A recent report published by Infinium Global Research on the residential lighting fixtures market provides an in-depth analysis of segments and
sub-segments in the global as well as regional residential lighting fixtures
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional residential lighting fixtures market over
the short term as well as long term. The report is a comprehensive presentation
of trends, forecast, and dollar values of the global residential lighting fixtures
market. According to the report, the global residential lighting fixtures
market is projected to grow at a healthy CAGR over the forecast period of
The lighting fixture is a vital element in home decoration.
Traditional lighting fixtures are being replaced with smart lighting fixtures
due to the integration of the internet of things. Residential lighting fixtures
are illumination solutions that help to provide customized lighting to
apartments, houses, villas, etc. There are various residential lighting
fixtures available such as architectural, recessed, tracks, pendants,
chandeliers, wall sconces, ceilings, and others.
The rising popularity of lighting fixtures among smart homes
drives the growth of the residential lighting fixtures market. The increasing
investments in home decor and surge in the purchasing power of consumers led to
the growth of the residential lighting fixtures market. Further, the rise in
demand for brightness controllable lights promotes the growth of the
residential lighting fixtures market. The rapid urbanization in developing
countries such as India, China contributes to the expansion of the residential
lighting fixtures market.
Additionally, the rising availability of cost-effective and
attractive lights propels the growth of the residential lighting fixtures
market. The surge in the adoption of LED lights to replace traditional
incandescent lights has a positive impact on the growth of the residential
lighting fixtures market. According to a study, LED lights are anticipated to
achieve a 61% penetration rate in the global lighting market by the year 2020. Moreover,
by the year 2030, the U.S. Department of Energy estimates that LED lighting has
the potential to save 190 terawatt-hours of electricity each year. On the flip
side, the lack of proper installation hinders the growth of the residential
lighting fixtures market. Moreover, technological advancement creates several
opportunities in the global residential lighting fixtures market.
The current concerns over the spread of coronavirus is creating a
huge impact on the residential lighting fixtures market. The overall lighting
industry depends on Chinese manufacturers. Lockdown in China has caused
demand-supply gaps in the industry. The gap in the demand-supply chain will
hinder the functioning of the flourishing LED industry. The profit of most of
the market players is decreased due to the coronavirus outbreak. For the
lighting designers and installers worldwide, the LED and traditional lighting
production have ground to halt. Small and middle-sized companies are likely to
get affected by a novel coronavirus outbreak due to delays in production.
However, over the long term, growth is likely to remain stable.
Geographically, the global residential lighting fixture market is
divided into North America, Asia-Pacific, Europe, and the Rest of the World.
Asia-Pacific is anticipated to hold a dominant share in the global residential
lighting fixtures market. The rising population and rise in spending on
electrification and urbanization stimulate the use of residential lighting
fixtures. North America has a significant growth rate in the global residential
lighting fixtures market. The growing production and consumption of lighting
products in the North America region promote the growth of the residential
lighting fixtures market in North America. Europe has lucrative growth
opportunities in the global residential lighting fixtures market owing to the rising
adoption of LED street lights in the region.
The report on the global residential lighting fixtures market covers
segments such as source, product, and distribution channel. On the basis of
source, the sub-markets include fluorescent, incandescent, and led and OLED. On
the basis of product, the sub-markets include ceiling, pendant and chandeliers,
portable, wall mounted, and other products. On the basis of the distribution
channel, the sub-markets include offline, and online.
The report provides profiles of the companies in the market such
as Cree Inc., Philips N.V., Nichia Corporation, Eaton Corporation, Acuity
Brands, Inc., Hubbell Lighting, Inc., Panasonic Corporation, Everlight
Electronics Co., Ltd., OsRam Licht AG, General Electric, and other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of residential
lighting fixtures market. Moreover, the study highlights current market trends
and provides forecast from 2020-2026. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.