Selbyville, Delaware, Aug. 10, 2021 (GLOBE NEWSWIRE) —
According to latest report “Residential Lighting Products Market by Product (Outdoor Lighting, Technical Lighting, Decorative Lighting, Bulbs), Sales Channel (B2C, B2B, E-commerce), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of residential lighting products will cross $70 billion by 2027. The rising adoption of LEDs in residential areas will drive the growth of lighting products over the forecast period. Supportive government policies to promote the usage of LEDs are fueling the market growth.
The residential lighting products market was adversely affected attributed to the COVID-19 pandemic. The disruptions in supply chain and unavailability of low-cost raw materials from Asian countries, such as China and Taiwan, increased the cost of production for lighting manufacturers. As a result, lighting manufacturers were forced to temporarily increase the cost of their products to offset the losses due to the pandemic. The fall in disposable income led to reduced spending on discretionary items. However, the market is anticipated to witness recovery by 2021 owing to supportive government initiatives and rising usage of smart lightings.
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The availability of high-quality technical lighting products in a variety of designs integrated with the Internet of Things (IoT) and Artificial Intelligence (AI) technology will create opportunities for the residential lighting products market in North America and Europe over the forecast timeframe. These countries host a technologically sound population that is an early adopter of smart devices and upcoming technologies.
The residential lighting products market in Latin America will showcase a significant growth rate through 2027. Rising disposable income and growing inclination toward a lavish lifestyle are the major factors fostering the market demand for residential lighting products in this region. Decorative lights are observing a high demand in Latin America, credited to their unique advantage of enhancing the beauty of a pointed area with extra luminescence. Industry giants and manufacturers are focusing on offering a diverse deco spot product portfolio and new product innovations, propelling the spotlight sales in the region.
Some of the major companies operating in the market include Nichia Corporation, Everlight Electronics Co. Ltd., Lutron Electronics, Osram Licht AG, Signify N.V., General Electric, Cree, Inc., Hubbel Incorporated, and Zumtobel Group AG. Market players are introducing new lighting products with higher lumen output and advanced features.
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Some key findings in the residential lighting products market report include:
- Growing demand for home décor lightings such as chandeliers, pendants, spotlights, and LED strips to add aesthetic beauty will stimulate the industry growth for residential lighting products in European countries.
- The demand for LED lights continues to grow globally owing to higher efficiency, improved performance, higher durability, and lower maintenance costs. Rapid technological advancements and price adjustment will further support the acceptance.
- Various initiatives taken by industry associations such as LightingEurope and Global Lighting Association to promote efficient lighting that enhances human comfort, well-being, and safety will support the market development in Europe.
- High investments in R&D activities by prominent players to launch technically advanced lighting with high energy-efficiency will boost the industry demand. The innovations of new lighting products, which can be connected with Google Home, Apple Homekit, and Amazon Echo are gaining impetus in the market.
Table of Contents (ToC) of the report:
Chapter 3 Residential Lighting Products Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19
3.2.1 Global outlook
3.2.2 Regional impact
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.4.1 Smart lighting
3.4.2 Human centric lighting
3.4.3 LED drivers
3.4.4 Li-fi technology
3.4.5 Augmented Reality (AR)
3.5 Pricing analysis
3.6 Regulatory landscape
3.6.1 Regulatory Landscape
3.6.2 International standards
3.6.3 North America
3.6.5 Asia Pacific
3.6.6 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Consumer trend analysis
3.10 Environmental impacts
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.