LONDON, March 21, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Kitchen Lighting Global Market Report 2024, the kitchen lighting market has witnessed robust growth in recent years, with its size projected to increase from $12.31 billion in 2023 to $13.5 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9.6%.
Factors Driving Growth in the Current Period
- Surge in Infrastructure Projects: The increasing demand for infrastructure projects, particularly in the residential sector, is a significant driver of the kitchen lighting market. These projects involve the installation or upgrade of lighting systems in residential kitchens, contributing to market growth.
- Construction Activity Growth: Growth in construction activity, as evidenced by data from organizations like Stats NZ Tatauranga Aotearoa and the US Census Bureau, indicates a rising need for kitchen lighting solutions due to new constructions and renovations.
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The kitchen lighting market is expected to experience continued strong growth, reaching a projected value of $18.56 billion by 2028, with a compound annual growth rate (CAGR) of 8.3%. This growth is fueled by factors such as ongoing infrastructure projects, residential sector expansion, and technological advancements in lighting solutions.
Key Trend: Technological Innovations
Major companies in the kitchen lighting market, including Panasonic Corporation, Eaton Corporation PLC, and Stanley Black & Decker Inc., are focusing on technological innovations to maintain their market position. One notable example is the development of the CPY500, a new canopy lighting solution by Cree Lighting, which enhances visibility, safety, and aesthetics in outdoor areas.
Role of Infrastructure Projects in Driving Market Growth
The surge in demand for infrastructure projects, particularly in the residential sector, is a primary driver of the kitchen lighting market. These projects involve the installation or upgrade of lighting systems in residential kitchens, contributing to market growth. With increasing construction activity, the demand for kitchen lighting solutions is expected to rise significantly.
Major Players and Innovations
Key players in the kitchen lighting market are actively developing innovative technologies to cater to evolving consumer needs. For instance, Elk Home's acquisition of Norwell Lightning aims to broaden its product line and improve its lighting selection, enhancing its market competitiveness.
Market Segmentation
The kitchen lighting market is segmented based on:
- Product: Island Lights, Pendant Lights, Ceiling Lights, Track Lighting, Under Cabinet Lighting, Other Products
- Source: Fluorescent, Light Emitting Diode (LED), Organic Light Emitting Diode (OLED)
- Distribution Channel: Online, Offline
- End-User: Residential, Commercial
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Regional Analysis
North America emerged as the largest region in the kitchen lighting market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. This regional variation underscores the global scope of the kitchen lighting market and the diverse opportunities it presents.
In conclusion, the kitchen lighting market is experiencing strong growth driven by factors such as infrastructure projects, construction activity, and technological innovations. With continued investments in residential and commercial sectors and advancements in lighting technologies, the market is poised for significant expansion in the coming years.
Kitchen Lighting Global Market Report 2024 by The Business Research Company provides insights on the kitchen lighting market size, kitchen lighting market segments, kitchen lighting market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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