London, March 12, 2024 (GLOBE NEWSWIRE) -- In a remarkable trajectory, the global lighting fixtures market is set to soar from its 2022 valuation of US$125.3 Bn to a staggering US$233.6 Bn by 2030-end. Anticipating an impressive CAGR of 8.1% between 2023 and 2030, the lighting fixture market gains from a multitude of factors, chief among them being the escalating demand for energy-efficient solutions.
With greater emphasis on sustainability, smart technology integration, and evolving consumer preferences, the industry is well-positioned to illuminate a brighter path for the years to come, says a newly published report by Fairfield Market Research.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$125.3 Bn | |
| Estimated Market Size in 2030 | US$233.6 Bn | |
| CAGR | 8.1% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Light emitting diodes (LEDs) have emerged as the beacon of illumination, offering affordability, a lifespan of 50,000 hours, and reduced eye strain. The paradigm shift towards connected LED technology is heralding a new era of energy and economic efficiency across diverse applications.
“Not to be overshadowed, the increased adoption of fluorescent lamps, including compact fluorescent lamps (CFLs), adds another layer to the market's radiance. Compatibility, brightness, and enhanced light quality drive sales of lighting fixtures,” says the analyst.
Another strong growth driving factor is the rising adoption of solar-powered lights, especially in street and highway lighting. Governments globally are contracting corporations for solar light installations, enhancing safety and energy conservation.
“The hospitality sector is also basking in the glow of this growth, with hotel and restaurant owners investing in lighting fixtures to elevate customer experiences. The allure of intricate lighting fixtures for aesthetic appeal in various settings is further propelling market expansion,” marks the company’s analyst.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/lighting-fixture-market
Key Research Insights
- LED and OLED technologies lead the charge. Rising regulations and consumer demand for energy-efficiency are driving the lighting fixture market. Ceiling fixtures rule the roost, offering balanced and mood-enhancing room illumination.
- Though LEDs are gaining ground, fluorescents held the top spot in 2022 thanks to their advantage over traditional incandescent bulbs.
- The commercial sector dominated the market in 2022 due to the widespread use of lighting in workplaces, stores, and hospitals.
- Asia Pacific is expected to hold the largest market share due to government support for energy-efficient lighting in emerging economies.
- North America is poised for significant growth due to rising demand for smart lighting, and home décor items that integrate lighting.
Insights into Segmentation Analysis
Fluorescents Reign Supreme, LEDs Rise, and Online Sales Surge
The global lighting fixture market is illuminating a dynamic landscape, with distinct segments experiencing growth trajectories.
While fluorescents remain the current king, LEDs are poised for a significant rise, and online sales channels are rapidly gaining ground.
Fluorescent lamps continue to dominate the market due to their advantages over traditional incandescent bulbs. Their superior energy efficiency, extended lifespan, and affordability make them a popular choice.
Manufacturers are introducing dimmable compact fluorescent lamps (CFLs) for added versatility. However, the tide is turning towards LEDs.
Government regulations phasing out conventional bulbs and lamps are driving consumer demand for LED lighting fixtures.
Market players are actively developing new LED products and integrating smart technology, allowing LED fixtures to connect with other smart devices via IoT. This growing demand for energy-efficient solutions positions the LED & OLED category for significant future growth.
Ceiling Lights Reign Supreme by Fixture Types
When it comes to fixture types, ceiling lights reign supreme. Their widespread adoption in homes, businesses, and institutions ensures continued dominance.
Wall-mounted segments are also experiencing growth due to a wider variety of designs catering to both residential and commercial settings.
Pendants, and chandeliers are another rising segment, fueled by the production of aesthetically pleasing designs at accessible price points.
Online Sales Soar High Despite Continued Dominance of Offline Stores
Brick-and-mortar stores held the lion's share of the market. The ability to physically inspect fixtures, receive detailed installation instructions, and benefit from knowledgeable sales staff contributed to their success.
Physical stores captured the biggest market share in 2022, likely due to the wider selection and ease of comparison they offer. However, the online segment is experiencing explosive growth.
The convenience of online shopping, coupled with the vast array of product offerings available on e-Commerce platforms, is attracting a growing number of consumers, particularly in major markets like the US, Germany, the UK, China, and Japan.
Commercial Sector Jumps in the Bandwagon to Register Maximum Adoption
The commercial sector currently holds the largest market share due to the extensive use of lighting fixtures in offices, warehouses, hospitals, and retail spaces.
The rise of smart city initiatives and government support for energy-efficient products are further propelling commercial lighting fixture demand.
The residential segment is expected to witness the fastest growth. Consumers are increasingly replacing traditional bulbs with LEDs for both aesthetic and environmental reasons.
The growing popularity of smart lighting fixtures with features like dimming controls, and smart device compatibility is also fueling demand in the residential market, making them a natural fit for smart home projects.
Key Report Highlights
- While current trends favour fluorescents and ceiling fixtures, the report concludes that the rise of LEDs, online sales channels, and smart technology integration holds the promise to an exciting future for the industry.
- Smart LED lighting is emerging as the next frontier in the industry, aligning with the digital age. Wireless lights, dimmers, and control devices equipped with cutting-edge sensors are meeting the demands of contemporary consumers for personalised control.
Insights into Regional Analysis
Asia Pacific Paves the Way as Energy Efficiency Takes Center Stage
The global lighting fixture market is witnessing a regional power shift, with Asia Pacific emerging as a frontrunner.
The demand surge is primarily driven by a growing emphasis on energy-efficient lighting solutions, and significant government support in developing economies.
Government initiatives play a vital role in accelerating LED adoption all over the subcontinent. Upgrading infrastructure further fuels the demand for lighting fixtures in the market here.
Governments across the region are actively promoting the adoption of LED lighting.
A prime example is India's Domestic Efficient Lighting Programs (DELP) project, which incentivises the switch from incandescent and CFL bulbs to energy-saving LEDs. This initiative has demonstrably boosted India's market share within the lighting fixture industry.
Businesses in Asia Pacific are making substantial investments in infrastructure upgrades.
Hospitals, retail stores, educational institutions, and commercial spaces are undergoing renovations to create brighter and more inviting environments for customers. This trend has significantly increased the demand for energy-efficient lighting fixtures.
North America Plugs into the Future, with Wireless Lighting Igniting Newer Growth Prospects
Wireless lighting fixtures are likely to garner popularity as they offer convenience, as well as efficiency.
Rising government support, and remarkable growth in consumer awareness about energy-efficiency lighting solutions will further bolster market expansion.
North America represents the fastest-growing region in the global lighting fixture market, fueled by a burgeoning demand for wireless lighting solutions.
Major corporations in the region are actively developing wireless fixtures due to their numerous advantages, such as long-distance control, energy efficiency, programmability, and extended lifespan. This growing demand for wireless technology is expected to be a key driver of market expansion.
The rise of digital workplaces drives solid market growth within the region. Businesses are increasingly seeking efficient, affordable, and customisable work environments, and advanced lighting fixtures play a crucial role in achieving this goal.
Government programs promoting energy conservation and a growing public awareness of the importance of sustainability are contributing significantly to the market's revenue growth in North America.
Increasing adoption of wireless lighting solutions also paints a bright picture for the future of the lighting fixture market in North America.
Key Companies in Lighting Fixture Market
- General Electric
- Everlight Electronics Co., Ltd.
- Koninklijke Philips N.V.
- Siemens
- Hubbell Lighting, Inc.
- Cree Inc.
- Eaton Corporation
- Acuity Brands, Inc.
- OSRAM Licht AG
- Panasonic Corporation
- Zumtobel Lighting GmbH
- Nichia Corporation
- Cooper Lighting
- Juno Lighting Group
- LSI Industries Inc.
Global Lighting Fixture Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Source Coverage, By Product Coverage, By Distribution Channel Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/lighting-fixture-market
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