Energy-efficient lighting fixtures are gaining enormous adoption in residential, commercial, and industrial applications, assert an in-depth TMR study on the lighting fixtures market. LED lighting products are progressively replacing incandescent light bulbs notably in residential facilities worldwide. The global valuation of the lighting fixtures market is projected to advance at approximately CAGR of 5.4% during the forecast period of 2021–2031, and reach worth of US$ 170.69 Bn by 2031.
The massive demand for modern lighting fixtures to optimize power consumption in end users has generated abundant opportunities. The incorporation of LEDs at homes and for numerous indoor applications especially in emerging economies is catalyzing lucrative avenues, noted the analysts in the lighting fixtures market.
New entrants as well as incumbent players are leveraging the potential of mobile shopping apps to attract consumers. Ease of replacement of lamps and low maintenance cost are attracting customer propositions in the lighting fixtures market. The proliferation of designs in lighting fixtures has underpinned sales. Some of the key product types are ceiling, pendant and chandelier, wall mounted, recessed, and portable
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Key Findings of Lighting Fixtures Market Study
- Sales of LED Lighting Fixtures to Offer Vast Revenue Gains: The sales of lighting fixtures have grown remarkably on the back of extensive promotion of benefits of these to institutional customers. Residential users are also making a conscious shift toward lighting fixtures that combine functionality and aesthetics, while enabling them to save on energy bills. Lighting fixture manufacturers in the lighting fixtures market are expanding the array of colors and designs to meet the variety of requirements of interior lighting.
- Energy-efficiency of Lighting Fixtures Spur Popularity across End Users: Awareness about the benefits of lighting fixtures has spurred the demand for lighting fixtures especially in hospitality industry. The demand for modern lighting fixtures is rising in landscape lighting applications. Stridently, ENERGY STAR-certified LED lighting products have gained popularity among residential users in developed and developing economies, thus expanding the revenue potential of the lighting fixtures market.
- Customers Prefer Offline Distribution: The authors of the lighting fixtures market study observe that offline distribution accounted for a leading share in 2020. The opportunities in the segment are estimated to be massive during the forecast period. Meanwhile, the online segment will also expand significantly in the next few years.
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Lighting Fixtures Market: Key Drivers
- Regulatory norms on reducing the carbon footprint of buildings are promoting the commercialization of products, observe the analysts in a study on the lighting fixtures market.
- Growing focus on optimizing energy bills from the rising consumption of power in industries is a key driver of the lighting fixtures market.
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Lighting Fixtures Market: Regional Dynamics
Asia Pacific is expected to account for a remarkable revenue share of the global lighting fixtures market by 2022-end. The regional market is projected to expand at a promising CAGR during the forecast period.
Abundant demand for energy-efficient lighting systems especially in industrialized nations in the region is a key underpinning of massive revenue streams over the next few years. Of note, residential users in India and China have made a conscious shift from conventional lighting fixtures toward LED (light emitting diode) ones after realizing the benefits.
Lighting Fixtures Market: Prominent Players
Well-entrenched players are keenly diversifying their product portfolio mainly to manage competition from new entrants. Some of the key players in the lighting fixtures market are Panasonic Corporation Eco Solutions Company, OSRAM Licht AG, LSI Industries Inc., Koninklijke Philips N.V., Juno Lighting Group, Hubbell Lighting, Inc., General Electric Company, and Cooper Lighting, LLC.
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Global Lighting Fixtures Market: Segmentation
Lighting Fixtures Market, by Product Type
- Ceiling, Pendant, and Chandelier
- Wall Mounted
- Recessed
- Portable
- High Bay and Low Bay
- Others
Lighting Fixtures Market, by Application
- Industrial & Commercial
- Residential
- Architectural
- Horticulture
- Landscape Lighting
- Others
Lighting Fixtures Market, by Distribution Channel
- Online
- Offline
- Specialty Stores
- Large Format Stores
- Independent Retail
Lighting Fixtures Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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