$4.5 Billion Global Smart Home Lighting Market by 2026 |
Within the next five years, over a billion smart lighting products will have been sold worldwide. By 2026, global annual revenues for smart lighting products will reach $4.5 billion. Smart light bulbs will make up three quarters of the unit shipments and 47% of the revenues by this time as other products such as connected light fixtures, light bars and light strips increase faster. Smart light switches and dimmers will make up 15% of the unit shipments and three quarters of the equipment revenues over the next five years. The pandemic has had a negligible impact on the smart home lighting market. According to ON World’s latest surveys with 2,400 online consumers, 1 in 6 purchased at least one smart lighting product in 2020 and an even higher percentage are planning to purchase more smart lighting products in 2021. 35% of Smart Lighting Users Have 5 or More Products Thirty-five percent (35%) of the respondents who are current smart lighting users bought at least 5 smart lighting products over the past two years and nearly half are planning the buy at 5 or more additional smart lighting products in the future. COVID-19 has driven demand for smart home solutions including smart lighting. Our surveys with early adopters found that 25% are MORE likely to purchase smart lighting products due to the pandemic. For respondents who are interested in smart lighting but not yet users, 11% indicate they are more likely to buy a smart lighting product due to the pandemic. Trends: Security Outdoor Lighting, Entertainment Lighting Smart light bulbs are the most popular product segment followed by smart light switches and dimmers, smart light strips, smart light fixtures, and plug-in lamps. Outdoor smart lighting is one of the fastest growing segments due to rising crime levels and consumers insatiable appetite for smart home safety and security solutions. Examples include Ring’s solar or battery powered path lights that complement Ring’s popular security cameras and video doorbells. Indoor cameras are driving the multi-camera trend. Outdoor cameras dominated video security until just a few years ago. Today, security cameras that support indoor use now make up over half of the unit sales. Home entertainment lighting is also rapidly growing due to the pandemic which has resulted in people spending more time at home. Innovations include smart light strips with multi-color gradient lighting as well as smart light bars that help transform consumers’ living rooms into home theater experiences. Key vendors with home entertainment lighting products include Merkury Innovations, Monster, Nanoleaf and Signify.For more information about our customized research studies and datasets, please contact us at:
About ON World: Back to News 05/17/2021 |
