As the level of competition in the global lighting fixtures market heightens, entry in the market makes for a hard nut to crack. As a result of the large number of players operating in the global market for lighting fixtures, the market is highly fragmented. Several market players have been launching more technologically advanced lighting systems in order to keep pace with intense competition.
Complete lighting solutions powered with integrated LED lighting as well as control systems were introduced by Acuity Brands in May 2015. Cooper Lighting launched a light-emitting diode roadway luminaire, Streetworks Verdeon, in June 2015 and Halo ALLSLOPE LED downlight system in March 2015. A new product called Bright Stik was launched by General Electric Company, while Hubbell Lighting came up with a high performance LED site/area luminaire in August 2015. This firm also introduced a new LED high bay for the food processing industry, with a capacity of 400w.
The global market for lighting fixtures is slated to achieve a revenue worth US$215.29 bn by the end of 2021, expanding at a steady CAGR of 6.9% between 2015 and 2021.
Demand to Soar in Asia Pacific Due to Extensive Infrastructural Growth
In 2014, Asia Pacific held the foremost position in the regional market. In terms of revenue, China led the lighting fixtures market in Asia Pacific, accounting for more than 55% of the lighting fixtures market. China is closely followed by India and Japan. Large-scale infrastructural development in the commercial, residential, utility, and public sectors has been responsible for the rise in these investments.
The lighting fixtures market in Europe is slated for substantial growth as the governments in this region have banned the use of inefficient and outdated lighting technologies. Besides the aforementioned regions, the lighting fixture markets in Latin America and Africa will also witness a surge, thanks to the flood of investments in the construction sector.
By type, the global lighting fixtures market is categorized into wall mounted, ceiling, chandelier and pendant, low bay and high bay, portable, and recessed, among others. The recessed lighting fixtures segment led the market in 2014 and is likely to retain its dominance over the forecast period, expanding at a CAGR of 7.3% between 2015 and 2021. The growing demand for designer lighting fixtures from the residential sector will also increase over the coming years.
High Efficiency, Energy Conservation to Aid Expansion
A switch from traditional lighting technology to energy-efficient and advanced lighting systems is observed worldwide. “Numerous firms, small and big, across the world have been striving to bring down operation costs. Switching from conventional lighting systems to energy-efficient ones is a key approach in cutting down the costs”, states an analyst at TMR. The growing consciousness about environmental hazards has spurred the need for energy conservation. As a result, energy-efficient lighting systems such as LED have gained popularity over the globe. The advanced lighting systems have advantages such as better light distribution, color temperature, and color consistency.
The ever-increasing world population, growing GDPs of numerous countries, greater penetration of technology, and growing urbanization in emerging economies have been propelling the growth of the global lighting fixtures market. The standard of living of people across the globe has risen significantly as a direct result of rising disposable incomes. All this has stoked the growth of the market.
On the other hand, high initial costs of installation and lack of awareness about the energy-saving benefits of these lighting fixtures might retard the growth of the market. However, retrofitting traditional fixtures with LED and OLED lighting fixtures will promise significant opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Lighting Fixtures Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”.
Major Segments of the Lighting Fixtures Market
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)
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