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Residential Lighting Products Market 2027 Global Industry Trends

The residential lighting products market is slated to amass USD 70 billion in value through 2027.<br><br>Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/5085

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Residential Lighting Products Market 2027 Global Industry Trends

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  1. Residential Lighting Products Market is projected to reach CAGR 10% by 2027

  2. Key Insights from Residential Lighting Products Market: • The residential lighting products market is slated to amass USD 70 billion in value through 2027. Residential lighting products such as table lamps, floor lamps, and wall lamps have transformed significant in terms of design and technology in recent years. Consumers are nowadays preferring LED lighting solutions as they consume less amount of electricity and emit ample amount of luminescence. • Rise in disposable income across emerging nations has led to an increase in standard of living, steering the demand for smart homes that are equipped with energy-saving and cost-effective lighting solutions. To limit the consumption of electricity, governments across many countries promoting the use of LEDs in residential space. • Favorable government policies to encourage the use of energy-efficient lighting solutions will complement the market growth. In June 2021, the British government banned the use of halogen bulbs and is devised plans to further ban the use of fluorescent bulbs by the end of 2023 to boost the sale of LEDs.

  3. Regional Insights in Residential Lighting Products Market: • Countries across Latin America are witnessing a surge in demand for residential lighting products as to a growing inclination towards a lavish lifestyle and increasing disposable income. Decorative lights have witnessed considerable demand as they improve the beauty of a particular space in the house through extra luminescence. • There has also been an increase in the presence of new market players in Latin America due to the growing demand for the product along with the need for energy efficient lighting solutions.

  4. Latest Research Report On Residential Lighting Products Market @ https://www.gminsights.com/industry-analysis/residential-lighting-products-market Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5085

  5. Major Companies in Residential Lighting Products Market: • Hubbel Incorporated • Osram Licht AG • Nichia Corporation • Signify N.V. • Lutron Electronics • Cree, Inc. • Zumtobel Group AG • General Electric • Everlight Electronics Co. Ltd. • Acuity Brands Inc.

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