Residential Lighting Products Market Size

Residential Lighting Products Market Size

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.