Residential Lighting Fixtures Market - Global Growth, & Segment Forecast, 2019 - 2025
18-Mar-2020: The global residential
lighting fixtures market size is expected to reach USD
21.17 billion by 2025, according to a new report by Grand View Research, Inc.
It is projected to expand at a CAGR of 5.9% during the forecast period. The
rapid replacement of traditional lights with more energy-efficient and
economical lighting fixtures is expected to remain a prominent trend.
Furthermore, rising middle-class population in developing countries including
China, India, Bangladesh, and Philippines as a result of urban development and
increasing number of employment opportunities is projected to have a positive
impact on the market.
The Light-emitting
Diodes and Organic Light-emitting Diode (LED & OLED) led the market in
2018, contributing to over 50% of revenue share. High energy-efficiency and
durability is anticipated to drive the growth. This segment is expected to
witness steady growth in the upcoming years owing to the implementation of
government initiatives aimed at encouraging the adoption of energy-efficient LED
lighting instead of incandescent lighting.
Ceiling and wall
mounted together held the largest share of the global residential lighting
fixture market with over 60% of the total revenue share in 2018. These products
illuminate the whole room and make it appear brighter and larger. In addition,
availability of a wide range of ceiling and wall mounted fixtures appropriate
for different types of homes and décor is anticipated to bode well for the
product demand.
Asia Pacific held
the leading market share of more than 45% in 2018. Rising number of residential
buildings in emerging economies including China, India, and Philippines on
account of easy loan assistance by banks for home construction is expected to
expand the use of lighting equipment. Additionally, the increasing number of
smartphone users in these countries is expected to encourage manufacturers to
launch products in their online stores.
Key manufacturers
include Koninklijke Philips N.V.; Cree Inc.; General Electric; Hubbell
Lighting, Inc.; Acuity Brands, Inc.; Eaton Corporation; Panasonic Corporation;
OSRAM Licht AG; Nichia Corporation; and Everlight Electronics Co., Ltd. New
product launches is expected to remain a key competitive strategy in the
forthcoming years.
In depth research report on Residential
Lighting Fixtures Market
Further key findings from the report suggest:
·
Ceiling segment generated a revenue of more than USD 4
billion in 2018
·
LED and OLED product segment is expected to account for a
market share of 59.3% in terms of revenue by the end of 2025, owing to
excellent energy efficieny of the products.
·
Middle East and Africa is expected witness the fastest CAGR
of 6.2% from 2019 to 2025. The scope for electrification along with government
initiatives in African countries including Nigeria, Kenya, and Ethiopia is
projected to open new avenues
·
Asia Pacific led the residential lighting fixture market with
more than 45% of revenue share
·
Online distribution channel is expected to expand at a CAGR
of 8.7% from 2019 to 2025
Grand View Research
has segmented the global residential lighting fixture market on the basis of
source, product, distribution channel, and region:
Residential Lighting Fixture Source Outlook (Revenue, USD
Million, 2015 - 2025)
·
Incandescent
·
Fluorescent
·
LED & OLED
Residential Lighting Fixture Product Outlook (Revenue, USD
Million, 2015 - 2025)
·
Ceiling
·
Pendant & Chandeliers
·
Wall Mounted
·
Portable
·
Others
Residential Lighting Fixture Distribution Channel Outlook
(Revenue, USD Million, 2015 - 2025)
·
Offline
·
Online
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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