Philips Lighting, Acuity Brands, Eaton and OSRAM have been ranked as the leading companies for in the Internet of Things (IoT) lighting market, according to Navigant Research.
“The Leaders within this report have separated themselves from the competition through a broad solution portfolio, strong partner relationships, and advanced technology development,” says Krystal Maxwell, research analyst at Navigant Research. “Contenders and Challengers in this market will need to improve in various ways, from expanding their solution offerings to increasing sales to differentiating themselves through unique features and applications.”
During the next decade, Navigant Research expects to see strong global growth for IoT lighting solutions thanks to technology advancements and customer demand for increased data and building insight. According to the report, the total global market for IoT lighting is expected to grow at a compound annual growth rate of 23.9 percent from $808.2 million in 2018 to $5.5 billion in 2027.
The report, “Navigant Research Leaderboard: IoT for Lighting,” evaluates 15 vendors in the IoT lighting for commercial buildings market. These players are rated on nine criteria: vision; go-to market strategy; partners; technology; geographic reach; sales & marketing; solution performance; solution portfolio; and staying power. Using Navigant Research’s proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing an objective assessment of their relative strengths and weaknesses in the market for IoT lighting solutions in commercial buildings.
According to the report, the top 10 vendors are:
- Philips Lighting
- Acuity Brands
Future of IoT Lighting
In November 2017, Navigant Research announced that the market for IoT lighting solutions is expected to grow from $651.1 million in 2017 to $4.5 billion in 2026.
Lighting controls were originally designed for dimming or daylighting, but they have evolved beyond those original functions to include space utilization, conference room management, increased employee productivity, and improved operational efficiency by removing labor required by facility managers or other building personnel. The evolution from an intelligent lighting control system toward an IoT lighting system has occurred in large part because of the easy use of sensors as a host for IoT applications.
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