Lighting Fixture Market
Global Lighting Fixture Market is estimated to be valued at USD 240.34 bn in 2024 and is expected to reach USD 570.45 bn by 2031, growing at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2031.
Lighting fixtures are an essential part of any built environment to illuminate indoor and outdoor spaces. The global lighting fixture market has been experiencing steady growth over the past few years driven by growing adoption of LED lights across residential and commercial applications. LED lighting offers numerous advantages over conventional lighting technologies including high energy efficiency, longevity, lower maintenance costs, and design flexibility. Rapid urbanization along with rising disposable incomes in developing economies have bolstered the sales of premium and innovative lighting solutions. Moreover, governments across many countries are promoting LED lighting through various programs and regulations pertaining to energy conservation and environmental protection.
Market Dynamics:
The global lighting fixture market is primarily driven by rapid adoption of LED lighting owing to various advantages offered such as energy efficiency, longer life, lower maintenance costs, and design innovation. According to estimates, LED lights consume nearly 75-80% less energy as compared to incandescent bulbs and 25-30% less than CFLs. Moreover, regulations mandating the use of energy efficient lights in many countries is accelerating the replacement of conventional lights with LED variants across residential and commercial establishments. However, fluctuating prices of raw materials including metals and electronics components could pose a potential challenge for manufacturers. On the positive side, growing construction activities along with rising consumer spending on home décor and improved lighting is fueling innovations. Furthermore, integration of sensors, smart controls and connectivity in lighting systems is expected to open new growth avenues over the coming years.
Key features of the study:
- This report provides in-depth analysis of the global lighting fixture market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global lighting fixture market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include Acuity Brands, Inc., Zumtobel Lighting GmbH, Cooper Lighting, LLC, Panasonic Corporation, Eco Solutions Company, General Electric Company, OSRAM Licht AG, Koninklijke Philips N.V., LSI Industries Inc., Juno Lighting Group, Hubbell Lighting, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global lighting fixture market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global lighting fixture market.
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Lighting Fixture Market' - Global forecast to 2031
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