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Lighting Fixtures and Luminaires Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI3634
Lighting Fixtures and Luminaires Market size is set to gain significant traction between 2023 and 2032 attributable to the development of varied LED floodlights to bring the safety and security of high-quality illumination to outdoor areas. Moreover, the increasing usage of hazardous location lighting fixtures and fittings to minimize the risk of fire ignition caused by flammable gases or vapors will also drive industry progression in the coming years.
A light fixture or luminaire refers to an electrical device designed to create artificial light through the use of an electric lamp. All lighting fixtures have a light socket and a fixture body, along with other features, including reflectors for directing the light, an electrical ballast or power supply, and an aperture. This electrical device is used extensively across end-use industries viz., medicine, aerospace, and automotive lighting.
The rapid growth of smart cities mission and the surging demand for sustainable, energy-efficient, smart lighting solutions are the key trends propelling lighting fixtures and luminaires market dynamics by 2032. Smart street lighting has become one of the most mature smart city applications over the past years. In February 2023, Signify, a lighting technology company, unveiled a 5G BrightSites solution for German Municipality’s future smart city project through smart street lighting. The prevalent transition towards low-voltage infrastructure and the escalating adoption of LED luminaires and lighting fixtures will also add impetus to the global market share in the upcoming period.
The recent upsurge in inflation has impeded the utilization of lighting fixtures and luminaires due to the increasing cost of raw materials, including copper. Moreover, the cost of manufacturing and labor has also increased with the rising lifestyle expenses, which is hampering business operations, thereby hindering industry expansion.
From the product perspective, the lighting fixtures and luminaires market is classified into portable, non-portable, and parts & accessories. The parts & accessories segment is estimated to depict remarkable expansion through 2032 as a result of increasing demand for energy-efficiency lighting solutions, resulting in high demand for LED lighting systems, which, in turn, increases the uptake of fixtures and accessories. In addition, the growing trend of customization and personalization of lighting solutions that cater to specific needs and preferences is set to boost segment progression.
The LED segment is likely to account for a remarkable share by 2032. The segment growth is due to the high energy efficiency, durability, low risk of burn accidents, and environment-friendly properties of LED lights. However, high initial costs and the availability of alternatives like incandescent lights may create a hindrance to the deployment of LED lighting fixtures and luminaires over the forecast timeline.
The Europe lighting fixtures and luminaires market is slated to register a high revenue through 2032 led by the strong focus on the advancement of smart buildings across the region. In January 2023, Siemens España and Telefónica Tech extended their partnership to deliver innovative services and solutions, including smart lighting, to shape smart building infrastructure in Spain. Likewise, the significant development of electric lighting fixtures and their related components by key manufacturers in the UK will further benefit the regional market expansion in the forthcoming years.
The competitive landscape of the lighting fixtures and luminaires market consists of companies, such as Bajaj Electricals Ltd., Acuity Brands Lighting, Inc., Amerlux LLC, Cree, Inc., CG Power and Industrial Solutions Ltd. (Murugappa Group), Schneider Electric, Osram (AMS), and Philips, among others. These companies are focusing on new product launches and business expansions to boost their geographical stance in the global market.
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