News

The global Lighting Fixture market size is expected to be worth around US$ 140.75 billion by 2027, according to a new report by Vision Research Reports.

The global Lighting Fixture market size was valued at US$ 99.35 billion in 2019 and is anticipated to grow at a CAGR of 4.4% during forecast period 2020 to 2027.

Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/35797

Growth Factors

Increasing demand for energy-efficient products in the residential and commercial sectors is expected to drive the market in the forthcoming years. Government support for low energy consumption plans is also fueling the demand for the lighting fixture.

Rapidly growing demand for energy-efficient products in the residential and commercial sectors is majorly driving the market for light fixture. Furthermore, introduction of technologically advanced lightings, such as smart lighting, will impel the growth of this market over the forecast period.

Source Analysis

In 2020, Fluorescent lamp accounted for the largest share of 51.4% due to its better characteristics than the incandescent lamp. Incandescent bulbs are outdated as they use a metallic filament to produce light. However, fluorescent lamps use gas to produce light, thus resulting in less power consumption. Therefore, longer lifespan, energy efficiency, and low cost have contributed to the largest share of the fluorescent lamp segment.

The LED and OLED segment of the lighting fixture market is expected to expand at the highest CAGR of 6.3% over the forecast period due to the adoption of energy-efficient products. Government regulations on phasing out the traditional bulbs and lamps is proliferating the demand for LED lighting fixture. Market players operating in this industry are engaged in the expansion of the LED light market.

Increasing penetration of LED lighting fixtures, new product development, innovations such as smart lighting, which can be connected with smart devices through IoT technology are some of the factors contributing to the growth. For instance, in 2019, Philips launched a smart Wi-Fi LED in India by using WiZ technology platform with a smartphone or tablet. This smart LED bulb makes it easy to change the color of the light in order to create a customized light appearance.

Product Analysis

In 2020 Ceiling and wall mounted light fixtures together held more than 60.2% share of the overall revenue, owing to the high adoption of interior lighting among households, hospitals, corporate offices, shopping malls, and educational institutes. Wall mounted and ceiling light fixtures create an attractive and brighter atmosphere in the indoor and outdoor areas. The availability of different styles of wall mounted lighting fixtures for the commercial and residential sectors has contributed to the growth of the wall mounted segment.

Pendant and chandelier light fixture is expected to register the highest CAGR of 5.4% during the forecast period. Manufacturing of chandeliers with rich and elegant look and fine material quality and the growing trend to suit the particular ambiance are fueling the growth of this segment. Moreover, the development of attractive designs and affordable prices are increasing the demand for chandelier light fixtures.

Distribution Channel Analysis

In 2020, the offline channel segment accounted for the largest share of 93.2% owing to the provision of detailed instructions regarding light fixture installation, which further helps to choose a good quality products. The offline channel also helps to identify the spending capacity and willingness to buy a particular product.

The online channel is projected to expand at the fastest CAGR during the forecast period due to the availability of several offers on products and growing e-commerce in countries such as U.S., Germany, U.K., China, and Japan. In addition, the availability of a wide range of products and increasing penetration of smart devices are likely to proliferate the sales of lighting fixtures on the online portal in the forthcoming years.

Application Analysis

In 2020, the commercial application segment accounted for the largest share of 85%. This is attributed to the rising adoption of lighting fixtures in shopping malls, offices, warehouses, hospitals, and shops, coupled with several advantages of using advanced bulbs. Furthermore, increasing smart city development projects and government support for energy-efficient products are proliferating the demand of commercial lighting fixtures.

The residential lighting fixtures application segment is expected to expand at the highest CAGR of 5.5% over the forecast period due to the high adoption of LED bulbs as a replacement of incandescent and fluorescent bulbs for home decor. In addition, a growing trend of smart lighting fixtures with advanced features, such as comfort dimming and compatibility with smart devices, are fueling the demand for a lighting fixture in smart home projects. For instance, HomeKit lighting fixtures can operate through personal assist solutions.

Regional Analysis

In 2020, the Asia Pacific accounted for the largest share of 48%, owing to increasing government support for the adoption of energy-efficient lights in the emerging economies. In 2015, the government of India initiated the Domestic Efficient Lighting Programme (DELP) scheme to replace incandescent and CFL bulbs with LED lights. In addition, commercial enterprises are making high investment in retail shops, hospitals, salons, educational institutes, warehouses, and malls to attract people. The government of China has established various regulations on environmental protection and energy conservation. Therefore, extensive promotion of energy-efficient products, like lighting fixtures, will drive the market in this region.

In 2020 the North America held the revenue share of about 23.6% on account of rising demand for smart lights with bluetooth enabled audio systems, air purifiers, and air conditioning for home decor. Europe is also expected to witness significant growth in the forthcoming years due to improved light quality, long lifespan, and energy-efficient qualities of lighting fixtures.

Middle East and Africa are estimated to expand at the highest CAGR of 5% over the forecast period due to the growing construction industry and government investment in energy-efficient products. For instance, in 2016, the government of UAE, in partnership with Philips, provided the lights for newly constructed buildings. South Africa, Saudi Arabia, and UAE are the leading producers and consumers of LED lighting fixtures in this region.

Key Players

Koninklijke Philips N.V.; Cree Inc.; General Electric; Hubbell Lighting, Inc.; Acuity Brands, Inc.; Eaton Corporation; Panasonic Corporation; OSRAM Licht AG; Nichia Corporation; and Everlight Electronics Co., Ltd. and others.

Market Segmentation