The global lighting fixture market was worth USD 99.31 billion in 2021. It is projected to grow at a 4.6% CAGR between 2022 and 2031. The market is expected to grow in the next few years due to the increasing demand for energy-efficient products in the commercial and residential sectors. Government support for low-energy consumption plans also fueled the demand for lighting fixtures.
LED lights to consume 80% less electricity per unit than traditional incandescent and fluorescent lights. Unlike fluorescent bulbs, LED bulbs do not contain toxic material. These are the main reasons LED bulbs are preferred to traditional lighting. Global movements to get rid of traditional lighting from China, Brazil, and other European countries will impact the adoption rate of LED lights.
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The market for lights and luminaires is expected to hold a larger share of the global hardware for lighting fixtures market over the forecast period. In 2021, lights and luminaires held a larger market share. This market is driven by improved smart standards and rising demand for high-powered devices capable of lighting. Integration of luminaires by OEMs has been a growing trend. These luminaires need more power. There are many types of luminaires and smart bulbs. These include lamps, smart bulbs, and luminaires such as fluorescent lights, high-intensity lamps (HIDs), light-emitting diodes, LEDs, and lamps.
Smart technology makes LED lighting systems attractive for property owners. LED lighting is a popular technology that offers energy efficiency and competitive costs.
This market has huge potential to grow because of the rise of the construction sector. This is due to rising government initiatives around the globe to provide housing for homeless people. Artificial light is used in construction to speed up the completion of tasks.
These are also used to help spot dangers and highlight areas where work is being done. Construction is growing rapidly in developing countries like Asia Pacific, Latin America, and the Middle East.
Investors have difficulties setting up newer manufacturing hubs across several countries. This is due to strict government policies, including regulations and rules related to environmental issues. Other challenges investors and manufacturers face when setting up a factory include high capital expenses, high R&D investment, inefficient supply or logistics, and insufficient availability of advanced manufacturing equipment. These factors hinder the growth and development of the market in developing economies.
Governments are forced to address policies related to business operations in their countries due to the increasing use of products for diverse purposes. In the next few years, the market will not grow as fast because of the time it takes to establish new manufacturing hubs.
Market Key Trends:
Increased competition and continuous innovations are market key trends.
The present and future market outlook for the industry regarding recent developments, which include growth opportunities and drivers, as well as the challenges and restraints facing both developed and emerging regions
The report includes the following key market players:
1. Acuity Brands
2. Cooper Lighting#LLC
3. General Electric Company
4. Hubbell Lighting
5. Juno Lighting Group
6. Koninklijke Philips N.V.
7. LSI Industries Inc.
8. OSRAM Licht AG
9. Panasonic Corporation Eco Solution Company
10. Zumtobel Lighting GmbH
1. Ceiling, Pendant, and Chandelier Lighting Fixtures
2. Wall-Mounted Market Lighting Fixtures
3. Recessed Market Lighting Fixtures
4. Portable Market Lighting Fixtures
5. High Bay and Low Bay Lighting Fixtures
6. Others (Automotive, Aerospace, and Machinery) Lighting Fixtures
1. Industrial and Commercial
5. Others (Automotive, Aerospace, and Machinery)
Frequently Asked Questions:
1. Which five players are leading the Lighting Fixture market?
2. What are the drivers, and what are the restraints in the Lighting Fixture market?
3. What will be the CAGR of the Lighting Fixture Market during the Forecast Period?
4. Which manufacturers are leading in the global market for lighting fixtures?
5. Which regional market is expected to show the most growth?
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