The Infinium Global Research analyzes the Residential Lighting Fixtures Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global residential lighting fixtures market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of residential lighting fixtures. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the residential lighting fixtures market during the period.
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Rising Popularity of Lighting Fixtures Among Smart Homes Drives the Growth of the Residential Lighting Fixtures Market
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.
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Asia-Pacific is Anticipated to Hold A Dominant Share in the Global Residential Lighting Fixtures Market
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.
Residential Lighting Fixtures Market: Segmentation
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.
Residential Lighting Fixtures Market: 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.
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