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Residential Lighting Products Market size exceeded USD 40 billion in 2020 and is anticipated to grow at a CAGR of over 10% between 2021 and 2027. Increasing population has created a potential market for residential lighting products as the requirement for houses is growing at a significant pace across the globe.
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Rising adoption of LED lights to replace the traditional fluorescent and halogen bulbs has created ample of market opportunities. LED lights’ supportive features, such as long life, energy-efficiency and low heat radiation, are fueling the LED lighting acceptance across the globe. The government authorities are taking initiatives to encourage people to use LED products supporting the market growth during the forecast period.
The integration of Artificial Intelligence (AI) into ceiling and table lamps is enhancing the features of residential lighting products. This has elevated the demand curve for ceiling & table lamps in Europe and North America. Residential lighting product manufacturers are investing in their R&D for advancements in lights to maintain their position in the competitive market.
Safety and security issues for IoT-controlled lights are the factors challenging the growth of the residential lighting products market. The IoT-controlled residential lighting products are equipped with ultrasonic, activity recognition, and natural light detection sensors for automatic control of lights. These systems need proper insulation and temperature control sensors so that overheating will turn the bulb off after crossing the determined temperature level. The failure of sensors sometimes causes the temperature to increase in bulbs due to the rise in voltage and increases the chances of fire accidents.
The COVID-19 outbreak has negatively impacted the lighting industry size in 2020. The pandemic has forced majority of the countries to implement a strict lockdown. The ban on international travel also impacted the supply chain & logistics systems of the market. The suppliers were unable to supply parts to manufacturers/assemblers, resulting in delayed product reach in the market. However, it is expected that the market will proliferate at a significant pace by 2021. The industry growth can be attributed to the increasing residential building construction, stable supply chain system, and supportive government initiatives.
|Market Size in 2020:||40 billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||10%|
|2027 Value Projection:||70 billion (USD)|
|Historical Data for:||2018 to 2020|
|No. of Pages:||270|
|Tables, Charts & Figures:||534|
|Segments covered:||Product, Sales Channel|
|Pitfalls & Challenges:|
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The North America outdoor lighting segment is poised to witness 10% growth rate through 2027 led by the growing disposable income and spending capabilities of consumers. The inclining consumer focus toward spacious & safe corridors, balconies, and patios will create a demand for outdoor residential lighting products.
The solar outdoor residential lighting products will showcase exponential growth during the forecast period on account of the high growth potential of renewable & energy-efficient lighting systems. The declining cost of solar lighting systems, favorable government initiatives, and advancements in technology are some of the major market factors supporting the usage of solar lights. The growing availability of outdoor solar lightings such as wall-mounted lamps, security lights, free-standing lamp posts will foster the market expansion.
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The B2B sales channel in the UK residential lighting products market will hold 46% of revenue share by 2027. Business customers, such as IKEA, Walmart, Amazon, and Alibaba, are focusing on updating their residential lighting products inventory as per the current market trends. The companies are focusing on stocking energy-efficient lighting products, which is attributing to their increasing market demand.
Distributors are also expanding their product offerings by partnering with key market players to strengthen their position in the competitive lighting market. For instance, in June 2018, Elko Group partnered with Signify N.V. for product sales. The agreement will enable Elko Group, a distributor of IT products and solutions, to sell Signify-owned brands such as Philips and Interact IoT products. Philips will provide energy-efficient residential lighting products and IoT platforms for commercial usage to the Elko Group.
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Europe residential lighting products market size was over USD 12 billion in 2020 owing to the rise in residential construction activities and focus of government authorities on home renovation projects. Furthermore, stringent government regulations such as ban on high energy consuming fluorescent & halogen bulbs will accelerate the industry value. Incentives & rebates on LED lighting are supporting the industry demand for LED lights. The European government has mandated the Ecodesign regulation for selling lamps in Europe. The existing rules under European Regulation No 874/2012 will be replaced by a new energy regulation that set energy efficiency requirements, bulb lifetime, and warm-up time under the (EU) 2019/2015 regulation from 1st September 2021.
The prominent companies operating in the market are Hubbel Incorporated, Osram Licht AG, Nichia Corporation, Signify N.V., Lutron Electronics, Cree, Inc., Zumtobel Group AG, General Electric, Everlight Electronics Co. Ltd., and Acuity Brands Inc.
Residential lighting product manufacturers are emphasizing on new lighting product launches with smart features and high lumen capacity to increase the industry revenue. For instance, in May 2021, Osram Licht AG partnered with Infineon to boost the Near Field Communication (NFC) programming to increase the productivity and flexibility in LED driver configurations. Industry leaders are also adding a wide range of developed residential lighting products, such as human centric lighting and smart lighting to enhance their product portfolio and strengthen their revenue share.
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