market

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, says a report from the Freedonia Group. Robust sales growth will be driven by rapid growth in the broader smart tech and internet of things (IoT) markets including smart home devices. Consumer interest continues to grow for the convenience of smart lighting capabilities, such as wireless, away-from-home, and voice control as well as energy saving potential. In addition, smart lighting is one of the most common features of smart homes, commercial building automation, and, increasingly, smart cities. The residential market accounts for the bulk of smart lighting source sales due to the surging popularity of smart home systems 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 non-building markets, lighting already forms a widespread electrical network and is, therefore, a natural platform for integration of data networks, automated systems, and IoT connectivity.