LED & Smart Lighting Sales Benefit as Homeowners Seek to Control Energy Costs & Increase Convenience

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Mar 15, 2021, 13:36 ET

CLEVELAND, March 15, 2021 /PRNewswire/ -- Saving energy is an evergreen concern for homeowners – not only for its cost benefits, but also increasingly for its environmental ones. As a result, more households are installing energy-efficient LED and smart lighting products inside their homes, and out, boosting residential sales values in the $22 billion US market for general purpose lighting.

Takeaways

LED lights require less wattage than traditional bulbs, and therefore use less energy and cost less to light an area over time, despite their typically higher initial cost.
Though currently just a small share of the residential lighting market, smart lighting sales are rapidly rising due to falling costs and the increasingly advanced technological capabilities of these products, including improve energy efficiency.

Booming Smart Home Industry Holds Long-Term Benefits for Lighting Suppliers

Smart lighting is one of the most common features of smart homes, and is poised for rapid growth as smart home technology continues to catch on with consumers and more smart home devices become available. Smart light source producers tend to market their products to consumers as offering new, more convenient, and more interesting ways to use one's lighting at home, such as:

wireless control (including away from home) through smartphones, tablets, and other mobile devices
voice control through smart home speakers or mobile devices
automated and customized lighting schedules, including adjustments to brightness and color temperature
customizable color temperature and light color settings (sometimes called "scenes" or "light recipes") suited to certain activities and user preferences (e.g., dim, dark-red lighting for watching movies)

Demand for Residential Lighting Fixtures to Near $7 Billion in 2024

Demand for residential general purpose lighting fixtures is forecast to rise 4.3% annually through 2024, driven by:

increased interest in home renovation activity as people spend more time at home during the COVID-19 pandemic
growth in single-family home construction
rising interest among homeowners in energy efficiency, which will support the replacement of existing fixtures and the installation of high-end products in new applications

Want to Learn More?

Residential Lighting is now available from the Freedonia Group. This study analyzes US markets for residential general purpose lighting fixtures. Historical data for 2009, 2014, and 2019 and forecasts for 2024 and 2029 are provided for lighting fixture demand at the manufacturer's level in current dollars (which are not adjusted to account for inflation).

Specific products include:

outdoor lighting fixtures (area lighting, flood and security lighting)
indoor lighting fixtures (table, floor, and desk lamps; emergency and exit lighting; ceiling- and wall-mounted fixtures)
parts and accessories (e.g., fittings, shades, lenses)

Demand is also presented by new, improvement, and repair applications for the following housing types:

single-family
multifamily
manufactured housing

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

Press Contact:
Corinne Gangloff
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SOURCE The Freedonia Group