Monday, 26 June 2023 10:38 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / June 26, 2023 / Transparency Market Research Inc. - The global lighting fixtures market was valued at US$ 107.1 Bn in 2022 and is projected to expand at a CAGR of 5.3% during the forecast period from 2023 to 2031. Rise in spending in the beautification of homes, hotels, and restaurants is fueling the lighting fixtures market.
Usage of lighting fixtures in different spaces can drastically improve the look and feel of the place. Furthermore, inclusion of Internet of Things, built-in lights, and wireless technology into lighting fixtures is propelling the lighting fixtures market growth.
Leading manufacturers are investing significantly in the development of esthetically appealing and innovative lighting fixtures in order to boost lighting fixtures market share.
A lighting fixture is commonly referred to as a light fitting, which contains an electric lamp for illumination. Apart from illumination, lighting fixtures are also used for decorative purposes in hotels, homes, and offices.
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Market Snapshot:
| Report Coverage | Details |
| Market Revenue | US$ 107.1 Bn |
| Estimated Value | US$ 167.4 Bn |
| Growth Rate - CAGR | 5.3% |
| Forecast Period | 2023-2031 |
| No. of Pages | 215 Pages |
| Market Segmentation | Type, Fixture Type, Price, Application, Distribution Channel |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Companies Covered | 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 Eco Solutions Engineering Company, Zumtobel Lighting GmbH |
Key Findings of Study
Rise in Expenditure on Beautification of Interior Spaces Fueling Lighting Fixtures Market - Rise in disposable income in several parts of the world has led to increase in spending in the beautification of homes. Apart from illumination needs, consumers are increasingly spending on decorative fixtures to enhance the esthetics of interior spaces. This, in turn, is boosting market development.
Investments in infrastructural development and construction projects, such as stadiums, airports, and bridges significantly impacts the global market. Expansion and modernization of cities creates demand for decorative lighting fixtures for hotels, offices, cafes, and other places.
Expansion of Retrofitting Industry Fueling Market Development - The need to replace inefficient and outdated lighting systems in residential, commercial, and other places is expected to fuel global lighting fixtures market development.
Old, high-energy consuming, and inefficient lighting systems are increasingly being replaced with sustainable lighting systems. Additionally, large number of households are switching to energy efficient and cost-friendly lighting systems such as LED lighting. Thus, the retrofitting trend is anticipated to fuel the lighting fixtures market size in the near future.
Esthetic Designs Boosting Demand for Pendant Lighting - In terms of type, the lighting fixtures market is divided into chandeliers; ceiling; desk, floor & table lamps; pendant lighting; wall scones; and others. Pendant lighting is anticipated to account for leading market share during the forecast period. Esthetically appealing designs in various forms, shapes, and sizes is fueling the pendant lighting segment.
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Growth Drivers
- Rise in spending in the beautification of homes, offices, and commercial places is fueling the lighting fixtures market
- Expansion and modernization of cities leading to establishment of cafes, restaurants, and other commercial places is augmenting market growth
Regional Landscape
According to the recent lighting fixtures market analysis, Asia Pacific accounts for key share of the global industry. Economic progress in various countries, such as China, India, and Japan is boosting spending in the modernization and beautification of residential, commercial, and other places. These activities are likely to propel market progress in Asia Pacific.
The lighting fixtures market in Europe and North America is anticipated to expand at a steady pace in the next few years. This is ascribed to heavy spending by consumers on decoration of buildings both externally and internally.
Competitive Analysis
The global landscape is fragmented, with the presence of large number of global and local players. Leading players are investing in comprehensive R&D activities, in order to develop innovative products.
Key players in the lighting fixtures market include Acuity Brands, Inc., General Electric Company, Juno Lighting Group, LSI Industries, Inc., Panasonic Corporation Eco Solutions Company, Cooper lighting LLC, Hubbell Lighting, Inc., and OSRAM Licht AG.
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The lighting fixtures market is segmented as follows;
Global Lighting Fixtures Market, by Type
- Chandeliers
- Pendant Lighting
- Ceiling
- Wall Scones
- Desk, Floor & Table Lamps
- Others
Global Lighting Fixtures Market, by Fixture Type
- Portable
- Fixed
Global Lighting Fixtures Market, by Price
- Below US$ 50
- US$ 50 - US$ 100
- US$ 100 - US$ 200
- US$ 200 - US$ 400
- Above US$ 400
Global Lighting Fixtures Market, by Application
- Residential
- Commercial
- Industrial
Global Lighting Fixtures Market, by Distribution Channel
- Online
- E-commerce Websites
- Company-owned Website
- Offline
- Hypermarkets/Supermarkets
- Specialty Stores
- Other Retail Stores
Global Lighting Fixtures Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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