A lighting fixture is a part of a light that is attached to a ceiling, where consumers can install lighting elements such as LEDs, incandescent bulbs or fluorescent bulbs. All fixtures have a fixture body and one or more lamps. The lamp is attached to the socket for easy replacement. Fixtures require an electrical connection to power and some run on battery power for camping or emergency lights. Traditional lighting fixtures are being replaced with smart lighting fixtures owing to the integration of interest of the Internet Of Things.
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RESIDENTIAL LIGHTING FIXTURES MARKET DYNAMIC
Rapid urbanization in developing countries and increasing demand for decorative lighting fixtures in the residential areas is likely to increase the adoption of energy-efficient products over the forecast period. Besides, increasing penetration of smart lighting fixtures is another aspect fuelling the market growth. Increased adoption of LED lights to replace the traditional incandescent lights has increased the opportunity for fixture manufacturers.
COVID-19 IMPACT ON RESIDENTIAL LIGHTING FIXTURES MARKET
Covid 19, drastically affects the world supply chain and industrial sector growth. Day by day as the situation worsened, quarantine, social distance practices were imposed and nations began instituting lockdowns. The shutdown of economic activities affected all the sectors. There has been a huge impact on person disposable income and purchasing behaviour. At the initial stage of the pandemic, the world experienced, ‘supply shocks'. Except for medical supplies and life support product industries, most industries have been greatly impacted and residential lighting fixtures industries.
RESIDENTIAL LIGHTING FIXTURES MARKET SEGMENTAL OVERVIEW
The report analyses the residential Lighting Fixture Market based on type, product, distribution channel and geography.
RESIDENTIAL LIGHTING FIXTURES MARKET BY TYPE
The major types of residential lighting fixtures are, incandescent, fluorescent and LED& OLED. The LED & OLED segment is likely to grow significantly over the forecast period. The main difference between LED and OLED is use of organic materials in OLED. Rising adoption of LED lights to replace traditional incandescent lights has a positive impact on LED segment. Different types of LEDs are available such as LED lamps, LED Fixtures. The components of an LED and the way that they generate light significantly extende the lifespan of these bulbs.
RESIDENTIAL LIGHTING FIXTURES MARKET BY PRODUCTS
The different products of residential lighting fixtures includes, wall scones, false ceiling, chandeliers & pendants, recessed, architecture and others. Wall scones segment is likely to grow significantly over the forecast period. These products are the common solutions for room lighting among households. The false ceiling available in different types such as metal frames, gypsum ceilings. Gypsum ceilings are quite durable and boards are made with precision in factories. The consistency in the design of the gypsum ceiling is maintained that makes it an ideal material for a false ceiling.
RESIDENTIAL LIGHTING FIXTURES MARKET BY DISTRIBUTION CHANNEL
The residential lighting fixtures are made available by different channels such as offline & online distribution channels. The offline channel segment is likely to grow significantly over the forecast period. The provision of detailed instructions about installation by the product specialist is a major factor driving the adoption of these distribution channels. Additionally, the availability of compatible lighting fixture accessories has been attracting consumers to purchase from offline distribution channels.
RESIDENTIAL LIGHTING FIXTURES MARKET BY GEOGRAPHY
Geographical, residential lighting fixtures studied across the world, of key regions such as North America, Europe, Asia-Pacific and Rest of the world including, Latin America, Middle East & Africa. Asia-Pacific region account largest share in the market. Owing to high population density in this region is key factor boost the market growth. Rapid urbanization and increasing spending on electrification is another factor increased adoption of lighting fixtures.
RESIDENTIAL LIGHTING FIXTURES MARKET KEY PLAYERS
Some of the major players operating in the market including, Acuity brands Inc., Koninklijke Philips N.V, Hubbell Lighting Inc., Eaton Corporation, Panasonic Corporation, OSRAM Litch AG, Nichia Corporation, Everlight Electronic Co. General Electric Company, Kenroy Homes, Cree Inc, Signify N.V
RECENT DEVELOPMENT
September 2019:-Acuity Brands announced acquisition of Luminaries group. The acquisition was aimed to become a leading provider of lightning solutions.
October 2020- Smart global holdings Inc. announced acquisition of Cree Inc. The acquisition aimed to financial benefits and a number of strategic capitalise on with Cree LED
May 2019:- Panasonic announced collaboration and acquisition with GS-Solar. This will to improve their product competitiveness.
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