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The Global Lighting Fixtures Market, By Application (Passenger Vehicles and Commercial Vehicles), 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, RoW) - Global Forecast to 2027, is expected to be valued at US$ 349.92 billion by 2027, exhibiting a CAGR of 8.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Overview

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.

The global lighting fixtures market is estimated to account for US$ 349.92 Mn in terms of value by the end of 2027.

Market Driver

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.

Market Opportunity

Reduction in prices of LEDs can provide lucrative growth opportunities

Previously, LED lighting fixtures were expensive as compared to incandescent and fluorescent lamps. Although LED lighting fixtures still are relatively expensive than conventional lighting fixtures, they have become more and more cost-effective. Furthermore, LED lighting fixtures have extended working periods than conventional lighting fixtures, making them more efficient. Market players can capitalize on these opportunities and gain a competitive advantage in the market.

Market Restraint

Lack of awareness among consumers is expected to restrain growth of the global lighting fixtures market during the forecast period

Although LED lighting fixtures have become very much popular among consumers, there is still a vast majority of customers that still prefer conventional lighting fixtures. This is typically due to false perception regarding prices of LED lights. Moreover, low awareness regarding the benefits of LED lighting fixtures is expected to restrain growth of the global lighting fixtures market over the forecast period.

Market Trends

  1. Growth of lighting fixtures market is attributed to the surge in construction industry worldwide. Increasing investment in construction industry is leading to infrastructure development in residential, commercial, and public and utility sectors globally. As a result of this, lighting fixtures installation has increased in the recent past.
  2. The optimal performance of energy-efficient lighting technology is dependent on advanced design of lighting fixtures. Increasing penetration of energy-efficient lighting such as LED lighting is driving the growth of lighting fixtures market during the forecast period. Moreover, increasing awareness among customers and stringent government regulations in developed regions such as the U.S and Europe is leading to reducing demand for traditional lighting and simultaneously boosting the demand for advanced lighting fixtures.
  3. The demand for lighting fixtures is driven by increasing adaption of new lighting fixtures retrofitting the traditional lighting fixtures in residential and commercial buildings. Increasing per capita income, urbanization, and increasing buying power of customers are leading to modernization of buildings in urban and rural areas. As a result of this, demand for lighting fixtures market is expected to see a robust growth during the forecast period.

Competitive Section

Major companies operating in the global lighting fixtures market are 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.

Key Developments

  1. Key players in the market are involved in product launches, in order to expand the product portfolio. For instance, in February 2020, LSI Industries Inc. introduced two new, high-quality, commercial-grade area lighting solutions named SSA and SMA.
  2. Major market players are focused on product launches, in order to enhance product portfolio. For instance, in July 2019, Hubbell Lighting, Inc. launched a series of visible light disinfection SpectraClean luminaries.

Segmentation

Market Taxonomy:

  1. By Product Type
  • Ceiling, Pendant and Chandelier
  • Wall Mounted
  • Recessed
  • Portable
  • High Bay and Low Bay
  • Others (Emergency Lighting, Track Lighting, and Fan)
  1. By Application
  • Industrial & Commercial
  • Residential
  • Outdoor
  • Architectural
  • Others(Automotive, Aerospace, and Machinery)
  1. By Geography
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)
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