Lighting Fixtures and Luminaires Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3634
Lighting Fixtures and Luminaires Market size is set to gain significant traction between 2021 and 2027. This is 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 the industry outlook over 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 like medicine, aerospace, and automotive lighting.
Rapid rise 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 2027. Smart street lighting has become one of the most mature smart city applications over the past years. Hyperion, the Smart City Centre of Excellence of lighting solutions provider, Schréder, has created a series of smart luminaires with intelligent drivers, dubbed the ZD4i series, designed for IoT systems. The significant 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 coming years.
The LED segment is likely to account for a remarkable share by 2027. Growth from this segment is due to the high energy efficiency, durability, low risk of burn accidents, and environment-friendly properties of LED lights. However, the 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 spell.
The Europe lighting fixtures and luminaires market will register a high revenue through 2027 led by the strong focus on the advancement of smart buildings across the region. In 2021, Siemens España and Telefónica Tech announced the delivery of 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 manufactures in the UK will further augment the regional 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. For instance, in February 2021, Amerlux announced the addition of the new DS770FC Series to its dark sky-friendly family of LED luminaries. This set of post-top fixtures was designed to help municipalities and developers curtail rampant lighting pollution and costs.
Disruptions to LED Supply Chains During COVID-19 May Influence Lighting Fixtures and Luminaires Market Trends:
The novel coronavirus outbreak has posed massive challenges across industry verticals including lighting, credited to the low demand for commercial retrofit projects as well as localized supply disruptions. For example, several manufacturing facilities in China were forced to shut down or reduce operations, leading to shortages of LED packages and other components. These factors created challenging conditions for the industry growth, given the installation of LED as an efficient lighting solution in fixtures and luminaires.
However, the acceptance of outdoor lighting fixtures across the residential sector grew at a commendable pace in 2020, due to the burgeoning interest in outdoor living during the pandemic. Owing to the closure of bars, restaurants, and limited options for entertainment, homeowners are rapidly investing in the development of outdoor recreational areas, including the installation of higher-end lighting fixtures design like floodlights. This rising use of outdoor lighting fixtures and luminaires for residential buildings amid the crisis may thus help the industry exhibit steady growth over the coming years.
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 2027 for the following segments:
Market, By Installation
Market, By Lighting
Market, By End-use
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
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability