Lighting Fixtures Market
Lighting Fixtures Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Press Release :
Global Lighting Fixtures Market: Snapshot
A significant number of industries are currently in a transitory phase towards improving power consumption to work performed ratios. One of the core methods to reduce power consumption is through the implementation of modern and efficient lighting fixtures. As a result, industries switching over from incandescent and fluorescent lighting to modern LED lighting offer the biggest driver to lighting fixture producers.
Additional drivers include the booming construction industry and the overall increase in population and disposable income across the world and especially in emerging economies. There is, however, a high initial investment required for new entrants to the lighting fixture production business. At the same time, the multiple number of members involved in making an end-user purchase decision add to the complexity of the buying process, thereby restraint the growth rate of lighting fixture players to a certain extent.
As a result, the global lighting fixtures market is expanding at a CAGR of 6.9% from 2015 to 2021 in terms of revenue. By the end of 2021, this revenue is expected to reach US$215.29 bn.
APAC Shows Highest Demand for Lighting Fixtures
By the end of 2021, Asia Pacific is expected to take up a share of 38.2% in the global lighting fixtures market. This region possess several key drivers that allow it to generate the highest demand for lighting fixtures at a consistent rate. One of the key drivers includes the very high density of population. With the two most populous countries – China and India – situated in Asia Pacific, their economic development is expected to boost industrial, commercial, and residential sectors. Additionally, industry-wide transition phases from conventional lighting fixtures to LED ones is creating an additional demand for new fixtures.
On the other hand, the growth of lighting fixtures players is more restricted in the countries from North America and Europe. North America especially is expected to show a mostly stagnated demand growth rate for lighting fixtures. Most of the demand for lighting fixtures in developed economies is currently coming from the replacement of conventional lighting systems.
Industrial and Commercial Application Scope for Lighting Fixtures on the Rise
As an application segment of lighting fixtures, the industrial and commercial sectors are not only currently the largest in value, but also the fastest in growth rate. By the end of 2021, the revenue earned in the lighting fixtures market globally is expected to reach US$89.93 bn.
The biggest reason for this growth in lighting fixtures application is the direct regulatory pressure imposed by government bodies. The industrial and commercial sectors are the two largest consumers of a nation’s power output and the regulatory pressure to reduce their power consumption has scaled up. This, coupled with the growing need for centers to reduce their own production costs is urging key players to replace their current lighting fixtures to new and more efficient ones.
The top producers of lighting fixtures across the world are Koninklijke Philips N.V., Acuity Brands, Inc., Hubbel Lighting, Inc., Cooper Lighting, LLC, Zumtobel Lighting GmbH, LSI Industries, Juno Lighting Group and Bajaj Electricals Ltd.
Lighting fixtures serves the purpose of illumination or lighting by utilizing different source of lighting technology. In 2015, general lighting industry commands about 20% of the global electricity consumption. Over the past few years, lighting market have seen a gradual transition from traditional or inefficient lighting technology to more energy efficient lighting such as solid state lighting. Additionally, government regulations on sustainable energy consumption is driving technology advanced lighting fixtures such as LED lighting fixtures primarily in developed regions such as Europe and North America. Moreover, need for high energy efficiency, durability and better light quality is driving the demand for advanced lighting fixtures, retrofitting traditional lighting fixtures.
The growth of lighting fixtures market is attributed to the surge in construction industry worldwide. Increasing investment in infrastructure development in residential, commercial and industrial sectors is driving the lighting fixtures market growth. Escalating urbanization, rising per capita income and growing awareness of energy efficiency among customers is leading to replacement of traditional lighting fixtures with advanced lighting fixtures. Additionally, demand for advanced design, compatibility and flexibility is leading to increasing installation of lighting fixtures, further aiding the market growth during the forecast period.
The major factor restraining the growth of lighting fixtures market is due to high initial investment required upfront for installation of new lighting fixtures and also replacement of traditional lighting fixtures. Due to this factor, small and medium scale enterprises are often reluctant to install new lighting fixtures in indoors. Moreover, involvement of different professionals including architects, lighting designers and engineers, is making the buying decision process more complex. This in turn is further restraining the growth of lighting fixtures market.
Industrial and commercial application segment held the majority of the global lighting fixtures market in 2014 and is expected to maintain its dominance during the forecast period. Growth of industrial and commercial segment is attributed to the rising demand for energy efficient lighting fixtures such as LED lighting fixtures aimed at reducing energy consumption. Additionally, government regulations and policies for sustainable energy consumption is further driving the demand for advanced lighting in industrial and commercial sector.
This market research study analyzes the lighting fixtures market globally and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. It recognizes the drivers, restraints and opportunities affecting the industry and analyzes their impact over the forecast period.
By geography, market is segmented into Europe, North America, Asia-Pacific (APAC), and Rest of the World (RoW).. In addition, the report segments the market based on the product type, which include ceiling, pendant and chandelier, wall mounted, recessed, portable, high bay and low bay, and others. Others product type segment includes emergency lighting, track, lighting and fan. It also segments the market on the basis of application as industrial and commercial, residential, outdoor, architectural and others. Others application segment include automotive, aerospace and machinery. All these segments have also been estimated on the basis of geography.
For better understanding of the lighting fixtures market, we have given key market trends. Furthermore, the study comprises a market attractiveness analysis, where the applications are benchmarked based on their market scope, growth rate and general attractiveness.
The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of lighting fixtures. Major market participants profiled in this report include Acuity Brands, Inc. (U.S.), Cooper Lighting, LLC (U.S.), General Electric Company (U.S.), Hubbell Lighting, Inc. (U.S.) and Koninklijke Philips N.V. (Netherlands) among others.
Global Lighting Fixtures Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
Global Lighting Fixtures Market: By Product Type
- Ceiling, Pendant and Chandelier
- Wall Mounted
- High Bay and Low Bay
- Others (Emergency Lighting, Track Lighting and Fan)
Global Lighting Fixtures Market: By Application
- Industrial and Commercial
- Others (Automotive, Aerospace and Machinery)
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)