Residential Lighting Fixtures Provide Solutions for Household Decorations

23 July 2020: The global residential lighting fixtures market is expected to witness substantial growth due to increasing demand for energy-efficient products. Economical and energy-efficient lighting fixtures are increasingly replacing the traditional lighting devices. Furthermore, the product visibility has increased among millennial consumers due to introduction of Internet of Things (IoT). 

Lighting fixtures are also gaining popularity among smart homes in terms of home decorations. Consumers have been increasingly investing in home décor owing to rising purchasing power. The demand for brightness controllable lights or dimmable lights has witnessed major growth over the past few years and are becoming popular as they can create desired atmosphere.

High Demand for Ceiling and Wall Mounted Lighting Drives Segment Growth

Based on the product, the residential lighting fixture market is segmented into ceiling, pendant & chandeliers, wall mounted, portable, and others. In 2018, the ceiling and wall mounted segment accounted for a large share of the market in terms of revenue. These products are the most common solutions for overall room lighting among households. Wall-mounted fixtures balances the brightness of the entire room by bouncing off the light on ceilings and walls and creates an attractive atmosphere while making the room look larger and brighter. High demand and availability of a variety of ceiling and wall mounted lights suitable for decorating has propelled the sales of these products in residential sector. 

Chandeliers and pendant segment is expected to witness the fastest growth over the next few years owing to increased spending on home décor along with increasing purchasing power of consumers. Chandelier lights provide attractive and elegant look to the place and also have been gaining significant popularity for the decoration of living rooms. Similarly, pendant lights are preferred to enhance the look and brightness of dining rooms and kitchen, thus propelling the segment growth.

Market Insights

The global residential lighting fixtures market accounted for a significant share of the market in 2018. Increasing demand for energy-efficient products is boosting the growth of the market.

There is a wide opportunity for the manufacturers due to replacement of the traditional incandescent lights with LED lights. Over the past few years, manufacturers have been inclined to expand their LED product portfolio by innovating new fixtures, mergers and expansions, and new product launches to cater to the growing demand. For instance, Acuity Brands, Inc. acquired two LED businesses, namely, Distech Controls and eldoLED, in 2013 and 2015.

Key manufacturers of the residential lighting fixtures market include Cree Inc.; Eaton Corporation; Koninklijke Philips N.V.; General Electric; Acuity Brands, Inc.; Panasonic Corporation; Hubbell Lighting, Inc.; OSRAM Licht AG; Everlight Electronics Co., Ltd; and Nichia Corporation.