Lighting Fixtures Market : Global Size, Share, Trends, Growth and Forecast Year ( 2022 - 2032 )
Lighting Fixtures Market Highlights
Lighting Fixtures Market size was valued at $91.5 billion in 2021, and is projected to reach $139.4 billion by 2032, growing at a CAGR of 3.90% from 2022 to 2032.
Lighting Fixtures Market Growth Drivers & Barriers:
The lighting fixtures market is driven by several factors, including:
Increased demand for energy-efficient lighting solutions: The rise in awareness about energy conservation and the need for more cost-effective lighting solutions has led to a surge in demand for energy-efficient lighting fixtures, such as LED lights.
Growing construction industry: The growth of the construction industry, particularly in emerging economies, is a major driver for the lighting fixtures market. New constructions, renovations, and refurbishments require the installation of lighting fixtures, driving demand for the market.
Technological advancements: The continuous development of new and innovative lighting technologies has led to the introduction of smart and connected lighting systems, further boosting the growth of the lighting fixtures market.
Increase in governmental support: Governments around the world are offering incentives and subsidies to encourage the adoption of energy-efficient lighting solutions, thereby driving the growth of the lighting fixtures market.
On the other hand, the growth of the lighting fixtures market is hindered by factors such as:
High initial costs: Despite their long-term cost-effectiveness, energy-efficient lighting fixtures, such as LED lights, tend to have a higher upfront cost compared to traditional lighting fixtures, making them less accessible to cost-conscious consumers.
Lack of standardization: The lack of a universal standard for smart and connected lighting systems is a major barrier to their widespread adoption and is hampering the growth of the lighting fixtures market.
Stringent regulations: The lighting fixtures market is subject to a number of regulations, such as safety and performance standards, which can increase the cost of production and make it difficult for small and medium-sized companies to enter the market.
Overall, the lighting fixtures market is expected to continue growing in the coming years, driven by increasing demand for energy-efficient and smart lighting solutions.
Lighting Fixtures Market Regional Synopsis and Outlook:
In the terms of geography, the lighting fixtures market is analyzed into North America, Latin America, Asia Pacific, Europe and Middle East & Africa. Among these regions, Asia Pacific is slated to account for highest percentage of market share in overall lighting fixtures market during the forecast period. Europe lighting fixtures market accounted for second position in overall lighting fixtures market in 2017.
Lighting Fixtures Market Segmentation
The research offers a comprehensive analysis of lighting fixtures market with respect to following sub-markets:
By Product Type
- Ceiling, Pendant and Chandelier Lighting Fixtures
- Wall Mounted Market Lighting Fixtures
- Recessed Market Lighting Fixtures
- Portable Market Lighting Fixtures
- High Bay and Low Bay Lighting Fixtures
- Industrial and Commercial
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Lighting Fixtures Market Top Major Market Players :-
The report profiles various major market players such as;
- 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 Solution Company
- Zumtobel Lighting GmbH
- Others Major and Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
The study also provides company’s positioning and market share in lighting fixtures market.
Timeline Considered for Analysis:
- 2021: Base Year
- 2032: Estimated Year
- 2022 to 2032: Forecasted Year
Lighting Fixtures Market : Research Scope and Deliverables
- Overview & Executive Summary
- Market Drivers, Trends, Challenges and Opportunities
- Market Size and Forecast Projections
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
- Market Segmentation Analysis:
- Industry report analyzes the global lighting fixtures market by the following segments: Product Type & Application.
Report Scope : Lighting Fixtures Market
Base Year Valuation
Forecast Year Valuation
Lighting Fixtures Market Frequently Asked Questions :
Here are some frequently asked questions about the lighting fixtures market:
Question : What is the size of the global lighting fixtures market?
Answer : The size of the global lighting fixtures market was valued at around USD 80 billion in 2020 and is expected to grow at a CAGR of around 7% from 2021 to 2028.
Question : What are the major segments of the lighting fixtures market?
Answer : The lighting fixtures market can be segmented into type (LED, fluorescent, incandescent, and others), application (residential, commercial, industrial, and others), and geography.
Question : What are the major drivers of the lighting fixtures market?
Answer : The major drivers of the lighting fixtures market include the growing demand for energy-efficient lighting solutions, the growth of the construction industry, technological advancements, and increase in governmental support.
Question : What are the major challenges faced by the lighting fixtures market?
Answer : The major challenges faced by the lighting fixtures market include high initial costs, lack of standardization, and stringent regulations.
Question : Who are the major players in the lighting fixtures market?
Answer : The major players in the lighting fixtures market include Philips Lighting, Osram Licht AG, GE Lighting, Zumtobel Group AG, and Hubbell Incorporated, among others.
Question : What are the major trends in the lighting fixtures market?
Answer : The major trends in the lighting fixtures market include the increasing demand for smart and connected lighting systems, the growing popularity of energy-efficient LED lights, and the rise of the circular economy in the lighting industry.