Networked Lighting Controls Revenue Is Expected To Reach $4.8 Billion in 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A new report from Navigant Research examines the global market for lighting controls, including forecasts for unit shipments and revenue, segmented by equipment type, building type, construction type, technology, and region, through 2024.
Increasingly, regulations around the world are calling for the adoption of lighting controls and are encouraging more advanced control systems to minimize energy consumption. While all lighting control systems still function at their core to dim or shut off lights that are unnecessary, today’s systems also provide non-energy benefits that are potentially more valuable to building owners and managers, including improved monitoring and maintenance, enhanced occupant experience, and space utilization visualizations. Click to tweet: According to a new report from Navigant Research, global networked lighting controls revenue is expected to grow from $2.2 billion in 2015 to $4.8 billion in 2024.
“In the midst of the ongoing transformation from previously dominant fluorescent lighting to more efficient and flexible LED lighting, the market for lighting controls has expanded broadly,” says Jesse Foote, senior research analyst with Navigant Research. “Innovations from small and large companies alike have led to a proliferation of creative ways to visualize lighting usage and devise new strategies to manage lighting energy consumption, as well as a host of non-energy benefits.”
For many consumers, the falling marginal costs of including controls in lighting projects have also made the decision to incorporate these systems considerably easier, according to the report. In some cases, companies are even offering control systems by default to operate the lights that they install, thus bringing advanced controls to customers that might otherwise not have sought them out.
The report, Intelligent Lighting Controls for Commercial Buildings, analyzes the worldwide market for lighting controls. The study examines sensors, relays, switches, ballasts, drivers, network control gear, network services, and communications technologies, with a specific focus on networked lighting controls. Global market forecasts for unit shipments and revenue, segmented by equipment type, building type, construction type, technology, and region, extend through 2024. The report details the market drivers for these technologies, including building codes, hardware costs, and consumer expectations, as well as barriers to adoption, and provides profiles of select industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Intelligent Lighting Controls for Commercial Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.