Residential Lighting Fixture Industry Analysis in United States and Canada to Rise at 7.6% CAGR through 2034 Amid High Demand for At-home Services | Future Market Insights, Inc.

NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) -- As per newly released data by Future Market Insights (FMI), the Residential Lighting Fixture Industry Analysis in United States and Canada is expected to be worth US$ 132.5 billion in 2024. Sales are further expected to reach US$ 275.6 billion by 2034, growing at a 7.6% CAGR from 2024 to 2034.

The United States and Canada residential lighting fixture business is expected to rise at a decent rate during the forecast period. This is due to a number of factors, including the increasing demand for smart homes and the integration of the internet of things (IoT).

The growing advancement in technology has led to the development of innovative materials and designs in residential lighting fixtures as manufacturers are incorporating advanced technology and sustainable materials, wireless technologies, and low-power consumption systems into the designs of lighting fixtures. These advancements have escalated the demand among consumers in the United States and Canada.

In the post-pandemic era, there is an increasing demand for at-home services, which has escalated the e-commerce sector in these countries. As the millennial population is connected to the internet, it is set to support the growth of online shopping. Additionally, it also provides modern consumers with the ability to search and compare different products along with convenience.

Request Sample Report: Empower Your Market Understanding with Invaluable Insights: https://www.futuremarketinsights.com/reports/sample/rep-gb-18293

The business is highly competitive, with several brands and manufacturers offering a wide range of products. A handful of the key players in the United States and Canada residential lighting fixture business include Philips, Legrand, Eaton Corporation, Acuity Brands, and others.

Key Takeaways from Business Study-

• Pendants are predicted to expand at a CAGR of 10.6% throughout the forecast period.
• In terms of sales channels, the online retailers segment is projected to expand at a decent CAGR of 10.9% during the forecast period.
• The LED technology segment is expected to rise with a CAGR of 8.1% during the projection period.
• The United States and Canada residential lighting fixture business is expected to be worth US$ 132.5 billion in 2024.
• The Canada residential lighting fixture business is estimated to rise at a CAGR of 10.7% during the forecast years.
  

“Growing urbanization, rising disposable income, and increasing tech-savvy and environment-conscious consumers are set to aid growth in the United States and Canada residential lighting fixture business,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).

Competitive Landscape

Key players present in the United States and Canada residential lighting fixture business are Philips, Acuity Brands Lighting, Inc., Eaton Corporation, and Cree, Inc., among others. The United States and Canada residential lighting fixture business has a fragmented competitive landscape, with several players competing on the basis of product quality, effectiveness, brand reputation, and price.

Companies are investing in research and development activities to develop new and innovative products and expand their distribution channels. In addition to key manufacturers, smaller firms sell residential lighting fixtures at more affordable costs.

Request the Full Report Methodology Now: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-18293

For instance,

• In 2023, Acuity Brands announced the acquisition of Current, a leading provider of smart lighting solutions for commercial and industrial applications.
• In 2022, Hubbell Incorporated announced the launch of its new HALO Home smart lighting system. It is designed to make it easier for consumers to control their lighting fixtures with their smartphones or tablets.

Get Insights into United States and Canada Residential Lighting Fixture Study:

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the United States and Canada residential lighting fixtures business, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study divulges compelling insights on the United States and Canada residential lighting fixture business by product type (chandeliers, flush mount ceiling lights, pendants, semi-flush mount ceiling lights, and others), power source (battery-powered, corded-electric, and hardwired), technology (incandescent, fluorescent, and LED), usage (indoor, and outdoor), sales channel (direct sales, modern trade, departmental stores, specialty stores, online retailers, and other sales channel), and country.

Scope of the Report:

Get Instant Access to Our Detailed Report: https://www.futuremarketinsights.com/checkout/18293

About the Consumer Products Division at Future Market Insights (FMI)

The consumer products team at Future Market Insights (FMI) offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods. 

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals. 

Explore FMI’s Extensive Ongoing Coverage on the Consumer Product Domain:

• The sunglasses market is estimated to be valued at US$ 32,171.4 million in 2024. The value of the market was US$ 30,236.3 million in 2023. The progress of the market is expected to be at a CAGR of 6.0% from 2024 to 2034. The sunglasses market is expected to reach US$ 57,614.1 million by 2034.
• The dye sublimated apparel market size reached US$ 4533.7 million in 2023. The demand for dye sublimated apparel is anticipated to rise at a 12.40% CAGR over the forecast period. The total valuation of the market is predicted to increase from US$ 5,100.4 million in 2024 to US$ 16,416 million in 2034.
• The global market for laptop carry cases is anticipated to be worth around US$ 1,803.00 million in 2024. The market is predicted to grow at a steady rate of 6.80% between 2024 and 2034, reaching a valuation of US$ 3,481.10 million by 2034.
• The global cold plunge tub market size was US$ 318.6 million in 2023. The global cold plunge tub market is anticipated to increase to US$ 552.7 million by 2034 from US$ 332.9 million in 2024. The cold plunge tub sales are projected to strengthen at a 5.2% CAGR from 2024 to 2034.
• The global market for camping furniture is going to be valued at around US$ 264.2 million in 2024. The market is anticipated to develop at a 4.80% CAGR between 2024 and 2034, reaching a valuation of US$ 422.2 million by 2034.
  

About Future Market Insights, Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube