Kitchen Lighting Market is Estimated to Reach $25.7 Billion by 2031, Growing at a CAGR of 7.7%
PORTLAND, OR, UNITED STATES, September 14, 2023/EINPresswire.com/ — Allied Market Research published a report on Kitchen Lighting Market by Product Type, Channel: Global Opportunity Analysis And Industry Forecast, 2022-2031. The Kitchen Lighting Market Size was valued at $12.6 billion in 2021, and is estimated to reach $25.7 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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Some of the prime drivers of the kitchen lighting market are the higher adoption rate of pendant lighting, hanging lights for kitchen and kitchen ceiling lights for advertising and events and surge in demand for infrastructure projects in residential sector. These factors are estimated to accelerate kitchen lighting market growth rapidly during the forecast period.
However, the safety and security concerns for IoT controlled lights act as major barriers for the kitchen lighting market trends growth. Contradictorily, the adoption of under cabinet lighting in high-end luxury kitchens create lucrative opportunities for the kitchen lighting industry growth in lighting sector during the forecast period.
Decreasing cost of light-emitting diodes (LEDs) and changes in global energy policies are driving the market growth of kitchen lighting. LEDs are very reliable, efficient and have a long life compared to other LEDs. They are cost effective and provide about 50,000 hours of lighting with low energy consumption. Customers prefer LED kitchen lighting over incandescent bulbs due to their lower cost and lower heat dissipation.
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Competitive Analysis:
The company profile section of the Kitchen Lighting Market Market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global Kitchen Lighting Market include,
• General Electric
• Hubbell, Inc
• Acuity Brands, Inc.
• Lutron Electronics Co., Inc
• Osram lighting private limited
• Signify Holding
• Kichler lighting
• Koninklijke Philips N.V.
• Panasonic Corporation
• and Havells India Ltd
The market for kitchen lighting has been greatly influenced by the lightning-fast advances in lighting technology. Energy-efficient LED lighting has completely changed the market by providing durable, economical, and environmentally responsible options. The versatility and small size of LED technology not only allow for new design options but also cut energy usage and power costs.
Country wise, China holds a significant share in the global kitchen lighting market, owing to the presence of prime players. Major organizations and government institutions in the country are intensely putting resources into this global kitchen lighting these prime sectors has strengthened the growth of the global kitchen lighting market in the region.
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Key Findings of the Study
• In 2021, the pendant lighting segment accounted for maximum revenue, and is projected to grow at a notable CAGR during the forecast period.
• China contributed for the major share in the kitchen lighting market, accounting for highest revenue share in 2021.
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