Global market revenue for IoT lighting solutions is expected to reach $4.5 billion in 2026
A new report from Navigant Research examines the global market for Internet of Things (IoT) lighting solutions within commercial buildings, providing use cases, case studies, and forecasts for revenue, through 2026.
IoT lighting solutions bring connectivity to devices that were previously not connected, can provide data through the connection, and allow devices within or outside of lighting systems to communicate. Opportunities for energy and operational cost savings, occupant health and well-being, and insights from data analytics are driving this market forward. According to a new report from@NavigantRSRCH, global market revenue for IoT lighting is expected to grow from $651.1 million (€545.33 million) in 2017 to $4.5 billion (€3.77 billion) in 2026.
“Data generation has increased due to the continual growth of connected devices,” says Krystal Maxwell, research analyst at Navigant Research. “The level of granular data produced from an IoT lighting system can be utilised by other building systems and provide greater insight into the building as a whole, making lighting an ideal entrance for IoT in commercial buildings.”
With the aid of networked lighting controls and easy-to-use sensors, the evolution from intelligent lighting control systems to IoT lighting systems is accelerating, according to the report. While lighting controls were originally designed for dimming or daylighting, they have evolved to also assist with space utilisation, conference room management, increased employee productivity, and improved operational efficiency through the removal of labor required by facility managers or other building personnel.
The report, IoT for Lighting, analyses the global market for IoT lighting solutions, including hardware, software, and services, within commercial buildings. The study examines use cases and provides case studies highlighting IoT lighting solutions in select building types. Global market forecasts for revenue, segmented by offering type, building type, and region, extend through 2026.
The report also analyses market issues, including key drivers and barriers for IoT lighting solutions in commercial buildings, as well as prevalent and emerging communication protocols for IoT lighting systems. An Executive Summary of the report is available for free download on the Navigant Research website.