Smart Fixtures to Triple Share of General Purpose Lighting Market Through 2024

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, according to new research.

Robust sales growth will be driven by rapid growth in the broader smart tech and Internet of Things (IoT) markets, including smart home devices, commercial building automation, and smart city infrastructure
consumer interest in the convenience of smart lighting capabilities, such as wireless, away-from-home, and voice control, energy saving initiatives, especially in commercial applications ans the rising adoption of smart or smart-capable lighting will be driven by user interest in its technologically advanced capabilities, including wireless functions and voice-control features.

The residential market accounts for the bulk of smart lighting source sales due to the surging popularity of smart home systems seen 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.