Global Lighting Fixture Market was US$ 97.98 Bn in 2019 and is expected to grow at CAGR 5.24% in forecast period.
Global Lighting Fixture Market Overview:
LED lights use 80% less energy than conventional lights, like florescent and incandescent lights., LED bulbs do not contain toxic material, hence, these factors are compelling the consumers to switch from conventional lights to LED. The global movement to phase out the traditional lighting in several countries like, China, Brazil and European countries will impact the adoption of LED lights. Additionally, smart and connected LED lights are going to be the next trend in smart home projects. This industry has shifted from analog to digital systems, wherein user can control and monitor the light efficiency. Wireless lighting, dimmers, and control devices with advanced sensors will cater to the needs of modern consumers. Smart bulbs that connect to Wi-Fi control the brightness, warmth and multiple color options by using IoT technology.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Lighting Fixture Market Dynamics:
Increasing demand for energy-efficient products in the residential and commercial sectors is anticipated to drive the market in the forecasted years. Government support for low energy consumption plan is also supplementing the demand for lighting fixture. Growing preference for upgraded domestic lighting among consumers, along with rapid development of the real estate sector, is expected to boost the demand for lighting fixture. Increasing number of high-class communities is also fueling the demand for yard lamps. Furthermore, adoption of lighting fixtures, especially LED light modules, is increasing in the commercial sector. Attractive appeal and ability to enhance the entire aura of a place are expected to drive the demand for lighting fixtures.
Global Lighting Fixture Market segment by Source
Incandescent bulbs are out-of-date as they use metallic filament to produce light. Fluorescent lamp contributed for the largest share of 52.23% in 2019 due to its better characteristics than incandescent lamp. The fluorescent lamps use gas to produce light, thus resulting in less power consumption, hence it provide longer lifespan, energy efficiency and low cost have supplemented for the large demand and market growth of the fluorescent lamp segment.
Fluorescent lamps are compatible with the lighting fixtures designed for incandescent bulbs. They are available in different shapes and sizes for recessed fixtures, like table lamp, ceiling, and wall mounted lighting. Several players in the industry are developing compact fluorescent lamps (CFLs) that can be used in three way lamps with dimmer switches. Compatibility, brightness and better quality of light have boosted the demand for fluorescent light fixtures in the recent years.
The LED and OLED segment of the lighting fixture market is likely to grow at the highest CAGR of 6.7% over the forecast period due to rapid acceptance 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 focused to grow the LED light market. Increasing penetration of LED lighting fixture, new product development, innovations like, smart lighting, which can be connected with smart devices through IoT technology are fueling the market growth.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Lighting Fixture Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Lighting Fixture Market dynamics, structure by analyzing the market segments and projects the Global Lighting Fixture Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Lighting Fixture Market make the report investor’s guide.
Scope of the Global Lighting Fixture Market Report:
Global Lighting Fixture Market, By Source
• LED & OLED
Global Lighting Fixture Market, By Product
• Pendant & Chandeliers
• Wall Mounted
Global Lighting Fixture Market, By Distribution Channel
Global Lighting Fixture Market, By Application
Global Lighting Fixture Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Lighting Fixture Market
• Everlight Electronics Co., Ltd.
• General Electric
• Koninklijke Philips N.V.;
• Cree Inc.
• General Electric
• Hubbell Lighting, Inc.
• Acuity Brands, Inc.
• Eaton Corporation
• Panasonic Corporation
• OSRAM Licht AG
• Nichia Corporation
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