On the basis of revenue, the global under cabinet lighting market was valued at US$ 1,642.8 Mn in the year 2018 and is expected to reach US$ 2,146.9 Mn by 2026, growing at a CAGR of 3.4% during the forecast period. Under cabinet lighting requires less power and therefore, it is being widely used in kitchen cabinets. The customization required by modern consumers in lighting their homes, rising consumer disposable incomes, and a rise in nuclear families will generate the demand for under cabinet lighting.
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LED bulbs are 90% more efficient compared to incandescent and xenon bulbs, and are, therefore, promoted by governments in most regions. LEDs are costlier than other types of the light source, but their long life and energy saving capacity compensate for the high price. American homes have an average of 50 light sockets, of which 60% contain inefficient bulbs that can be replaced by LED bulbs, which in turn, will save more than US$ 6 Bn a year.
The adoption of LED bulbs in the U.S. has been increasing, with 29% of households installing at least one LED bulb due to increasing government rules and regulations. The DOE (Department of Energy) LED Lighting Facts Program was created in 2009 in an attempt to help utilities, manufacturers, and others in promoting LED bulbs when there was no proper verification for product performance. The market demand for under cabinet lighting is driven by various government rules for promoting energy-efficient lighting.
The replacement or upgradation from conventional incandescent lights to energy efficient LED lighting costs twice in the highest poverty areas. Huge disparities in the prices of inefficient energy sources and efficient energy sources of light force consumers in developing and underdeveloped countries to use incandescent bulbs. The ban on incandescent bulbs by governments of various countries such as the U.S., India, and others, will hamper the market for under cabinet lighting during the forecast period.
The key players in the under cabinet lighting market are Signify Holding, EATON CORPORATION plc., Acuity Brands Lighting, Inc., BLACK + DECKER Inc., Cree Lighting, RDA Lighting Inc., GE Lighting, GM Lighting Inc., Hubbell Incorporated, LEDVANCE GmbH, and others. Various strategies such as joint ventures, mergers and acquisitions, new product developments, and other strategies have been adopted by the key players in the under cabinet lighting market, in order to gain a competitive edge over others. For instance, in March 2019, Ideal Industries, Inc. acquired Cree commercial lighting and intelligent lighting control systems. The Cree lighting segment includes lamps and intelligent lighting control business for industrial, commercial, and consumer applications. The acquisition will add global brand value and innovative skills from Ideal Industries, Inc. to Cree Lighting.