Strategies Unlimited recently published its annual market research report, Global Luminaires: Lighting Analysis and Forecast 2016. For 2015, the global luminaire market was assessed at US $62.9 billion with anticipated revenue growth of 2% from 2015 to 2022.
The seemingly stagnant growth is due to all other technologies except for LED luminaires declining in demand and shipment. This report foresees average annual revenue growth of 16% for the LED luminaire market from 2015 to 2022 and the overall luminaire market experiencing growth of 3% in terms of units for the forecast period. The languor growth in luminaires is also due to the anticipated price decline of LED luminaires due to price wars. Also, as penetration of LED luminaires increase the replacement failure rates will decrease due to the longevity of the product; this in turn will reduce shipments due to product failure. The figure below illustrates the anticipated healthy growth of LED luminaire and connected LED luminaire units from 2015 through 2022.
With the rise in Internet of Things for lighting, this year, Strategies Unlimited has started tracking smart luminaires. Though the current market size is still fairly low due to lack of global regulatory influences, smart luminaires are projected to be the fastest growing technology in lighting. Though currently DALI and proprietary network enabled smart luminaires comprise the largest market share of the smart luminaires Strategies Unlimited forecasts that ZigBee, Wi-Fi, Bluetooth, and Power over Ethernet compatible luminaires will be the fastest growing for the forecast period.