LIGHTING FIXTURE MARKET ANALYSIS

A light fixture or light fitting is an electrical device containing an electric lamp that provides illumination. The primary components of a lighting fixture include a lamp socket, for holding purpose, and a fixture body. Lighting fixtures with an electrical lamp are termed as a luminaire. Furthermore, lighting fixture is also comprised of electric ballast, reflectors, aperture, and an outer shell, which acts as a protective cover for the electric lamp. Over the years, lighting fixtures have evolved from conventional lighting technology and fluorescent lamps to energy-efficient lighting technology such as LED lamps.

Recent Developments:

• On June 9, 2022, Helvar a company that provides energy saving lighting solutions launched an intelligent and scalable wireless solution named ActiveAhead Generation 2. ActiveAhead Generation 2 uses smart AI algorithm to learn the space usage and can be connected to cloud services.

Restraint:

Complex purchasing decision in lighting fixtures industry is expected to hamper the global lighting fixtures market growth during the forecast period. The purchasing decision of lighting fixtures is not made by end users alone though it involves different professionals including architects, lighting designers, and electrical engineers. The involvement of different professionals has led to the purchasing process being made complex, which in turn is restraining the growth of the lighting fixtures market. Hence, these factors are expected to restrict the market growth over the forecast period.

Global Lighting Fixtures Market- Impact of Coronavirus (Covid-19) Pandemic :

The covid-19 pandemic has immensely damaged the global economy. As global trade suffered due to lockdowns imposed to slow the spread of coronavirus, all businesses across the globe were shut down or operated with less manpower. This impacted the salaries and jobs of the people which resulted in salary deductions and several people lost their jobs which led to diminishing living standards. People invested less in home renovations, remodeling of offices, and commercial sector which declined demand for lighting fixtures, and hence, the global lighting fixtures market witnessed slow growth during the pandemic.

Asia Pacific held a dominant position in the global lighting fixtures market in 2021

Statistics:

Asia Pacific held a dominant position in the global lighting fixtures market in 2021, accounting for 31.0% share in terms of market share, followed by North America and Europe

Figure 1: Global Lighting Fixtures Market Share (%), By Region, 2021

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The Asia Pacific region is expected to account for the largest market share for the lighting fixtures market during the forecast period, owing to the ever-expanding commercial sector. The commercial sector includes workspace, manufacturing plants, warehouses, banks, retail stores, and other sectors. Pendant lighting, high-bay and mid-bay luminaries, landscape lighting and other types of lighting fixtures are available in market which meet the requirement of every commercial sector. Hence, the demand for lighting fixtures has grown significantly and is expected to gain traction during the forecast period in the Asia Pacific region.

North America is expected to witness significant growth due the increasing demand for wireless lighting fixtures. The major companies in North America are developing wireless lighting fixtures due to the several advantages offered by them such as they support long distance control, they can be programmed as per requirement, energy savers, and long life span. Hence the demand for wireless lighting fixtures is expected to drive the lighting fixtures market in North America region.

Among application, the Industrial & Commercial segment is expected to exhibit the highest CAGR over the forecast period. Industries and commercial sector require lighting fixtures such as High-Bay & Mid-Bay Luminaires, landscape lighting, floodlights, and others to provide good vision, identify hazards, safety, and other purposes. Hence the Industrial & commercial segment is expected to grow significantly in the forecast period.

Figure 2: Global Lighting Fixtures Market (US$ Bn) Analysis and Forecast, 2018 - 2030

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Global lighting fixtures market was valued at US$ 218.71 Bn in 2021 and is expected to reach US$ 513.22 Bn by 2030, growing at a CAGR of 10.1% between 2022 and 2030.

Major players operating in the global lighting fixtures market 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.