Residential Lighting Fixtures Market by Type (Architecture & Commercial Lighting, Decorative & Residential Lighting, Industrial Lighting and Outdoor Lighting)
Industry: Semiconductor Electronics
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 215
Report ID: PMRREP25819
Residential lighting fixtures industry is anticipated to be worth around US$ 18,443.2 Million in 2022, with the market reaching over US$ 44,713.2 Million in 2033. It is also projected to be worth US$ 19,715.7 Million in 2023 and is estimated to grow at a CAGR of 8.5% from 2023 to 33.
Residential lighting fixtures are fixtures specifically designed and installed to provide lighting in homes and other types of residential dwellings. These fixtures can take many forms, including ceiling fixtures, wall-mounted fixtures, floor lamps, table lamps, and other types of light fixtures that are commonly used in residential settings. Residential lighting fixtures market accounts for the 30% of the lighting fixtures market.
The purpose of residential lighting fixtures is to provide adequate illumination for various tasks and activities, as well as to enhance the aesthetics of the space. In addition to their functional purpose, they can also add to the overall atmosphere and ambiance of a room, creating a warm and inviting environment.
Increasing demand for energy-efficient lighting together with the rising urbanization & population growth are the major factors influencing the growth of the residential lighting fixtures market. With growing concerns about energy consumption and environmental sustainability, consumers are increasingly looking for energy-efficient lighting solutions for their homes. This has led to the development of innovative lighting technologies such as LED lighting, which has become increasingly popular in residential settings.
According to the geographical market estimates, the North American region will account for 27.4% of the global market in 2022. In Europe, consumption for these solutions is estimated to account for around 24.2% of the market in 2023.
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residential lighting fixtures Market Size (2023) |
US$ 19,715.7 Million |
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Projected Market Value (2033) |
US$ 44,713.2 Million |
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Global Market Growth Rate (2023 to 2033) |
8.5% |
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Government Office & Building segment Market Share (2022) |
16.7% |
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Indian Market Growth Rate (2023 to 2033) |
10.2% |
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LED and OLED Segment Market Share (2022) |
39.2% |
“Limited Awareness Coupled with The High Costs”
While LED and OLED lighting fixtures offer long-term cost savings, their initial costs are often higher than traditional lighting fixtures. This can be a barrier for homeowners who may not be willing to invest a significant amount upfront.
Furthermore, many consumers may not be aware of the benefits of LED and OLED lighting fixtures, and they may not understand how these fixtures differ from traditional lighting fixtures. This lack of awareness can limit the market's growth.
“Increasing Demands for the Energy Efficient Lightning Solutions Are Boosting the Growth of Residential Lighting Fixtures Market”
With a growing emphasis on sustainability and energy efficiency, many consumers are looking for lighting fixtures that are energy-efficient and eco-friendly. LED lighting fixtures, for example, are becoming increasingly popular in the United States due to their low energy consumption and long lifespan.
Additionally, the advent of smart technology has led to the development of smart lighting fixtures that can be controlled remotely and offer a range of features such as dimming capabilities, colour temperature control, and scheduling. These features have made smart lighting fixtures more appealing to United States consumers.
These aspects are aiding the acceptance of these technologies in the United States region, accounting to the region's considerable market share of 24.1% in 2022.
“Rising Adoption of solar-powered lighting fixtures Are Hastening the Adoption of Residential Lighting Fixtures”
India receives abundant sunshine throughout the year, which presents a significant opportunity for the adoption of solar-powered lighting fixtures. Solar-powered lighting fixtures can help reduce the dependence on electricity from the grid and provide a reliable source of lighting in areas with limited access to electricity.
Additionally, India is home to a large population that is increasingly becoming environmentally conscious. There is a growing demand for energy-efficient lighting fixtures, such as LED lights, which can help reduce electricity consumption and lower electricity bills.
These factors enable India's market to grow at a CAGR of 10.2% during the predicted period.
“Technological advancements along with the Strong Economy Are Facilitating the Adoption of Residential Lighting Fixtures Services”
Germany is a hub for technological innovation and has a strong focus on research and development. This has led to the development of new lighting technologies and products, which has helped to drive the growth of the residential lighting fixtures market in Germany.
Moreover, Germany has the largest economy in Europe and is a major exporter of goods and services. A strong economy means that consumers have higher purchasing power, which can lead to an increased demand for high-quality lighting fixtures.
Such considerations are predicted to hasten the deployment of residential lighting fixtures services in Germany.
Why Government Office & Building Segment Hold the Major Market Share for Residential Lighting Fixtures Market?
The government sector often undertakes large-scale projects such as construction of government buildings, public housing, and infrastructure development. These projects require a large number of lighting fixtures, which leads to a high demand for residential lighting fixtures.
Moreover, government sector is increasingly focused on reducing energy consumption and carbon emissions. As a result, they are opting for energy-efficient lighting fixtures that help in reducing energy consumption and operational costs. This trend has led to an increase in the adoption of LED lighting fixtures in government buildings, further boosting the market for residential lighting fixtures.
These factors are influencing the major share of 16.7% of government office & building segment in the market.
Why the Adoption of LED and OLED is maximum for Residential Lighting Fixtures?
LED and OLED lighting fixtures are highly energy-efficient and consume significantly less power compared to traditional incandescent bulbs. This results in lower electricity bills and reduced carbon footprint, making them an attractive option for homeowners.
LED and OLED lighting fixtures have a longer lifespan compared to traditional lighting fixtures. They can last up to 25,000 to 50,000 hours, which means homeowners do not have to replace them frequently. This leads to cost savings in the long run and reduced waste.
Thus, market share of LED & OLED segment in the residential lighting fixtures is analysed to be 39.2% in 2022.
Various companies are competing on various factors, including product innovation, price, quality, and customer service. In addition to the established players, there are also several new entrants in the market that are offering innovative products and disrupting the traditional players. The market is expected to continue to grow due to the increasing demand for energy-efficient lighting solutions and the growing trend towards smart homes.
Recent developments related to key players providing residential lighting fixtures market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
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Attribute |
Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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In 2023, the market value of residential lighting fixtures was US$ 19,715.7 Mn.
The global residential lighting fixtures market is estimated to advance at an 8.5% CAGR through 2033.
The market for residential lighting fixtures is forecasted to climb to US$ 44,713.2 Mn by 2033 end.
Demand for residential lighting fixtures market in India is projected to rise at a CAGR of 10.2% for 2023-2033.
In 2022, the North America residential lighting fixtures market held a dominant market share of 27.4%.
