Global Residential Lighting Products Market Value to Rise Considerably Over 2021-2027

October 08, 2021

According to the recent research report titled ‘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’, available with MarketStudyReport, global residential lighting products market is projected to witness considerable growth over 2021-2027.

Escalating product demand, and manufacturers’ emphasis on innovative product development are the key factors driving global residential lighting products market growth.

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Following the COVID-19 outbreak, governments worldwide imposed lockdowns, forcing people to stay indoors to prevent the spread of the novel coronavirus. Thus, the industry witnessed traction due to rising demand for energy- and cost-efficient lighting solutions for residential applications.

In recent years, smart lighting has gained popularity in residential setting. Smart LED bulbs come with software that links to an app, smart home assistance, or other smart accessories, enabling users to automate or control lights remotely, thereby eliminating the requirement of traditional wall switches.

Industry players are enhancing their product offerings to capitalize on new opportunities, promoting a positive business outlook. Citing an instance, Nokia Smart Lighting, a line of IoT-driven lighting and electrical control solutions, was launched by Smartlabs, one of the forerunners in the smart lighting field, in July 2021. Customers would get access to a solution with precision engineering, high-end style, and a wide range of capabilities at an accessible price with the new product line.

Based on product type, bulbs segment of worldwide residential lighting products industry is expected to achieve a significant valuation by 2027, with a strong CAGR over the assessment period. LED bulbs are in great demand due to their high efficiency and low power consumption, which is projected to drive segmental expansion in the coming years.

As per sales channel, B2C segment is projected to account for considerable market share, growing at a rapid rate between 2021 and 2027. Several advantages of the B2C sales channel, such as lessened operating costs and direct consumer contact, are expected to drive segmental growth in the coming years.

Geographically, Asia Pacific emerged as a major revenue contributor to the overall market, and is expected to increase at a steady rate over the forecast period. Rising consumer disposable income, combined with rapid urbanization will encourage product adoption in India, China, and Japan, facilitating regional market expansion.

Coming to competitive landscape, Zumtobel Group, Panasonic Corporation, Osram Licht AG, LSI Industries Inc., Koninklijke Philips N.V. (Signify), Kenroy Home, Hubbell Lighting Inc., General Electric Company (GE), Everlight Electronics Co. Ltd., Eaton Corporation plc, Cree Inc., Corep Lighting India Pvt. Ltd., Briloner Leuchten GmbH & Co. KG, Belid Lighting Group, and Acuity Brands Inc. are the top companies operating in global residential lighting products market sphere.

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