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.
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.
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.
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.
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.
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.