by The U.S. Lightning Product Market involves various lighting products used for indoor and outdoor applications. These include lamps, lighting fixtures, and lighting control components. Lightning products are mainly used in residential, commercial, industrial, and outdoor settings. Lightning fixtures for commercial spaces include high-bay lighting, low-bay lighting, recessed lighting,Linear strip lighting, floor lamps, table lamps, wall sconces, track lighting, and outdoor floodlights. Lightning control systems allow users to manually or automatically adjust lighting levels based on conditions such as occupancy, daylight levels, and time of day. Advance lighting products integrated with smart control systems provide enhanced benefits.
The global U.S. Lightning Product Market is estimated to be valued at US$ 255.7 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Adoption of Smart Lightning Systems
Introduction of smart lightning systems integrated with IoT technology is one of the major drivers of the U.S. lightning product market. Smart lightning systems allow remote monitoring and control of lighting fixtures from smartphones or other web-enabled devices. They provide enhanced benefits such as energy efficiency, cost savings, flexibility, and convenience. For instance, smart lighting can automatically adjust brightness based on occupancy, natural light levels, and time of day to reduce energy consumption. They also feature capabilities like scheduling lighting according to user preferences and alerts for maintenance. Increased awareness about benefits of smart lightning systems among consumers and building owners is fueling their adoption.
Sustainability Initiatives and Focus on Energy Efficiency
Stringent federal and state regulations regarding energy efficiency along with growing sustainability goals are propelling the demand for energy-efficient lightning products in the U.S. Government initiatives like ENERGY STAR program provide tax benefits and incentives for use of certified energy-efficient lighting products. Constant technology advancements are enabling lightning products to consume lesser energy without compromising performance. This is encouraging commercial and residential establishments as well as outdoor lighting agencies to replace conventional products with new energy-saving options to reduce carbon footprint and energy costs.
Segment Analysis
The U.S. lightning product market is dominated by the residential sub-segment. Over the last few years, lightning incidents have increased dramatically in the U.S., especially during monsoon season. This has increased safety concerns among homeowners. To mitigate lightning damage risks, many homeowners are opting for whole home lightning protection systems. As such, the residential sub-segment accounted for around 60% of the market in 2023.
PEST Analysis
Political: There are no specific regulations mandating the use of lightning protection systems. However, many local municipalities have made lightning protection mandatory for certain critical infrastructures.
Economic: The rising disposable incomes have increased spending on home improvement and safety products. Additionally, cheaper financing options have made lightning protection affordable for many homeowners.
Social: Frequent media coverage of lightning damages has raised safety awareness. Many homeowners now perceive lightning protection as essential to safeguard lives and property.
Technological: Advances in lightning locating systems and lightning mapping arrays have improved thunderstorm monitoring capabilities. New rod designs and earth testing methods have also enhanced the effectiveness of lightning protection systems.
Key Takeaways
The Global U.S. Lightning Product Market Size is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of 18%. The residential segment dominates the market currently.
Regional analysis: The South region accounts for over 40% of the market currently owing to high lightning incidence. States like Florida and Louisiana have the highest frequency of lightning strikes nationally. With growing construction activities and rising housing investments, the South region is expected to remain the key revenue generator.
Key players: Key players operating in the U.S. lightning product market are Elgo Irrigation Ltd., Netafim Ltd., Eurodrip SA, Jain Irrigation Systems Ltd., Hunter Industries, Inc., The Toro Company, and Rain Bird Corporation. Companies are investing in new technologies to develop innovative rod designs with higher failure resistance and monitoring capabilities. Partnerships with construction companies are also helping gain wider customer reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
