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It’s an exciting time to be a part of the UK lighting industry with plenty of innovation and rapid growth taking place.
The Lighting and LED Market Report (UK 2018-2022) has revealed that the overall lighting market has seen an impressive 44% increase since 2013. Last year it was estimated to be worth £2.4 billion and this figure is expected to keep on rising.
The Lighting and LED Market Report highlights that the key driver for the lighting market is LED lighting which has gained significant share in the non-domestic sector and has started to make inroads into the domestic market. This technology is likely to promote a period of innovation and expansion particularly in terms of more integrated products, control and lighting solutions.
Retro-fitting of efficient lamp products has been crucial to growth rates within the market, particularly the exponential growth of LED lighting. The trend for improving lighting quality, particularly the demand for “whiter” light in the private commercial sector has increased demand for higher value LED and fluorescent products.
The lamps market has recorded the highest level of growth in recent years and is expected to continue to outperform the market, due to the introduction of a wide range of replacement, higher value LED and low energy halogen products. However, as prices of these products fall considerably and penetration increases, this sector is expected to slow. It will also be further limited by increasing lifecycles of products reducing the replacement market.
Controls remain an important sector with high levels of growth and potential for this to continue. This reflects a sustained focus placed on efficiency and cost savings with organisations recognising the need to reduce unnecessary lighting provision.
Prospects for the UK lighting market remain positive, although more muted than recent history with annual growth rates of around 4-5% to 2022. There is potential for growth from the domestic sector as the take-up of LED systems offers increased scope for a reduction in energy-use, improved controls, and as technology prices fall and awareness of benefits increases. As users become used to longer lifecycles of lamps and shift views away from them being throw away products, they are likely to start moving towards integrated products, supporting the luminaire sector.
While growth may be slowing, the value of the UK lighting market is only going up. Electrical wholesalers have an ideal opportunity to boost their profits if they continue to pre-empt change and adapt quickly to this ever-changing but lucrative market.
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If you’re an electrical wholesale, distribution or manufacturing professional interested in developing your career, get in touch with us today.