Lighting Fixtures market growth 12.8% CAGR by 2025: Research Study
The global market for lighting fixtures is estimated to reach a market size of over US$ 76 Billion all through 2025, up from a market value of over US$ 25.8 Billion during 2017. Increased penetrations in LED lighting, as well as the need for smart fixtures, are the major aspects anticipated to fuel the overall growth in revenue terms of the worldwide market for lighting fixtures. The market will be recording a healthy 14.2% CAGR all through the calculated period.
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- Based on the type, the global market is segmented as Decorative & Residential Lighting, Architecture & Commercial Lighting, Outdoor Lighting and Industrial Lighting. The outdoor lighting is estimated to increase exceedingly at US$ 20,548.0 through 2025 end. The architectural and commercial lighting is likely to grow at a high CAGR in value terms all through the predicted period.
- Based on the application type, the global market is categorised into corporate campus lighting, street lighting, airport lighting, education facilities lighting, retail outlets lighting, healthcare facilities lighting, government office & building, recreation & public venue lighting, industrial & warehouse lighting, restaurant & hotel lighting and residential lighting. The street lighting category is estimated to be majorly attractive in the worldwide market for lighting fixtures market over the calculated period. However, the residential lighting category is estimated to record soaring Y-o-Y rates of growth all through the calculated period. This category is likely to grow at a 16.3% CAGR in value terms over the calculated time frame.
- Based on the light source, the overall market is divided into fluorescent, incandescent and LED and OLED. The fluorescent division is estimated to lead the worldwide market for lighting fixtures by gaining the maximum market shares over the calculated period. On the other hand, the LED and OLED division are projected to register substantial growth in market share from 37.4% during 2017 to 59.7% by 2025.
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- Based on the region, the overall market is assessed across Middle East & Africa, Latin America, North America, Asia Pacific and Europe. Europe and North America jointly are estimated to gain market shares in revenue terms during the assessment period. However, the MEA region is estimated to see a reasonable growth pace all through the calculated period.
Key Market Players
Some of the top Players functional in the worldwide market include Hubbell Lighting Inc., CREE INC, OSRAM Licht AG, GE Lighting LLC, Acuity Brands Lighting Inc, Royal Philips NV, Panasonic Corporation, ATG Electronics, Eaton Corporation, D. Kichler Co. and others. While some other players include Briloner Leuchten GmbH, Kenroy Homes, Delta Light, Brilliant Lighting Limited, Beghelli SpA, Disano Illuminazione S.p.A, IKEA, Glamox lighting, Endo Lighting Corp, EGLO Leuchten GmbH and others.