LED adoption continues to grow as prices decline, building codes evolve, and connected functionality becomes ubiquitous
BOULDER, Colo.--(BUSINESS WIRE)--#ConnectedLEDs--Guidehouse Insights analyzes the global market for residential LED, non-LED, and connected LED lamps and luminaires and lighting controls, providing forecasts for unit shipments and revenue, through 2029.
LED lighting is rapidly becoming the predominant technology of the residential lighting installed base, thanks to declining technology prices, the longer life of LED lighting, increased energy savings, and building code advancements that mandate the adoption of LEDs. As LED penetration increases, digital lighting controls are also seeing increased growth, and the benefits of both technologies are driving sales and mitigating negative revenue impacts of COVID-19 lockdowns. Click to tweet: According to a new report from @WeAreGHInsights, global annual residential lighting controls revenue is expected to grow from $1.3 billion to $1.9 billion at a compound annual growth rate (CAGR) of 4.9% from 2020 to 2029.
“Dimmers represent the largest share of lighting controls revenue during this time, while connected controls are expected to grow at the fastest rate,” says Daniel Talero, research analyst with Guidehouse Insights. “Connected LEDs currently make up a fractional segment of overall LEDs and controls, but they are seeing strong growth driven by improved integration with broader smart home technologies, ease of use, and features such as voice control are driving this growth.”
According to the report, several barriers exist to continued LED market penetration. The higher (though declining) cost of LED lighting relative to legacy technologies is holding back adoption, particularly in the Middle East & Africa, Latin America, and in Asia Pacific’s developing markets (e.g., India). In these regions, LED-based building codes are often in development, and projects are too cost-sensitive for imported LED technology. In connected LEDs, the price differential is usually larger, further limiting adoption in emerging markets.
The report, Market Data: Residential Energy Efficient Lighting and Lighting Controls, examines and sizes the global market for residential non-LED, LED, and connected LED lamps and luminaires and lighting controls. The types of controls analyzed include sensors, timers, dimmers, and connected controls. Residential lighting, lighting controls, and connected lighting market drivers and barriers are assessed. The major global regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) are analyzed, and forecasts of unit shipments and revenue extend through 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
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* The information contained in this press release concerning the report, Market Data: Residential Energy Efficient Lighting and Lighting Controls, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.