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Kitchen Lighting Market Size, Trends, Outlook, Growth Demand, Insights, Overview 2024-2033
Kitchen Lighting Market Size
According to The Business Research Company's, The kitchen lighting market size has grown strongly in recent years. It will grow from $12.31 billion in 2023 to $13.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to incandescent lighting dominance, aesthetic preferences, energy efficiency concerns, regulatory changes, smart lighting integration.
The kitchen lighting market size is expected to see strong growth in the next few years. It will grow to $18.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to smart home integration, health and wellness considerations, customization and personalization, sustainable and eco-friendly lighting, wireless power and charging integration. Major trends in the forecast period include innovations in fixture designs, led technology evolution, technological advancements, human-centric lighting:, integration of advanced controls.
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Market Drivers and Trends:
The surge in demand for infrastructure projects in the residential sector is driving the growth of the kitchen lighting market. Infrastructure projects refer to large-scale construction or development initiatives aimed at improving or creating essential physical and organizational structures and facilities. Infrastructure projects typically involve the installation or upgrade of the foundational systems and structures that support the functioning of lighting systems in residential or commercial kitchens. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, construction activity increased by 3.7% in March 2021. Furthermore, the residential activity increased 4.3% in 2021 over 2020. Additionally, according to the US Census Bureau, with a growth rate of 10.2 percent, the value of construction activities climbed from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the surge in demand for infrastructure projects in the residential sector is expected to propel the growth of the kitchen lighting market.
Major companies operating in the kitchen lighting market are developing technologies such as the CPY500, a new canopy lighting solution, to maintain their market position. Canopy lighting solutions typically refer to specialized lighting fixtures designed for illuminating outdoor canopies or covered areas. Canopy lighting serves multiple purposes, including enhancing visibility and safety, creating an inviting atmosphere, and providing security. For instance, in October 2021, Cree Lighting, a US-based company producer of LED lighting, launched a new canopy lighting solution, the CPY500 Series. The new CPY500 Series combines an attractive, low-profile form factor, diffused optics, and an expansive 11-inch x 11-inch edge-to-edge illuminated lens design, providing a 246% larger illuminated surface area than a typical 7-inch x 7-inch canopy fixture.
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Major Key Players of the Market:
Major companies operating in the kitchen lighting market report are Panasonic Corporation, Eaton Corporation Plc, Stanley Black & Decker Inc., Signify Holding B.V., Hubbell Inc., Acuity Brands Inc., Osram Lighting Private Limited, Havells India Ltd., Cree Lighting USA LLC, Lutron Electronics Co. Inc., Sea Gull Lighting, Hafele Gmbh & Co., Craftmade International Inc., L.D. Kichler Co. Inc., Wangs Alliance Corporation, Quoizel Inc., GE Lighting, Tech Lighting LLC, Progress Lighting, ELK Group International, LEDiL, Hinkley Lighting Inc., Csl Lighting Inc., Maxim Lighting International Inc., Lighting New York, Feiss Lighting
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