Major Appliance Market in the United States
New York, August 06, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Major Home Appliance Market in the United States – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” – https: //www.reportlinker.com/p06126857/?utm_source=GNW
The COVID-19 outbreak has resulted in weakened industrial production growth and lower light manufacturing output in major manufacturing centers, due to the shutdown of production and disruption of the supply chain. supply across the country. According to the US Department of Energy report released in July 2021, many LED manufacturers have cited a drop in demand for lighting products due to challenges after the COVID-19 pandemic. Quarterly profits fell dramatically for listed LED lighting manufacturers.
- Growing demand for energy efficient lighting systems, falling prices for LED products, and strict government regulations are some of the major factors driving the adoption of LED lighting in the United States. LEDs have experienced rapid technological and economic development as a new source of lighting in the country, motivating investments in the sector. The United States is one of the leading adopters, innovators and investors in the global LED market. LED lighting is currently available in a wide variety of household and industrial products in the home space, and the list has grown considerably.
- According to the US Department of Energy, most of the energy savings predicted in 2035 could be due to the increased use of LED lighting in commercial and industrial buildings and outdoor lighting applications, applications characterized by high light output and extended operating hours.
- In addition, local manufacturers, such as Acuity Brands, are among the leading innovators nationally and globally. The company’s new product, Cadiant, brought new development to the LED market. According to Cree, the additional cost of LED lamps in the United States has been largely eliminated. Hence, many consumers could continue to turn to LEDs, given the inherent energy savings and long lifespans, which is expected to significantly improve the growth of the studied market during the forecast period.
- The integration of intelligent functionalities for connected lighting has also established itself as one of the main drivers of the studied market, the LED being one of the major components. Government initiatives for smart cities have largely contributed to the growing demand for smart lighting solutions. Connected lighting systems are expected to become one of the most critical components of smart city infrastructure. According to the Consumer Technology Association, smart city spending is expected to reach $ 26 billion by 2020.
- With the growing trend of smart home in the region, there has been an increasing demand for smart LED lighting systems that are connected to other electronic devices and can be controlled remotely. Vendors in the regional market have also focused on the accessibility of connected lighting, which has also brought innovation globally.
- In addition, the market is facing challenges such as declining demand due to the COVID-19 pandemic, declining automotive industry lighting due to slowing auto sales, and the high volume requirement to manufacture in the United States. Viable given the cost associated with additive manufacturing and 3D printing, as US manufacturers have indicated that additive manufacturing and automation in LED manufacturing may make the United States a more feasible production option.
Key market trends
The residential sector represents the largest market share
- The residential segment occupies a significant share of the market and is expected to maintain its position during the forecast period. LEDs are increasingly adopted by the residential sector in the United States. In addition, according to the Energy Information Administration, in fiscal year 2020, residential sector electricity consumption for lighting was approximately 62 billion kWh, or approximately 4% of total electricity consumption. of the residential sector and about 2% of total electricity consumption in the United States.
- Additionally, government regulations are important factors shifting the affinity of residential consumers to more efficient products, such as LED lighting. Despite the increasing market and regulatory uncertainties, residential lighting accounts for a significant portion of the energy efficient electricity savings funded by taxpayers.
- However, most energy efficiency programs have evolved to promote solid-state LED lamps instead of CFLs. This transition could likely accelerate further due to the new ENERGY STAR v2.0 lighting specifications which are effectively limited to LED lamps. LEDs have gained tremendous growth and a higher market share, while future CFL production may become increasingly unlikely.
- Incandescent bulbs have traditionally been used in the United States for home lighting. The basic technology of incandescent bulbs has not changed much, although they convert less than 10% of their energy input into light. Improving bulb performance can reduce overall energy consumption in the United States, further increasing the demand for LED lighting products.
- Additionally, closet lights and other household applications require one or two LED lights to operate and often run on battery power. Due to growing consumer demand, several market players are offering solutions to capitalize on the opportunity. For example, Revolution Lighting, based in the United States, offers mood lighting for natural, flat and ambient lighting needs, ideal for residential environments.
Outdoor LED has a significant market share
- LED outdoor lighting in the United States covers areas such as the lighting of a roadway, parking lot and outdoor building, in order to create a sense of personal security, to provide appropriate lighting for the pedestrian and automobile traffic and to draw attention to businesses and spaces.
- Several government initiatives, public-private agreements, product innovations and improvisations are expected to drive the adoption of improved public lighting solutions in the country, thereby boosting the growth of the market. For example, the 70/75 Airport Logistics Access Project, led by the Montgomery County Transportation Improvement District (TID), is considering a road project to improve access to Dayton International Airport to cope with the significant growth of the activity in manufacturing, logistics, and distribution sector.
- Additionally, the Michigan Department of Transportation has partnered with Freeway Lighting Partner LLC by signing a 15-year design-build and finance contract for existing highway and tunnel lighting system upgrades and maintenance of the existing and improved lighting system for the remainder of the operation and maintenance period. Freeway Lighting Partner LLC will hand over the lighting system to MDOT at the end of the contract term.
- As of August 2020, the City of Richmond’s Utilities Department planned to convert 7,500 street lights to LED lighting for residential and commercial use to meet the needs of sustainability, safety and security and to ensure safety and the quality of life of the public.
- In addition, innovative urban projects have gained momentum over the past decade. More municipalities across the country have launched a wide variety of digital transformation initiatives to leverage the benefits of using technology to manage assets and resources that ultimately improve operations. from the city.
The LED market in the United States is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players holding a significant market share are focused on expanding their customer base abroad. These companies are leveraging strategic collaborative initiatives to increase their market share and increase profitability.
- March 2021 – NICHIA has announced its H6 series. Implemented in NICHIA’s mid-power 757 3030 housings to begin with, the new LED family offers the most significant multi-level improvement in color rendering and efficiency while maintaining the exceptional lifespan expected of NICHIA.
- March 2020 – Signify acquired Cooper Lighting Solutions from Eaton for $ 1.5 billion. With this acquisition, the company planned to focus on innovation in connected lighting solutions and systems. This is designed to drive the company’s revenue growth in the North American market, with an increased target of professional revenue from 42% to 53%.
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