The global lighting fixture market
size is expected to reach USD 140.76 billion by 2027, expanding at a CAGR of 4.5% over the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing demand for energy-efficient products in the residential and commercial sectors is majorly driving the market for light fixture. Furthermore, introduction of technologically advanced lightings, such as smart lighting, will impel the growth of this market over the forecast period.
Light fixtures are used for the commercial and residential purposes to cut down energy waste and increase the lifespan of bulb. Several initiatives taken by the government to reduce energy consumption will create potential opportunities for the lighting fixture market. For instance, the governments of India and Japan have planned to phase out incandescent bulbs by 2020 as incandescent bulbs consume 80% more energy than LED bulbs. In 2012, the European Union directive banned the sales of 40W and 25W incandescent bulbs to reduce the energy use by bulbs.
Rapid growth of the commercial sector across developing countries is impelling the demand for luminaires. Other factors promoting the growth of this market are growing awareness regarding energy conservation, regulations directed at energy-efficient products, and introduction of technologically advanced lighting. The government bodies are imposing regulatory pressure on the commercial and industrial sectors to adopt light fixture as these sectors consume more power. In 2019, the U.S. government banned the sale of bulbs that do not reach a standard of efficiency. Moreover, growing need to raise employee productivity and reduce production cost are increasing the adoption of light fixture in these sectors.
Rapid urbanization across the globe, especially in emerging countries such as China, India, and Brazil, is leading to increased demand for advanced lighting devices in the hospitality sector. Increasing development of restaurants, bars, and high-class facilities in hotels is boosting the demand for high quality lamp and luminaires. Rising disposable income of the middle-class consumers is driving the luxurious landscape, thus resulting in increased demand for energy-efficient solutions in malls, shops, and restaurants. However, voltage sensitivity and temperature dependence are expected to hamper the growth of this market to some extent. Moreover, high cost of LED light fixtures may hinder the market growth in the coming years.
Nonetheless, increasing sustainability and green building initiatives due to environmental concerns and penetration of smart technology will drive the adoption of luminaires in the forthcoming years. Greater lifespan, high luminous efficacy, and decreasing average selling price will positively affect the market growth.
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Lighting Fixture Market Report Highlights
- The LED and OLED source segment is expected to register the highest CAGR of 6.1% over the forecast period due to adoption of highly energy-efficient luminaires and introduction of smart lighting fixtures for residential and commercial purposes
- The commercial application segment held the largest share of 84.9% in 2019 due to rising adoption of luminaires in shopping malls, offices, warehouses, hospitals, and shops, coupled with advantages of using advanced bulbs
- Asia Pacific dominated the lighting fixture industry in 2019 and it is likely to witness the fastest growth over the forecast period owing to several government initiatives directed at energy-efficient products
- The market is highly competitive with a few players accounting for a significant market share, wherein wide distribution network, brand value, and well-established consumer base help in sustaining growth.
Lighting Fixture Market Segmentation
Grand View Research has segmented the global lighting fixture market on the basis of source, product, distribution channel, application, and region:
Lighting Fixtures Source Outlook (Revenue, USD Million, 2016 – 2027)
- LED & OLED
Lighting Fixtures Product Outlook (Revenue, USD Million, 2016 – 2027)
- Pendant & Chandeliers
- Wall Mounted
Lighting Fixtures Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
Lighting Fixtures Application Outlook (Revenue, USD Million, 2016 – 2027)
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