New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The U.S. & Canada residential lighting fixtures market was valued at US$ 17.9 Bn at the end of 2021 and is predicted to expand at a CAGR of 7.6% between 2022 and 2032, according to the latest industry report by Persistence Market Research.
The need for energy-efficient, sustainable products has arisen as a result of the rise in carbon emissions caused by increased consumption of energy. Concerns about climate change, such as ozone depletion and global warming, have prompted governments to make greater efforts to limit their carbon footprint.
Through a variety of programs, governments are enticing people to adopt energy-saving practices and educating them about energy savings. Growing awareness of GHG (greenhouse gas) emissions has encouraged the adoption of renewable energy sources as well as energy-saving techniques at the user level, including the usage of energy-efficient lighting.
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Furthermore, streamlined innovations and a targeted approach toward marketing and product development are expected to augment the sales of lighting fixtures, apart from regular product developments and innovative technology implementation. The demand for advanced lighting technology is creating new opportunities for existing and new players in the lighting fixtures market in the United States and Canada.
For example, IoT technology, which connects smartphones to lighting products, will be an opportunity for lighting fixture manufacturers in the region.
Key Takeaways from Market Study
- High demand for designer home lighting fixtures is projected in the U.S. & Canada due to rising consumer wealth and better lifestyles.
- Consumers are showing a lot of interest in multi-purpose products that use smart technology, per Persistence Market Research.
- Residential lighting fixture dealers are providing customers with 3D presentations about their products, thereby helping them gain new customers and retain existing customers.
- Under material, aluminum products dominate the market with a share of 51.2%.
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“The market for home lighting fixtures in the U.S. & Canada is being driven by high-end designs, product advancements, and the expansion trend. Market expansion will also be aided by omni-channel commerce and rising e-Commerce penetration,” says an analyst of Persistence Market Research.
Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the U.S. & Canada residential lighting fixtures market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Kichler Lighting LLC, NBG Homes/Quoizel, Generation Lighting, Progress Lighting (Hubbell Inc.), HINKLEY, INC., Minka Lighting Inc., Golden Lighting, Artika, and Globe Electric.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the U.S. & Canada residential lighting fixtures market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product, usage, material, power source, and sales channel, across the U.S. & Canada.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the U.S. & Canada market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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