Lighting Fixture Market to Drop 5% in 2020 as Smart Lighting Grows, Says Report
The U.S. lighting fixture market, coming off a “challenging” 2019 due to slowing LED sales and U.S. trade policies, will shrink 5% this year to $19.5 billion, said Research and Markets Wednesday. Global contraction is pegged at 9%. “The propelling…
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force of LED-base lighting has faded and the industry is watching smart connected light as the new driver of growth,” said the research firm. Last year, 14% ($1.9 billion) of U.S. local production was slated for export; 84% of the residential market was satisfied by imports. China remains the top importing country, while Mexico and Canada are “catching up,” it said.