Residential Lighting Fixture Market Trends, Opportunities, Key Players, Growth, Analysis, Outlook & Forecasts To 2027 The global residential lighting fixture market is anticipated to grow at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing demand for energy-efficient products.
Lighting fixture is has been witnessing huge demand among smart homes. In recent years, consumers are spending more on the home decorative light product. The demand for dimmable or brightness controllable lights has witnessed a significant rise, as they can create the desired atmosphere using the lights. Huge opportunities are available for vendors in the residential lighting fixture market, in the form of smart lighting fixtures and government projects, which is expected to aid them to increase their global footprint. Major companies in the market are integrating latest technologies in their products upgrading to improve the quality of the product and customer experience. Market Trends, Drivers, Restraints and Opportunities
Increasing demand for energy-efficient products and replacement of economical lighting fixtures with conventional lights are driving the market growth.
Rising penetration of the Internet of things (IoT) is raising product visibility among millennial consumers, which is fostering the growth of the market.
The COVID-19 had disrupted the manufacturing industry. This, in turn, had negatively impacted the supply chain, which had impeded the market growth. However, the market is expected to recover soon.
Increasing investment in the electronics industry and rapid urbanization by the state government bodies are expected to promote the utility of residential lighting fixtures across the globe.