Portland, OR, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global kitchen lighting market was estimated at $12.6 billion in 2021 and is expected to hit $25.7 billion by 2031, registering a CAGR of 7.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.6 billion |
| Market Size in 2031 | $25.7 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 297 |
| Segments Covered | Product Type, Channel, and Region |
| Drivers | Rise in demand for technological advancements and innovation in kitchen lighting |
| Increasing consumer preference towards decorative lighting | |
| Restraints | Safety and security concerns for IoT controlled lights may hinder market growth |
| Opportunities | Higher adoption rate of energy-efficient lights to save cost and power |
Covid-19 scenario-
- Production and manufacturing facilities of kitchen lighting solutions had to be shutdown and production had to be halted in the initial phase of the COVID-19 global pandemic. The pandemic also disrupted the supply-chain aspect of the kitchen lighting market. These factors have had a negative effect on the global kitchen lighting market.
- However, the market is expected to witness a robust recovery since mid-2022, driven by demand for kitchen lighting solutions in the residential sector. Further, one of the measures taken by companies in the kitchen lighting solutions market to counter the negative effects of COVID-19 pandemic include making moderate reductions to their R&D budgets.
The global kitchen lighting market is analyzed across product type, channel, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By product type, the pendant lighting segment held the largest share in 2021, garnering just over half of the global kitchen lighting market revenue, and is projected to maintain its dominance by 2031. It is also expected to showcase the fastest CAGR of 8.29% during the forecast period.
By channel, the online segment contributed just over half of the global kitchen lighting market share in 2021, and is projected to remain dominant by 2031. It will also display the fastest CAGR of 8.21% throughout the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global kitchen lighting market revenue. The same region would also showcase the fastest CAGR of 8.63% from 2022 to 2031. The other provinces studied through the report include Europe, North America, and LAMEA.
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The key market players analyzed in the global kitchen lighting market report includeGeneral Electric, Hubbell Inc., Acuity Brands, Inc., Lutron Electronics Co., Inc., Osram Lighting Private Limited, Signify Holding, Kichler Lighting, Koninklijke Philips N.V., Panasonic Corporation, and Havells India Ltd.
These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global kitchen lighting market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the kitchen lighting market.
- The report includes the market share of key vendors and global kitchen lighting market trends.
Kitchen Lighting Market Report Highlights
Product Type
- Pendant Lighting
- Under Cabinet Lighting
- Island Lighting
- Track Lighting
Channel
- Offline
- Online
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players : General Electric, Hubbell.Inc, Acuity Brands, Inc., Lutron Electronics Co., Inc, OSRAM LIGHTING PRIVATE LIMITED, Signify Holding, kichler lighting, Koninklijke Philips N.V., Panasonic Corporation, Havells India Ltd
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