Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "U.S. Residential Lighting Fixtures Market Size, Share & Trends Analysis Report By Source (Fluorescent, LED & OLED), By Product, By Distribution Channel, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. residential lighting fixtures market is projected to reach approximately USD 4.04 billion by 2030, with an expected compound annual growth rate (CAGR) of 5.2% from 2023 to 2030.
LED bulbs have gained significant favor among consumers, notably representing a substantial portion of retail light bulb sales in Connecticut and other New England states in 2019.
In Connecticut, LEDs comprised nearly 80% of reflector bulb sales in 2019 and accounted for a significant share of A-line, globe, and candelabra bulb sales. This trend was spurred by long-term efforts by market players involving incentives, marketing, and education.
The LED & OLED segment led the market in 2022 and is expected to maintain its dominance. A transition to LED bulbs is anticipated to result in substantial savings, with the U.S. Department of Energy estimating USD 265 billion in savings over two decades, along with a reduction in greenhouse emissions. LEDs offer advantages such as smaller size, reliability, and energy efficiency. Adoption rates vary based on household income and ownership status.
The pendants & chandeliers segment is poised for rapid growth during the forecast period. Pendants, often used in spaces like kitchens or dining rooms, are preferred for their practicality. Chandeliers, known for their elegant designs, are suited for areas with high ceilings, such as hallways and lobbies.
A study by Commonwealth Edison (ComEd) found that buyers favor LEDs over other technologies, with LEDs projected to make up a significant portion of standard bulb sales. LED adoption rates outpace other alternatives, such as CFLs and incandescent bulbs.
Leading companies are employing various strategies, including global expansion, partnerships, acquisitions, product development, and launches, to increase their market share.
Key Market Highlights:
- LED & OLED segment poised for high CAGR due to technological advancements and widespread adoption.
- Pendants & Chandeliers segment to grow at a 5.9% CAGR, driven by increased spending on home decor.
- Online segment expected to grow rapidly due to the convenience it offers.
- The market features established players like Koninklijke Philips N.V., Hubbell Incorporated, and Acuity Brands, Inc., along with smaller regional players.
Companies Mentioned
- Koninklijke Philips N.V.(Signify N.V.)
- Hubbell Incorporated
- Acuity Brands, Inc.
- NICHIA CORPORATION
- Everlight Electronics Co., Ltd.
- Kichler Lighting LLC
- NBG Home
- Visa Lighting
- Hinkley Inc.
- Minka Group (Ferguson)
- SavoyHouse.com
- Maxim Lighting
- Artika
- Globe Electric Company Inc.
- Designers Fountain
- Golden Lighting
- Visual Comfort & Co. (Generation Lighting)
- Hudson Valley Lighting Group (HVLG)
- Elite Lighting
- Livex Lighting
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
Chapter 3. U.S. Residential Lighting Fixtures Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.2. Manufacturing and Technology Outlook
3.2.3. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
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 Strategies
Chapter 4. U.S. Residential Lighting Fixtures Market: Consumer Behaviour Analysis
4.1. Demographic Analysis
4.2. Consumer Trends & Preferences
4.3. Factors Influencing Buying Behavior
4.4. Consumer Service Adoption Trends
4.5. Key Observations & Findings
Chapter 5. U.S. Residential Lighting Fixtures Market: Source Estimates & Trend Analysis
5.1. Source Movement Analysis & Market Share, 2022 & 2030
5.2. Incandescent
5.3. Fluorescent
5.4. LED & OLED
Chapter 6. U.S. Residential Lighting Fixtures Market: Product Estimates & Trend Analysis
6.1. Product Movement Analysis & Market Share, 2022 & 2030
6.2. Ceiling
6.3. Pendant & Chandeliers
6.4. Wall Mounted
Chapter 7. U.S. Residential Lighting Fixtures Market: Distribution Channel Estimates & Trend Analysis
7.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
7.2. Offline
7.3. Online
Chapter 8. Competitive Analysis
8.1. Recent developments & impact analysis, by key market participants
8.2. Company Categorization
8.3. Participant's Overview
8.4. Financial Performance
8.5. Product Benchmarking
8.6. Company Market Share Analysis, 2022 (%)
8.7. Company Heat Map Analysis
8.8. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/7d12wd
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