The sales of commercial, industrial, and institutional electric lighting fixtures in the US stood at USD 6.1239 Billion in 2023. Over the last decade, the market experienced varied growth patterns. Between 2013 and 2019, the market showed moderate to strong growth with occasional dips. The growth took a substantial hit in 2020 with a 3.34% decline primarily due to the global pandemic, but rebounded with a 9.17% increase in 2021. The CAGR from 2018 to 2023 was moderate, standing at 1.68%. The year-on-year growth rate for the last two years indicates variability, with a 0.37% decline in 2022 and a 1.56% increase in 2023.
Future trends to watch for include:
- The continued recovery from pandemic-induced disruptions, with forecasted steady growth over the next five years.
- A focus on energy-efficient and sustainable lighting solutions driven by regulatory changes and environmental considerations.
- Technological advancements in smart lighting systems integrating IoT for enhanced control and automation.
- Expansion in the commercial and industrial sectors, spurred by new construction and retrofitting projects.
