Residential Lighting Products Market to Generate Strong Revenue by 2027
As per the recent report by GMI, Inc., residential lighting products market size is projected to exceed USD 70 billion by 2027. Growing consumer inclination for home décor and enhancing the aesthetic beauty of residential spaces has created enormous demand for lightings such as pendants, chandeliers, LED strips and spotlights in recent years. Burgeoning demand for these products, coupled with the launch of technically advanced solutions by the industry players. is augmenting the outlook of residential lighting products industry. Besides, the innovations of new residential lighting solutions, that can be connected to Google Home, Amazon Echo and Apple Homekit are positively influencing the market space.
The market progression was hampered by the outbreak of the COVID-19 pandemic due to the subsequent lockdown restrictions, shutting of industrial operations and disruption of supply chain. As a result, the manufacturers of residential lighting systems were forced to increase the cost of their products temporarily to compensate for the losses due to the pandemic. The decline in disposable income reduced the consumer expenditure on discretionary products. However, with the gradual lifting of restrictions and supportive government initiatives, residential lighting products market is expected to recover significantly by 2021.
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In light of the below mentioned trends:
New product launches by key industry participants
Various eminent companies active in residential lighting products market are introducing new lighting products equipped with advanced features and offering higher lumen. To illustrate, in 2021, GE Lighting launched its smart lighting range comprising of Cync indoor smart camera, Cync outdoor smart plug and Cync mobile application. According to the company, Cync smart plug provides smart control of light or any other electronic devices using Cync app or remote.
Increasing popularity of LED lights
LED lights are very popular and most preferred for residential lighting owing to their improved performance, higher efficiency, greater durability and lower maintenance costs. The technological advancements being introduced in LED lights are further impelling their popularity. For instance, in 2020, Syska Group launched Clear Sight LED Flicker-free panel light which filters out the flickers from the LED and reduces the strain on eyes. According to the company, the flicker free technology is highly reliable and safe to use for the overall care of the eyes.
Heightened adoption of latest technologies
Growing consumer preference for high-quality lighting products in a variety of designs and integrated with high-end technologies like Artificial Intelligence and Internet of Things (IoT), is creating lucrative opportunities for the residential lighting products market. Quoting an instance, in 2020, Panasonic introduced a Wi-Fi-based Smart LED Bulb comprising of multi-color options of lighting and automated scheduling functions. The company claims that the new product has user data capabilities and can secure user's data on the cloud through its mobile application.
Burgeoning demand in Latin America
Residential lighting products are in high demand in Latin America which can be ascribed to the growing inclination toward a lavish lifestyle coupled with rising disposable incomes among the regional population. For instance, decorative lights are observing elevated demand in the region as they help in enhancing the beauty of a pointed area with extra luminescence. Besides, major manufacturers in the region are focusing on providing a diverse product portfolio and new product innovations which is propelling the sales of spotlight in the region.
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Rising trend of home decoration and growing consumer interest in enhancing home aesthetics has significantly increased the adoption of residential lighting products market. Besides, introduction of advanced technologies like Wi-Fi, AI and ML in lighting solutions as a past of home automation is further driving the product demand and favoring the business expansion.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.1 Definitions
1.1.2 Methodology and forecast parameters
1.2 COVID-19 impact
1.3 Data Sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 Residential lighting products market 360° synopsis, 2018 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Sales channel trends
2.1.4 Regional trends
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