In 2023, the sales of industrial-type electric lighting fixtures in the US stood at 937.5 million USD. The forecast from 2024 to 2028 shows a gradual decline in sales value, decreasing from 936.39 million USD in 2024 to 932.26 million USD in 2028. This translates to a year-on-year decrease in the range of 0.1% to 0.2%. Over the five-year forecast period, the compound annual growth rate (CAGR) reflects an average decline of just under 0.2% annually.
Future trends to watch for:
- Adoption of energy-efficient and smart lighting technologies.
- Government regulations promoting environmental sustainability.
- Potential slowdowns in infrastructure development affecting demand.
- Growth in automation and industrial modernization capabilities.
