According to the research report titled ‘Residential Lighting Products Market Size, By Product (Outdoor Lighting [Energy {Solar, Electric, Battery}, Product {Floor lamps, Table lamps, Wall lamps}, Power Level {40 Watt, 80 Watt}], Technical Lighting [Bathroom, Kitchen/Desk, Garage, Recess Spots, LED Panel/Strip LED], Decorative Lighting [Pendants & Chandeliers, Floor Lamps, Desk & Table Lamps, Wall Lamps, Ceiling Lamps, Deco Spots], Bulbs [Halogen, Compact Fluorescent, Linear Fluorescent, High Intensity Discharge]), By Sales Channel (B2C, B2B, E-commerce), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global residential lighting products market size is projected to expand substantially during the forecast timeframe of 2021-2027.
 

Rising adoption of LEDs in residential sectors, inflating population, and rapid urbanization are major growth drivers of global residential lighting products market. Further, growing emphasis of manufacturers on product development and innovations is expected to augment the industry growth throughout the projection period.
 

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Moreover, quarantine rules & regulations around the world to prevent the spread of the novel coronavirus have been supporting industry's progress as the demand for energy and cost-efficient home lighting solutions spiked amid the global crisis.
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Notably, smart lighting has gained a lot of traction in residential infrastructures as these LED bulbs come with software that synchronizes with an app, smart home assistance, or other smart accessories to automate or control lights remotely.
 

Major industry players have been innovating their products in order to capitalize on this market. For example, SmartLabs, a global leader in smart lighting solutions, in July 2021, introduced the Nokia Smart Lighting with an aim to offer customers a product with precision engineering, high-end style, and a wide range of capabilities at an economical price.
 

The residential lighting products industry is segmented in terms of product, sales channel, and region. Under the product segment, bulbs segment is projected to record strong growth by 2027, owing to escalating product demand as it offers high efficiency at low power.
 

With respect to sales channel, B2C sales channel category will grow rapidly between 2021-2027 due to several advantages such as inexpensive operating costs and direct consumer contact.
 

From a regional perspective, Asia Pacific accounted for a significant market share in 2020 and will continue to grow at a steady rate over the forecast period, on account of rising disposable income combined with fast-paced urbanization in the region.
 

Considering the competitive landscape, Osram Licht AG, Panasonic Corp., General Electric Co., Hubbell Lighting Inc., Acuity Brands Inc., and Koninklijke Philips N.V. (Signify) are among the major companies influencing the global residential lighting products market dynamics.