The Global Lighting Fixtures Market Is Witnessing High Growth, Driven By the Increasing Demand for Energy-Efficient and Smart Lighting Solutions in the World

Lighting Fixtures Market
Lighting Fixtures Market

Lighting Fixtures Market, by Product Type (Ceiling, Pendant and Chandelier, Wall Mounted, Recessed, Portable, High Bay and Low Bay, Others (Emergency Lighting, Track Lighting, and Fan)), by Application (Industrial & Commercial, Residential, Outdoor, Architectural, Others (Automotive, Aerospace, and Machinery)), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Lighting fixtures are devices that are used to hold and distribute light sources. They are designed to provide light to a specific area or space and come in a wide range of styles, sizes, and shapes to suit different lighting needs and aesthetic preferences.

The global Lighting Fixtures Market, which was valued at US$ 218.71 billion in 2021, is anticipated to expand to US$ 513.22 billion by 2030, at a CAGR of 10.1%.

A lighting fixture typically consists of a base, housing, and lamp or light source. The base is the part that attaches the fixture to the ceiling, wall, or floor. The housing is the part that encloses and protects the light source, and it can be made of various materials such as glass, plastic, or metal. The lamp or light source is the part that produces the light and can be incandescent, fluorescent, LED, or any other type of light source.

Competitive Landscape:

Major players operating in the global Lighting Fixtures Market include Hubbell Lighting, Inc., Juno Lighting Group, LSI Industries Inc., Koninklijke Philips N.V., OSRAM Licht AG, General Electric Company, Panasonic Corporation Eco Solutions Company, Cooper Lighting, LLC, Zumtobel Lighting GmbH, and Acuity Brands, Inc.

Key Market Drivers:

The rising awareness of environmental issues and the need for energy conservation have led to an increased demand for energy-efficient lighting solutions. This is expected to drive the growth of the global lighting fixtures for market. The adoption of LED lighting fixtures has grown significantly in recent years, as they are more efficient and have a longer lifespan than traditional lighting sources. For instance, in June 2022, Helvar introduced a scalable and intelligent wireless solution called ActiveAhead Generation 2.

The growth of the Internet of Things (IoT) and the development of smart cities is estimated to enhance the growth of the global Lighting Fixtures Market. Smart lighting systems can be controlled remotely, and they can be programmed to adjust lighting levels based on the time of day, occupancy, and other factors. This technology not only improves energy efficiency but also provides better lighting quality and enhances the overall user experience.

Covid-19 Impact Analysis:

The lockdowns and supply chain disruptions in the initial phase of the COVID-19 pandemic led to a decline in demand in the global Lighting Fixtures Market. However, the increased adoption of work-from-home policies and the need for home renovation projects during the pandemic has driven the demand for residential lighting fixtures.

Moreover, the growing awareness of the importance of hygiene has led to an increased demand for UV-C lighting fixtures, which are used for disinfection purposes. For instance, in August 2021, Signify expanded the Philips Smart Wi-Fi ecosystem in India by introducing advanced products under the Wiz smart light range.

Key Takeaways:

· The Asia-Pacific is expected to dominate the growth of the global Lighting Fixtures Market. The region's growth is driven by rapid urbanization, industrialization, and the increasing adoption of smart lighting solutions in countries such as China, India, and Japan. For instance, in January 2021, Panasonic Life Solutions (PLS) India introduced a Smart Wi-Fi LED Bulb.

· North America is estimated to enhance the growth of the global lighting fixtures for market, due to the high adoption of energy-efficient lighting systems and the growth of smart cities. For instance, according to the United States Census Bureau, in 2020, there were around 2,646 urban areas in the United States.

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