Residential Lighting Fixtures Market Insights: Innovations Enhancing Energy Efficiency

The global residential lighting fixtures market size is expected to reach USD 22.41 billion by 2030, expanding at a CAGR of 6.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

 

 

Access the Residential Lighting Fixtures Market Size, Share & Trends Analysis Report By Product (Ceiling, Pendant & Chandeliers, Wall Mounted), By Source, By Distribution Channel, By Region, And Segment Forecasts, 2024 – 2030

 

 

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.

 

 

Residential Lighting Fixtures Market Report Highlights

 

• The ceiling segment accounted for the largest share of 38.0% in 2023.

 

• LED and OLED product segment is expected to account for a market share of 69.3% in terms of revenue by the end of 2023, 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

 

• The online segment is projected to grow at the fastest CAGR of 8.6% over the forecast period.

 

 

Order your free sample copy of “Residential Lighting Fixtures Market Report 2024 – 2030, published by Grand View Research

 

 

Key Residential Lighting Fixtures Company Insights

Some of the key companies in the residential lighting fixtures market include Koninklijke Philips N.V.; Hubbell Incorporated; Vorlane; Cree Lighting and Kichler Lighting LLC. Vendors in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships with other major companies.

 

Panasonic Corporation offers a wide range of lighting solutions for residential spaces, focusing on energy efficiency, design aesthetics, and technological innovation.

 

Key Residential Lighting Fixtures Companies:

The following are the leading companies in the residential lighting fixtures market. These companies collectively hold the largest market share and dictate industry trends.

 

• Koninklijke Philips N.V.
• Hubbell Incorporated
• Vorlane
• Cree Lighting USA LLC.
• Kichler Lighting LLC.
• Cooper Lighting LLC.
• General Electric Company
• ACUITY BRANDS, INC
• Panasonic Corporation

 

Recent Developments

• In March 2023, Signify acquired Intelligent Lighting Controls, Inc. (ILC), a wired control systems manufacturer. The acquisition is expected to add to Signify’s well established technology and energy-saving solutions in North American market.

 

About Grand View Research:

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com

 

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Grand View Research, Inc.

Phone:-1-415-349-0058

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