Residential Lighting Fixtures Market (Source - Fluorescent, Incandescent, and LED and OLED; Product - Ceiling, Pendant and Chandeliers, Portable, Wall Mounted, and Other Products; Distribution Channel - Offline, and Online): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

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 2020-2026.

Market Insight

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.

Segment Covered

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.

Companies Profiled:

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.

Report Highlights:

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.