A new report by AMA Research has revealed that the UK lighting market reached more than £2bn in worth last year, an increase of 13% on 2014.
The trend towards LED technologies largely drove value growth in the market, as has the continuation of a number of finance schemes allowing for lighting replacements to be paid for from future energy cost savings. Despite market forecasters predicting downturns following the Brexit vote, the underlying trends for the market remain positive.
According to the report, the issue of retro-fitting more efficient lamp products has been crucial to grwoth rates within the market over the last two to three years. This trend is now, however, having less effect on the market value as the replacement lamps price averages have fallen significantly and are now more comparable with high volume, low value products they are replacing.
Said AMA's Keith Taylor: "Market prospects have changed markedly with the result of the EU referendum, which is forcing companies and investors to consider their financial commitments, and the construction industry was already showing signs of slowing growth in the first half of 2016.
"These deteriorating economic and construction trends are likely to affect the lighting market and while there has been good growth in the last two years, the next two to three years are expected to be much more constrained."