Dublin, July 29, 2022 (GLOBE NEWSWIRE) -- The "North America Cabinet LED Lighting Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" report has been added to ResearchAndMarkets.com's offering.
The North America cabinet LED lighting market size is expected to grow from US$ 1,983.30 million in 2021 to US$ 3,691.22 million by 2028. It is estimated to grow at a CAGR of 9.3% from 2022 to 2028.
Cabinet LED lighting is an energy-efficient technology, and demand for ENERGY STAR-rated products has risen in recent years in the US. Light fixtures must use 1/4th energy of traditional lighting, have lower energy bills and bulb replacements, have a lifetime of at least 10,000 hrs, and have even light distribution; these are factors considered to receive an Energy Star rating. The COVID-19 pandemic slowed down the growth of the construction of houses in North America. However, there will be an increase in the construction of houses in 2022.
For instance, as per the US Census Bureau and the US Department of Housing and Urban development for new residential construction in March 2022, the privately-owned housing units authorized by building perm building permits, housing starts, and housing completions are 1873000, 1793000, and 1303000, respectively. Development in residential sector will positively create more demand for LED lights, and thus in turn impacting the cabinet LED lighting market growth.
As per the Canadian Real Estate Association (CREA), in 2022, the construction of house sales will increase due to the government's favorable policy for buying homes. For instance, the Canadian government created real estate investment trusts (REITs) which investors widely use because they are easier to liquidate than traditional real estate investments. REITs also allow investors to diversify their holdings. For example, investors can invest US$ 1 in a portfolio of 100 properties instead of investing US$ 100 in a single property. The Canadian government has proposed a budget for 2022-2023 that focuses on achieving a goal of 100,000 net new housing units.
As a result, a new Housing Accelerator Fund has been established. The increasing usage of cabinet LED lighting in growing residential and commercial spaces is one of the prime drivers of cabinet LED lighting market growth. With the rise in urbanization, consumers are more inclined toward adopting energy-efficient products and services. Thus, the uptake of cabinet LED lighting is rising among end users, such as office spaces, hotels, restaurants, public administrative buildings, shopping malls, and recreational facilities to enhance decor and save electricity bills, driving the cabinet LED lighting market.
Over the next five years, the government will invest US$ 4 billion in housing development support, such as an up-front funding or annual per-door incentive or for investments in municipal housing planning and delivery processes, which in turn will accelerate the development of housing in the coming years. Further, Canada Budget 2022 proposes spending US$ 1.5 billion over the next 2 years, beginning in 2022, extending the Rapid Housing Initiative, ensuring that more affordable housing can be built quickly. ~6,000 new affordable housing units are expected to be built with this new funding. Favorable government policies pf North America region is supporting the growth of cabinet LED lighting market.
Further, US $389.39 million (CAD$ 500 million) was relocated from the National Housing Co-Investment Fund on a cash basis to launch a new Co-operative Housing Development Program aimed at expanding co-operative housing in Canada. The Co-operative Housing Federation of Canada and the co-operative housing sector will collaborate on this new program. The Canada budget 2022 also proposes the additional US$ 1billion in loans reallocated from the Rental Construction Financing Initiative to support coop housing projects. The Canadian financial service provider BMO and the Canadian government have announced that both will invest US$ 9.4 billion (CAD 12 billion) until 2030. Such initiatives will support the affordable housing constructions in Canada, augmenting the cabinet LED lighting market share over the next few years.
Hafele America Co., Acuity Brands Lighting LLC, Kichler, WAC Lighting, and SGi Lighting are the cabinet LED lighting market players in North America profiled in this market study.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. North America Cabinet LED Lighting - Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 List of LED Manufacturers
4.5.2 Supply Chain Analysis
5. North America Cabinet LED Lighting - Market Dynamics
5.1 Market Drivers
5.1.1 Growing Construction of Residential and Commercial Buildings in North America
5.1.2 Rising Demand for Interior Designs and Increasing Disposable Income
5.2 Market Restraints
5.2.1 Overheating Leads to Reduced Life of Cabinet LED Lighting
5.3 Market Opportunities
5.3.1 Energy-Consuming Products and Services with Higher Efficiency and Lower Costs
5.4 Future Trends
5.4.1 Rising Penetration of IoT Connected-Cabinet LED Lighting
5.4.2 Government Stringent Regulations Toward Green Sustainability
5.5 Impact Analysis of Drivers and Restraints
6. North America Cabinet LED Lighting Market - Market Analysis
6.1 North America Cabinet LED Lighting Market Overview
6.2 North America Cabinet LED Lighting Market Revenue Forecast and Analysis
6.3 North America Cabinet LED Lighting Market: Market Positioning - Five Key Players
7. North America Cabinet LED Lighting Market Analysis - by Type
7.1 Overview
7.2 North America: Cabinet LED Lighting Market, by Type
7.3 In-Cabinet Lighting
7.3.1 Overview
7.3.2 In-Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
7.4 Under-Cabinet Lighting
7.4.1 Overview
7.4.2 Under-Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8. North America Cabinet LED Lighting Market Analysis - by Application
8.1 Overview
8.2 North America: Cabinet LED Lighting Market, by Application
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.5 Retailer
8.5.1 Overview
8.5.2 Retailer: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.6 Hospitality
8.6.1 Overview
8.6.2 Hospitality: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
9. North America Cabinet LED Lighting Market - Country Analysis
10. North America Cabinet LED Lighting Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Product launch
12. Company Profiles
12.1 ACUITY BRANDS, INC.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Kichler Lighting LLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hafele America Co
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 GM Lighting
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Savant System Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Black+Decker Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 SGi Lighting Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 RAB Design Lighting
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Phantom Lighting Systems
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 WAC Lighting
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Hera Lighting
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 JESCO Lighting
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Advanced Lighting Concepts, LLC d.b.a Environmental Lights
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Legrand North America, LLC
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
13. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/idzcg3
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