Lighting Fixtures and Luminaires Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3634
Lighting Fixtures and Luminaires Market size is expected rise exponentially from 2019 to 2025 driven by increasing demand for lighting fixtures in several sectors such as outdoor/indoor lighting, residential, industrial sector, etc. For instance, residential projects use portable, wall, or ceiling luminaires for decorative lighting. Increasing development in the infrastructure has created a demand for innovative light installations in commercial spaces, proliferating the demand for the lighting fixtures and luminaires market. Companies are introducing trendier & innovative designs to cater to the demands of customers. With the growing emergence of urbanization, the development of smart cities has proliferated with a fast pace, due to which the need for modernized infrastructure has also increased. This has created a huge demand for different types of fixtures such as portable, wall fixtures, ceiling fixtures, etc.
The growing popularity of smart luminaries has witnessed substantial popularity in the lighting fixtures and luminaires market. With the introduction of smart homes, the rising awareness for energy-efficient solutions will also accelerate lighting fixture and luminaires market growth. Lighting technologies such as LEDs have been largely adopted by for its low power consumption by manufacturers. Also, another reason to foster the market is that these luminaires offer the maximum lifetime, making them more attractive options for buyers in different sectors. Owing to environmental factors, many government initiatives have been adopted to promote the usage of these technologies, which indirectly augment the market growth of the lighting fixtures and luminaires market. This technology has been widely used in luminaires by sectors such as industrial, residential, etc., although LED technology has been widely implemented due to its low power consumption and cost effectiveness.
The lighting fixtures and luminaires market is flourishing owing to the demand for different types of fixtures and vanity lighting, outdoor lighting/indoor lighting, etc. These luminaires are used in different sectors according to their applications. For instance, pendant fixtures are usually used for limited space whereas recessed fixtures are mostly used for wide space areas. Underwired cabinet lights and bar & strip lights are used in commercial spaces as well as residential spaces, augmenting the market.
These lights have been widely used for different applications in the industrial sector such as warehouses, manufacturing facilities, and plants, augmenting the growth of the market. These warehouses and production facilities require luminaires that can withstand dust, moisture, and combustible residues. Moreover, different types of light fixtures are required for different types of industrial spaces. For instance, facilities with damp and moist places use fixtures that provide the maximum light output while luminaires used for marine applications are manufactured to withstand harsh weather conditions. Lighting fixtures and luminaires market growth is experiencing a great demand in this sector owing to several applications.
Lighting fixtures are most commonly used in general lighting applications such as outdoor, and commercial spaces, etc., which will continue to fuel the market growth of market. These luminaires have been used in commercial spaces, which require table lamps, desk lamps, flashlights, etc. The development in huge infrastructures, such as schools, hospitals, parks, office spaces, and recreational centers, has led to an increase in demand for luminaires. The automotive sector is expected to propel the market at a slow pace due to its limited applications in vehicles such as in taillights, headlights, and interior lighting.
Owing to a great demand in the general lighting applications and the commercial sector, regions in North America are expected to hold a major share in the lighting fixtures and luminaires market due to infrastructural developments. The rise in modernization has led to the development of smart cities, which has consequently increased the demand for designer & customized luminaires. The growth of market in the Asia Pacific region is fostered owing to the increasing population in countries including India and China, where economic development is expected to boost the market in sectors such as residential, commercial, etc. In India, the rise in government initiatives for introducing sustainable lighting solutions in rural areas has created a substantial demand for the lighting fixtures and luminaires. In countries such as Korea and Japan, growing applications of general lighting solutions in the industrial sector have augmented the market growth of market.
Manufacturing companies are offering customized & innovative solutions to sustain the competitive edge in the lighting fixtures and luminaires market. Industry players include Philips, Osram, Schneider, Crompton Greaves Ltd., Cree, Inc., Amerlux LLC, Acuity Brands Lighting, Inc., and Bajaj Electricals Ltd. Moreover, competitors are engaged in strategic mergers, acquisitions, and partnerships, which will foster the market. In June 2018, Philips acquired EPD Solutions to expand the product portfolio of Philips. In October 2015, Acuity Brands Inc. acquired Juno, a unit of Schneider Electric. This deal is aimed at expanding the product ranges of commercial & residential lighting fixtures.
The lighting fixtures and luminaires market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2015 to 2025 for the following segments:
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
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