Lighting Fixtures Market to Exceed Valuation of US$ 170.69 Bn by 2031: Transparency Market Research

Lighting Fixtures Market: Introduction

Transparency Market Research delivers key insights on the global lighting fixtures market. In terms of revenue, the global lighting fixtures market is estimated to expand at a CAGR of 5.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global lighting fixtures market.

Companies are investing in R&D to launch an exclusive collection of lighting fixtures. Manufacturers are expanding their product lines to meet the increasing demand for lighting fixtures. Key opportunity of the global lighting fixtures market lies in retrofitting traditional lighting fixtures with advanced lighting fixtures. Optimal functioning of new lighting technology such as LED lighting technology is dependent on the advanced design of the lighting fixture. Demand for advanced lighting technology is creating new opportunities for existing and new players in the lighting fixtures market.

The construction industry is expected to see robust growth due to increasing investment in infrastructure development in commercial, industrial, and residential sectors. Development of these sectors is likely to lead to surge in the installation of lighting fixtures during the forecast period. Additionally, in terms of application, growing opportunities in the field of energy efficient lighting technology and advanced lighting fixtures are driving the expansion of the industrial & commercial, and residential segments.

Lighting Fixtures Market: Key Segments

In terms of product type, ceiling, pendant, and chandelier lighting fixtures segment is expected to expand at the fastest rate during the forecast period. The expansion of this segment can be attributed to the demand for energy efficient lighting such as LED lighting. Additionally, easy replacement of lamps and lower maintenance cost of these fixtures is driving market growth. Furthermore, the demand for focused and ambient lighting for indoor applications, primarily in the hospitality industry and other commercial sectors, is aiding growth of this product type segment.

Based on application, industries & commercial institutions constitute a major portion of a country's energy expenditure. Increasing government regulations have led to rising demand for energy efficient lighting worldwide. Additionally, increasing LED penetration is leading to demand for advanced lighting fixtures in commercial and industrial spaces, thus driving the lighting fixtures market growth.

In term of distribution channel, the offline segment accounts for a major share of the global lighting fixtures market, and is expected to remain the major channel of distribution during the forecast period. Companies purchasing lighting fixtures tend to purchase the product directly from manufacturers to avoid the charges levied by the distribution partner. However, the online distribution channel for lighting fixtures is also witnessing significant growth and is expected to expand at the fastest growth rate during the forecast period.

Lighting Fixtures Market: Prominent Regions

The lighting fixtures market in Asia Pacific is expected to expand at a notable growth rate during the forecast period both in terms of value (US$ Bn) and volume (Million Units). Growth in urbanization and rise in infrastructure developments in the commercial and industrial sector in the region is driving growth of the Asia Pacific lighting fixtures market.

North America is projected to remain an attractive market for manufacturers of lighting fixtures, owing to new technology invention, new product launches, and established manufacturing base in the countries of the region.

Government regulations on sustainable energy consumption in developed regions such as North America and Europe are expected to drive the demand for advanced lighting fixtures during the forecast period.

Lighting Fixtures Market: Key Players

Key players operating in the global lighting fixtures market are Acuity Brands, Inc, Cooper Lighting, LLC, General Electric Company, Hubbell Lighting, Inc., Juno Lighting Group, Koninklijke Philips N.V., LSI Industries Inc., OSRAM Licht AG, Panasonic Corporation Eco Solutions Company, and Zumtobel Lighting GmbH, among others.

Global Lighting Fixtures Market: Segmentation

Lighting Fixtures Market, by Product Type

  • Ceiling, Pendant, and Chandelier
  • Wall Mounted
  • Recessed
  • Portable
  • High Bay and Low Bay
  • Others

Lighting Fixtures Market, by Application

  • Industrial & Commercial
  • Residential
  • Architectural
  • Horticulture
  • Landscape Lighting
  • Others

Lighting Fixtures Market, by Distribution Channel

  • Online
  • Offline
    • Specialty Stores
    • Large Format Stores
    • Independent Retail

Lighting Fixtures Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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