By the end of 2032, the lighting fixtures market will have grown from its present market value of US$ 34 billion to US$ 49 billion at a CAGR of 3.7%.
The global market for lighting fixtures is dominated by LED and OLED lights with a 54.9% market share. India’s demand for lighting fixtures is anticipated to soar at a CAGR of 8.1% over the course of the forecast period (2022-2032).
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The lighting fixtures market is one of the fastest growing segments of the global lighting industry. The market is driven by a number of factors including the increasing demand for energy-efficient lighting solutions, growing awareness of the importance of good lighting in both residential and commercial settings, and advances in lighting technology. In particular, the trend toward LED lighting fixtures has been a major driver of growth in the market, as LED lights offer a range of benefits over traditional lighting solutions including lower energy consumption, longer lifespan, and improved lighting quality.
The global lighting fixtures market is highly competitive and is characterized by the presence of a large number of players operating at both the regional and global levels. Companies are focusing on strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence and enhance their product portfolios.
The market for lighting fixtures is expected to continue growing in the coming years, driven by increasing demand for energy-efficient lighting solutions, growth in construction and infrastructure development, and increasing adoption of smart lighting technologies. In particular, the smart lighting market is expected to experience significant growth as consumers seek out lighting solutions that can be controlled remotely and integrated with other home automation systems. In addition, the growing trend toward the use of lighting fixtures for both functional and aesthetic purposes is expected to drive further growth in the market in the coming years.
Persistence Market Research Recommendations Pertaining to the Global Lighting Fixtures Market
- Increase in penetration towards adoption of efficient and energy saving products are encouraging consumer to adapt LED and OLED lighting solution. Due to which key players associated with the global lighting fixtures market are constantly upgrading their product portfolio to meet the needs in the competitive lighting market
- Emergence of the Internet of Things is a greater opportunity for major players to develop innovative offering that integrates modern lighting solutions integrated with Internet of Things
- MEA region is organizing a rural electrification program, which could be a great opportunity for players associated with lighting fixtures to tap new business opportunities from the region
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Global Lighting Fixtures Market: Key Vendors
These are the prominent players in the global lighting fixtures market profiled in the report –
- CREE, INC
- Hubbell Lighting, Inc.
- GE Lighting, LLC
- OSRAM Licht AG
- Royal Philips NV
- Acuity Brands Lighting, Inc
- ATG Electronics
- Panasonic Corporation
- D. Kichler Co.
- Eaton Corporation
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Lighting Fixtures Industry Research Segmentation
By Type:
- Architecture & Commercial Lighting
- Decorative & Residential Lighting
- Industrial Lighting
- Outdoor Lighting
By Application:
- Airport Lighting
- Corporate Campus Lighting
- Retail Outlets Lighting
- Education Facilities Lighting
- Government Office & Building
- Healthcare Facilities Lighting
- Industrial & Warehouse Lighting
- Recreation & Public Venue Lighting
- Residential Lighting
- Restaurant & Hotel Lighting
- Street Lighting
By Light Source:
- Incandescent
- Fluorescent
- LED and OLED
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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