The residential lighting fixture business is anticipated to be driven by several important factors, including the growing demand for ornamental lighting fixtures in the residential sector and the adoption of energy-efficient products such as LEDs and OLEDs.

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.

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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.

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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:

Attribute	Details
United States and Canada Residential Lighting Fixture Business Size (2024)	US$ 132.5 billion
United States and Canada Residential Lighting Fixture Projected Size (2034)	US$ 275.6 billion
Value-based CAGR (2024 to 2034)	7.6 %
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Analysis	US$ million for Value
Key Countries Covered
Key Segments Covered	Product Type Power Source Technology Usage Sales Channel
Key Companies Profiled	Philips Acuity Brands Lighting, Inc. Eaton Corporation Leviton Manufacturing Co., Inc. Legrand Ideal Industries, Inc. Lutron Electronics Co., Inc. RAB Lighting Osram Licht AG Cree, Inc. Eaton Corporation Osram Sylvania Hubbell Lighting Cooper Lighting Zumtobel Group Eaton Corporation Panasonic Osram Acuity Brands GE Lighting Leviton Manufacturing Co., Inc. Legrand Ideal Industries, Inc. Osram Licht AG Cree, Inc.
Report Coverage	Business Forecast, Competition Intelligence, Business Dynamics and Challenges, Strategic Growth Initiatives

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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. 

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