What we do
Our attractive markets
We operate in attractive markets, that are being shaped by key trends.
See how we are capturing these opportunities through our investment framework here.
Driver
The electrification of homes, businesses and transport systems represents one of the most significant transitions taking place in the global economy. This transition is being driven by economic, regulatory and environmental forces that are expected to intensify over the medium to long term.
Impact
£40bn
per year investment required for UK to meet net zero
22% to 82% electric
change in consumer energy usage by 2050
1 million
homes per year to be converted with low carbon heating solutions
Our response
We are extending our reach within the Energy Transition market. We are increasing our low carbon sales to ensure we are at the forefront as consumers adopt sustainable alternatives.
Driver
Consumers are increasingly demanding greater control and connectivity from their wiring devices and lighting, whilst installers are demanding technologies that simplify installation. This desire for increased functionality drives up product value.
Impact
Our response
We interact regularly with our consumers, installers and distributors to understand their emerging needs. Our investment in connected ranges, including lighting controls, smart heating and our HEMs platform, positions us well as technology adoption accelerates.
Driver
A limited stock of new homes, combined with consumers spending more time living and working at home, drives long-term house price appreciation and existing home renovation. These trends sustain demand for our products within repair and remodel projects.
Impact
4 million
UK homes below Decent Homes Standard
40%
of UK retail space needs re-purposing
40%
of energy consumption in the UK comes from buildings
Our response
Whether it is our market-leading Wiring Accessories range, our highly efficient LED Lighting retrofits, or our Portable Power products helping our customers get the job done, our products are helping people invest in their homes and working environments using brands they know and trust.
Driver
The electrification of household energy and transport is a key driver of future growth within the markets we serve, supported by specific regulatory changes such as phasing out the sale of new gas boilers and internal combustion vehicles over the coming decade.
Impact
All
new homes with parking requiring an EV charge point
Future Homes Standard
phasing out fossil-fuel heating
3
amendments to IET wiring regulations since 2020
Our response
Our advantaged business model allows us to update our designs efficiently to meet these new regulations, manufacture the new product in our own facilities and bring the product to market more quickly and effectively than our competitors.