Residential Lighting Products Market Analysis

Residential Lighting Products Market Analysis

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.

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.

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.