Surge in Adoption of Energy-Efficient Lighting to Provide Growth Opportunities for Kitchen Lighting Market during 2021–2028
According to our latest market study on "Kitchen Lighting Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Source, Product, and Geography," the market is expected to grow from US$ 17,058.05 million in 2021 to reach US$ 30,707.36 million by 2028; it is anticipated to grow at a CAGR of 8.8% from 2021 to 2028.
The increased acceptance of efficient LED lighting is due to its advantages over other types of lighting as it is widely utilized in everyday life, allowing people to save cost on electric energy. Further, efficient lighting is increasing due to its benefits, such as longer shelf life and better energy savings. Further, energy-efficient lighting has the lowest life-cycle cost as it minimizes peak loads, lowers customer bills, and reduces mercury and material volume. As a result, there is an increase in the usage of light-emitting diodes for improved efficiency. LED lighting is energy efficient, which increases its acceptance in many sectors, favorably boosting growth and demand and driving the kitchen lighting market growth.
The global kitchen lighting market is segmented on the basis of type, source, product, and geography. On the basis of type, the market is segmented into general kitchen lighting, task kitchen lighting, and decorative kitchen lighting. In 2020, the general kitchen lighting segment held the largest market share. On the basis of source, the market is segmented into fluorescent, LED, and OLED. In 2020, the LED and OLED segment accounted for the largest market share. On the basis of product, the market is segmented into island lights, pendant lights, ceiling lights, chandeliers, track lighting, under cabinet lighting, and others. In 2020, the ceiling lights segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global kitchen lighting market.
Impact of COVID-19 Pandemic on Global Kitchen Lighting Market
The realistic scenario method assumes that the first two quarters of 2020 will have subpar growth, with some rebound in the second half of FY20–21. Major companies operating in the kitchen lighting market, including Signify N.V. (Netherlands), G.E. (G.E. Lighting) (U.S.), Acuity Brands (U.S.), and Hubbell Lighting (U.S.), have seen subdued demand for lighting products between March and May of 2020, due to supply chain disruption caused by the COVID-19 pandemic. Some of these firms' production plants worked at decreased capacity, which had a detrimental impact on their sales in the short run. Further, intelligent ambient lighting producers are the most impacted due to decreased demand for lighting fixtures such as surface-mounted lights, recessed lights, track lights, strip lights, and suspended lights.
ACUITY Brands Inc., Cree Lighting, OSRAM Licht AG, GE Lighting, Panasonic Corportaion, Signify Holding, Hubbell Incorporated, Kichler Lighting, Lutron Electronics, Hafele GmbH &Co, are among the major companies operating in the kitchen lighting market.
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