NEW YORK, December 13, 2018
NEW YORK, December 13, 2018 /PRNewswire/ --
Increasing Penetration of Smart Lighting Fixtures Expected to Drive Residential Lighting Fixtures Market Growth
According to a recent market report published by Persistence Market research titled "Residential Lighting Fixtures Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026," the residential lighting fixture market was valued at US$ 27,761.3 Mn in 2017, and is expected to register a CAGR of 4.5% from 2018 to 2026. The adoption of energy-efficient products such as LEDs and increase in the demand for decorative lighting fixtures in the residential segment are among the major factors driving the residential lighting fixture market. In addition, most of the demand for residential lighting fixture in developed countries is resulting from the replacement of conventional lighting systems. Moreover, the increasing penetration of smart lighting fixtures is fueling the residential lighting fixture market during the forecast period.
A lighting fixture is part of a light that is attached to a ceiling or wall, where consumers can install lighting elements such as LEDs, incandescent bulbs, or fluorescent bulbs. These lighting elements are easily removable from the fixture. Nowadays, traditional lighting fixtures are emerging as smart lighting fixtures owing to the integration of Internet of Things. The residential lighting fixture are illumination solutions that are created to provide customized lighting to residential places such as apartments, villas, houses, and other set-ups. Based on consumer requirements, the various varieties of residential lighting fixture available in the market are architectural, recessed, tracks, under cabinets, pendants, chandeliers, ceilings, wall sconces, desks, floors, and table lamps.
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The residential lighting fixture market is categorized on the basis of fixtures, lighting sources, pricing, and region. On the basis of fixtures, the residential lighting fixture market is segmented into recessed fixtures, flush-mount, vanity fixtures, under cabinet, outdoor, and others. The flush-mount segment in the residential lighting fixture market is expected to grow from US$ 6,275.8 Mn in 2018 to US$ 9,465.5 Mn in 2026 owing to the high CAGR associated with it. The flush mount segment is also expected to dominate the residential lighting fixture market with a market share of 21.9% in 2018 and 23.3% in 2026.
Based on lighting source, the residential lighting fixture market is segmented into incandescent, fluorescent and LED & OLED. The LED & OLED segment in the residential lighting fixture market is estimated to register a CAGR of 5.0% during the forecast period. The LED & OLED segment is also expected to create an incremental opportunity of US$ 7,382.7 Mn in residential lighting fixture market during the forecasted period.
Residential Lighting Fixtures Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/residential-lighting-fixtures-market.asp
On the basis of pricing, the residential lighting fixture market is segmented into premium (above US$ 350), medium (US$ 200 - US$ 350), and low (Up to US$ 200) segments. The medium (US$ 200 - US$ 350) segment is expected to dominate the residential lighting fixture market and enjoy a market share of 41.2% in 2018 and 42.8% in 2026. The medium (US$ 200 - US$ 350) segment is estimated to register a CAGR of 5.0% during the forecasted period.
This report also covers the trends driving each segment and offers analysis and insights regarding the potential of the residential lighting fixture market in regions such as North America, Latin America, Europe, China, Japan, South East Asia, and the Middle East & Africa. Among these regions, China is projected to exhibit relatively high growth in the global residential lighting fixture market, with a CAGR of 5.8% over the forecast period. Revenue from the residential lighting fixture market in North America and China is expected to collectively account for over 42.0% of the global residential lighting fixture market revenue in 2018. The providers of residential lighting fixture can focus on expanding across several countries in the Europe and SEA & other of APAC regions.
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Key competitors in the residential lighting fixture market are Cree, Inc.; Koninklijke Philips N.V.; Hubbell Lighting, Inc.; General Electric; OSRAM Licht AG; Signify NV; Acuity Brands Lighting, Inc.; Panasonic Corporation; L.D. Kichler Co.; Eaton Corporation; and Kenroy Homes.
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