Global Lighting Fixtures Market was valued at US$ 218.71 Billion in 2021 and is expected to surpass US$ 513.22 Billion by 2030, registering a CAGR of 10.1% during the forecast period (2022-2030), according to the Global Lighting Fixtures Market Report, by Product Type (Ceiling, Pendant and Chandelier, Wall Mounted, Recessed, Portable, High Bay and Low Bay, Others (Emergency Lighting, Track Lighting, and Fan)), by Application (Industrial & Commercial, Residential, Outdoor, Architectural, Others (Automotive, Aerospace, and Machinery)), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The lighting fixture is an electrical device used to provide artificial light using an electric lamp or different lighting source technology. Lighting fixtures along with electric lamp is also termed as a luminaire. Lighting fixtures are comprised of components such as electric ballast, reflectors, aperture, and an outer shell, which acts as a protective cover for the electric lamp. Lighting market transition from traditional lighting technology such as incandescent and fluorescent lamps to more energy-efficient lighting technology such as LED lamps is primarily driving the growth of the lighting fixtures market.
Macroeconomic factors involved in the industry are expected to drive growth of the global lighting fixtures market during the forecast. Rising global population, increasing global GDP, and growing urbanization in emerging economies are major macroeconomic factors accelerating growth of the market. Factors are such as increase in buying power of customers and rising focus on the modernization of buildings in urban and rural areas are fueling the growth of the market further. As a result of this, volume sales of general and ambient lighting fixtures in emerging economies, the demand for lighting fixtures is increasing. Thus, these factors are expected to propel the global lighting fixtures market growth in the near future.
Key Developments
- In April 2020, Sans Souci, a company that develops bespoke lighting and architectural art installations launched a new light named Eyelet. Eyelet has dimmable LED chips that provide sparkling light in the area where it is installed.
Global Lighting Fixtures Market- Impact of Coronavirus (Covid-19) Pandemic :
The COVID-19 pandemic has affected the global lighting fixtures market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries to stop the spread of coronavirus. This led to the temporary suspension of all businesses. Several commercial and residential construction projects were suspended due to financial crises and a lack of manpower, which affected the sales of lighting fixtures. Hence, the global lighting fixtures market witnessed slow growth during the pandemic.
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Key Trends and Analysis of the Global Lighting Fixtures Market:
- Asia Pacific region is expected to exhibit the highest growth rate over the forecast period. This growth of market is attributed to the development of the residential sector in countries such as India, China, Japan, and others. As the countries are emerging economies, there is a rise in disposable income of people and people are spending on decorating their homes with lighting fixtures. Hence, the demand for the lighting fixtures market is growing significantly in the Asia Pacific region in the forecast period.
- Among application, the architectural segment is expected to exhibit the highest growth rate over the forecast period. Light fixtures are widely used in architecture to highlight dull places, to provide visibility and enhance the appearance of an area in house, industry, and corporates offices. Hence the designers in the field of architecture are showing an inclination towards lighting fixtures as an essential component of projects. Hence, the architectural segment is expected to witness growth in the forecast period.
- 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, and Hubbell Lighting, Inc.
