by The global Lighting Fixture Market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lighting fixtures are devices used to illuminate an area or object with artificial light. They include lamps, bulbs, and shades or hoods. Lighting fixtures have various advantages such as improved vision, safety and security, accent lighting, and energy savings. They are integral part of all indoor and outdoor lighting applications.
Market key trends:
Growing adoption of LED lighting fixtures is one of the key trends in the lighting fixture market. LED technology offers greater energy efficiency and longevity compared to conventional lighting sources. They require low maintenance and emit less heat. LED lighting is replacing traditional incandescent and CFL lights owing to various advantages. Moreover, LED lights are available in various color temperatures and intensities to suit different application needs. The technology is finding increasing usage in residential, commercial, industrial and outdoor lighting applications which is driving the growth of the LED lighting fixtures market.
SWOT Analysis
Strength: The lighting fixture market has extensive growth opportunities owing to growing infrastructure activities around the world and rising adoption of LED lighting. Rapid urbanization is also boosting residential and commercial construction activities globally.
Weakness: High initial investment and maintenance costs associated with lighting fixtures can restrain the market growth. Changing consumer preference towards more sustainable products is also a challenge.
Opportunity: Rising demand for smart and connected lighting systems offer lucrative opportunities. Growing focus on energy efficiency and government support for adoption of LED lights will drive the market forward.
Threats: Volatility in raw material prices and threat from localized and unorganized players. Strict regulatory framework and compliance issues pose challenges.
Key Takeaways
The Global Lighting Fixture Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of LED lighting solutions across various sectors. Rapid urbanization and growing infrastructure development activities are boosting the residential and commercial construction sectors globally.
Regional analysis: The Asia Pacific region dominated the lighting fixture market in 2022 and is expected to maintain its leading position during the forecast period as well, owing to increasing construction spending, rising disposable incomes, and growing focus on energy efficiency in densely populated countries such as China and India. North America and Europe are also significant markets for lighting fixtures due to stringent regulations regarding energy efficiency.
Key players operating in the lighting fixture 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, Hubbell Lighting, Inc. The market is consolidated in nature with top players accounting for majority share. Companies are investing in new product launches and partnerships to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
