DUBLIN, Oct. 3, 2023 (GLOBE NEWSWIRE) — “US Residential Lighting Market Size, Share and Trend Analysis Report by Source (Fluorescent, LED and OLED), by Product, Distribution Channel, and Segment Forecast, 2023-2030” Report added ResearchAndMarkets.com Recruitment.
The US residential lighting fixtures market is expected to reach approximately USD 4.04 billion by 2030, with a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030.
LED light bulbs have gained huge traction among consumers, particularly in 2019, when they accounted for a significant portion of retail light bulb sales in Connecticut and other New England states.
In Connecticut, LEDs accounted for nearly 80% of reflective light bulb sales in 2019, as well as a large share of A-line, globe, and sconce bulb sales. This trend was driven by long-term efforts by market players, including incentives, marketing, and education.
The LED and OLED segment is expected to lead the market in 2022 and maintain its dominance. The transition to LED light bulbs is expected to bring significant savings, with the US Department of Energy estimating savings of US$265 billion over 20 years, along with reduced greenhouse gas emissions. LEDs offer advantages such as smaller size, reliability, and energy efficiency. Adoption rates vary by household income and ownership status.
The pendants and chandeliers segment is expected to witness rapid growth during the forecast period. Pendants are often used in spaces such as kitchens and dining rooms and are preferred for their practicality. Known for their elegant designs, chandeliers are ideal for areas with high ceilings, such as hallways and lobbies.
According to research from Commonwealth Edison (ComEd), buyers prefer LEDs over other technologies, and LEDs are expected to account for a significant portion of standard light bulb sales. LED adoption rates are outpacing other alternatives such as CFLs and incandescent bulbs.
Leading companies are adopting various strategies such as global expansion, partnerships, acquisitions, product development, and launches to increase their market share.
Key market highlights:
- The LED and OLED segments are expected to witness a high CAGR due to technological advancements and penetration.
- The pendants and chandeliers segment is expected to grow at a CAGR of 5.9% due to increased spending on home decor.
- The online field is expected to grow rapidly due to its convenience.
- This market includes established players such as Koninklijke Philips NV, Hubbell Incorporated, and Acuity Brands, Inc., as well as smaller regional players.
- Koninklijke Philips NV(Signify NV)
- Havel Corporation
- Acuity Brands Co., Ltd.
- Nichia Chemical Industries, Ltd.
- Everlight Electronics Co., Ltd.
- Kichler Lighting LLC
- NBG Home
- visa lighting
- Hinckley Co., Ltd.
- Minka Group (Ferguson)
- maxim lighting
- Globe Electric Company Co., Ltd.
- designer fountain
- golden lighting
- Visual Comfort & Co. (Generation Lighting)
- Hudson Valley Lighting Group (HVLG)
- elite lighting
- livex lighting
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Summary
2.1. Market outlook
2.2. Outlook by segment
Chapter 3. US Residential Lighting Market Variables, Trends and Scope
3.1. Market system outlook
3.2. Industry value chain analysis
3.2.1. Outlook for raw materials
3.2.2. Manufacturing and technology outlook
3.2.3. Profitability analysis
3.3. Market trends
3.3.1. Analysis of market drivers
3.3.2. Market restraint analysis
3.3.3. Market opportunities
3.3.4. Market challenges
3.4. Industry Analysis – Porter’s Five Forces Analysis
3.5. Market entry strategy
Chapter 4 US Residential Lighting Market: Consumer Behavior Analysis
4.1. Demographic analysis
4.2. Consumer trends and preferences
4.3. Factors influencing purchasing behavior
4.4. Trends in the adoption of consumer services
4.5. Main observations and findings
Chapter 5 US Residential Lighting Market: Source Estimates and Trend Analysis
5.1. Source movement analysis and market share, 2022 and 2030
5.2. Incandescent lamps
5.4. LED and OLED
Chapter 6 US Residential Lighting Market: Product Forecast and Trend Analysis
6.1. Product Trend Analysis and Market Share, 2022 and 2030
6.3. Pendants & Chandeliers
Chapter 7 US Residential Lighting Market: Distribution Channel Estimation and Trend Analysis
7.1. Distribution Channel Trend Analysis and Market Share, 2022 and 2030
Chapter 8 Competitive Analysis
8.1. Recent developments and impact analysis by key market participants
8.2. Company classification
8.3. Overview of participants
8.4. Financial performance
8.6. Companies market share analysis, 2022 (%)
8.7. Company heat map analysis
For more information about this report, please visit: https://www.researchandmarkets.com/r/7d12wd
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