Residential Lighting Products Market worth over $70bn by 2027

Residential Lighting Products Market size is set to surpass USD 70 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Supportive regulations for the adoption of energy-efficient lighting systems will drive the market growth. The European Union is funding to promote the acceptance of energy-efficient residential lighting products.

 

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The construction of smart buildings is increasing in several North American and European countries, creating a demand for residential lighting products. The smart buildings have a central access system, and all the electronic systems of the buildings are energy efficient. The buildings are equipped with a wide range of automated lightings for indoor & outdoor uses, fostering the industry growth. Increasing construction of smart buildings will propel the market expansion over the forecast period.
 

The major factor restraining the residential lighting products market progression is growing safety and security concerns for IoT-controlled lights. The increasing usage of IoT for convenience has increased the concerns over security for IoT devices. The cyber-attacks on various IoT servers, such as application, client, and mail servers, are rising rapidly. The security companies need to invest in R&D to reduce the impacts of this industry challenge. Government authorities need to establish strict regulations & standards to enhance the security of the IoT-based residential lighting products.
 

The COVID-19 impacted the residential lighting products market substantially. The worldwide ban & stringent regulations on international travel affected the ecosystem of the lighting industry in 2020. There was a halt in the supply of raw materials due to the disruption in supply chain. However, owing to the rising COVID-19 cases, new hospitals, quarantine centers, and other medical facility requirements of essential lights increased.
 

Rising importance of decorative residential lighting products

North America Residential Lighting Market, By Product

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In U.S. decorative lighting segment accounted for 30% of the residential lighting products market share in 2020. The positive market outlook can be contributed to increasing consumer focus on enhancing the aesthetics of their homes and creating body soothing lightings. LEDs are also proving to be a more popular and energy-efficient option for specialty & decorative residential lighting products.
 

The residents in North America, Latin America, and Europe are focusing on enhancing the beauty of their homes. Customers are investing significantly in decorative lightings such as pendants and chandeliers as beauty enhancers. These pendants and chandeliers are available in the market with a variety of designs and are known to create a warm atmosphere in cold regions including Northern Europe. The availability of high-quality lighting products at affordable prices will accelerate the adoption of decorative residential lighting products during the forecast timeline.
 

Browse key industry insights spread across 270 pages with 513 market data tables & 21 figures & charts from the report, “Residential Lighting Products Market Size, By Product (Outdoor Lighting [Energy {Solar, Electric, Battery}, Product {Floor lamps, Table lamps, Wall lamps}, Power Level {40 Watt, 80 Watt}], Technical Lighting [Bathroom, Kitchen/Desk, Garage, Recess Spots, LED Panel/Strip LED], Decorative Lighting [Pendants & Chandeliers, Floor Lamps, Desk & Table Lamps, Wall Lamps, Ceiling Lamps, Deco Spots], Bulbs [Halogen, Compact Fluorescent, Linear Fluorescent, High Intensity Discharge]), By Sales Channel (B2C, B2B, E-commerce), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/residential-lighting-products-market
 

Increasing penetration of the internet and smart phone users will augment the e-commerce segment growth

The Germany e-commerce sales channel segment in the residential lighting products market is expected to witness 15% growth rate through 2027. E-commerce platforms enable residential lighting product manufacturers to target a larger audience through their websites and applications. Companies are emphasizing more on online e-retail platforms to market their products.
 

The increasing internet users has fueled e-commerce shopping globally. Due to this, e-commerce companies are maintaining a sufficient inventory to cater to the market demand. E-retail giants in Europe are focusing on acquisitions to increase their inventory stock and product diversity on online platforms.
 

Presence of technically aware consumers across North America

North America residential lighting products market captured over 15% of revenue share in 2020 led by the rising spending capacity of consumers on technical & decorative lighting products to enhance the aesthetics of a home. Furthermore, strong presence of market leaders and technologically aware consumers will support the industry demand for smart & human-centric lighting products in this region. Residential lighting product manufacturers in North America are adopting acquisition strategies to stimulate their market representation.
 

Prominent players operating in the market are Acuity Brands Inc., General Electric, Osram Licht AG, Lutron Electronics, Hubbel Incorporated, Cree, Inc., Everlight Electronics Co. Ltd., Nichia Corporation, Zumtobel Group AG, and Signify N.V.
 

Market leaders are adopting various strategies including new product development, partnership, and acquisition to expand their global footprint. For instance, in December 2020, Nichia Corporation in partnership with GE Company, developed an Advanced Tunable LED, pairing with the human-centric functionality to boost body clock management.
 

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