The U.S. Lightning Product Market, by Standalone Type(LED Tubes and Bulbs(T8 LED Tube and Bulbs and Others (Incandescent, High Intensity Discharge)), By Lighting Fixture (Ceiling Fixtures, Recessed Lighting Fixture, Strip Light Fixture and Others (Chandeliers, Pendants, etc.)), by Application (Residential Lighting (Table Lamps, Floor Lamps and Desk Lamps), Commercial Lighting, Industrial Lighting and Outdoor Lighting), and by Retailers(The Home Depot, Lowe's Companies, Inc., Target, Wal-Mart, Bed Bath and Beyond, Sam’s Club, Costco and Menards), - Forecast to 2027”, is expected to be valued at US$ 1,295,057.1 Million by 2027, exhibiting a CAGR of 20.6 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Lighting products are artificial lighting fixtures used to illuminate a particular space, in order to achieve practical as well as aesthetic results. Lighting products are considered as a fundamental component of a landscape project. Lighting products are used in outdoor, industrial, residential, and commercial settings. The recent past has witnessed an increased use of LED lamps and bulbs in numerous countries, owing to energy-saving efficiency and extended operational life span, which is around 10 years. LED lamps are being used in almost every application across the U.S.
The U.S. Lightning Product Market was accounted for US$ 221.8 Mn in terms of value and 4,829.5 Mn units in terms of volume in 2019 and is expected to grow at CAGR of 4.9% for the period 2019-2027.
Introduction of integrated lighting control system is expected to boost the U.S. lighting product market growth over the forecast period
An integrated lighting control system refers to an intelligent network of lighting control solution that includes communication between several output and input systems related to lighting control with the use of one or more central computing device. Integrated lighting control has been used in both indoor and outdoor settings in residential, commercial, industrial sectors. This system is typically used for energy-saving. Moreover, these systems can comply with building codes and fulfill green building requirements for energy conservation programs. Thus, growing focus on energy and cost-saving is expected to boost adoption of integrated lighting control system, which in turn, is expected to propel the U.S. lighting product market growth over the forecast period.
Constant research and development activities can present major business opportunities
Many lighting product manufacturers are focused on research and development activities, in order to produce technologically advanced lamps and bulbs. Manufacturers are laying emphasis on providing energy-efficient products, which can be used in residential as well as industrial sectors. For instance, in February 2019, Xiaomi introduced MI LED smart bulb that supports 16 million colors with a dimming effect. Key companies in the market can capitalize on untapped potential by providing novel products and enhance the market presence.
Gradual decline of the U.S. construction industry is expected to hinder the U.S. lighting product market growth over the forecast period
In 2016, new-home (residential) construction in the U.S. unexpectedly declined. Housing starts (house starts is an economic indicator that reflects the number of privately owned new houses, on which construction has been started) dropped 3.8% to a 1.1 million annualized rate, from a 1.14 million pace, a Commerce Department report showed The slowing down of residential construction is one of the major growth barriers of retail sales of lighting products in the U.S.
Many commercial buildings are increasingly replacing their existing incandescent lighting fixtures with LED bulbs and tubes, in order to reduce energy consumption and maintenance cost. LED helps to cut energy costs by 50 to 80$%, which in turn, is driving its adoption at commercial places. Moreover, LED lights have long-lasting power than traditional light bulbs, and they don’t have to be replaced as often, which makes them all the more popular among firms and at commercial places. According to Congressional Research Service, that published a report on the U.S. lighting industry in 2014, over 4 billion incandescent light bulbs (sometimes referred to as “lamps”) were in use in the U.S. However, this figure has significantly reduced in the past 2-3 years.
Many retailers are focusing on omni-channel strategies as omni-channel is believed to be an effective distribution channel for attracting smartphone users. Omni-channel strategy is expected to have a compounding impact on the growth of retailers. It has helped the retailers to enlarge their customer base. Omni-channel has been proposed as an efficient strategy that could help the retailers to compete with online giants. With successful implementation in terms of supply chain management and inventory management, retailers can effectively cater to large number of consumers. Moreover, retailers such as Home Depot, Wal-Mart, and Target are effectively using the omni-channel strategy.
Major companies operating in the U.S. lighting product market are Menards, Acuity Brands Lighting, Inc., Signify Holding, LSI Industries Inc., The Home Depot, Costco, Lowe's Companies, Inc., Wal-Mart, Sam's Club, Target, and Bed Bath & Beyond.