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.
Increasing proliferation of LEDs in kitchen lighting, and an increase in the number of residential construction projects are all contributing to the growth of the kitchen lighting market worldwide. A boom in interest in home repair and remodeling activities, particularly in urban countries, boosts demand for kitchen lighting. Furthermore, consumers' tendency to spend on interiors has drawn their attention to home furnishing items such as carpets, rugs, and modern and stylish lighting systems. This shift in focus is supported by rising income levels, changing lifestyles, and new interior designs.
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The kitchen lighting market is segmented on the basis of type, source, product, and geography. Based on type, the market is segmented into general kitchen lighting, task kitchen lighting, and decorative kitchen lighting. Based on source, the market is segmented into fluorescent, LED, and OLED. On the basis of product, the kitchen lighting market is segmented into island lights, pendant lights, ceiling lights, chandeliers, track lighting, under cabinet lighting, and others. In terms of geography, the market is primarily divided into North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
The top five companies in the market are Panasonic Corporation; Signify Holding; ACUITY BRANDS LIGHTING, INC; OSRAM GmbH; and Hubbell. The above listing of key players is derived by considering multiple factors such as overall revenue, current kitchen lighting portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers acquisitions, and other joint activities
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