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Lighting Fixtures and Luminaires Market Size
Lighting Fixtures and Luminaires Market is expected to grow rapidly during 2024-2032, driven by urbanization, industrialization, and infrastructure development. As cities expand and populations grow, an increasing need to illuminate urban areas, buildings, streets, and public amenities to ensure safety, security, and functionality is being observed. Companies are also taking this into consideration and developing suitable products.
For instance, Gewiss has an entire range of smart lightning solutions for urban buildings and roads, which includes, Urban [O3], which is a modular lighting system blending design and innovation. With various installation configurations and optics, it provides energy-efficient and environmentally friendly lighting for urban areas.
Lighting Fixtures and Luminaires Market Trends
A major trend in lighting fixtures and luminaires industry is sustainable, energy-efficient designs meeting environmental regulations and consumer preferences. Manufacturers are using eco-friendly materials and daylight harvesting techniques to minimize energy consumption and environmental impact. Moreover, governments around the globe are implementing favorable policy decisions to ensure adoption of safer & more sustainable lightning option. For instance, according to IEA, the goal of achieving 100% LED lighting by 2025 has been placed under the Net Zero Emissions by 2050 Scenario (NZE Scenario) to promote sustainable lighting solutions. By prioritizing high efficacy LED fixtures and sustainable materials like recycled plastics and bamboo, the industry aims to reduce carbon footprint while meeting consumer demand for environmentally conscious products.
Lighting Fixtures and Luminaires Market Analysis
LED lighting segment is poised to grow substantially through 2032, as they offer numerous advantages, including energy efficiency, long lifespan, and superior performance compared to traditional lighting technologies. As a result, a growing preference for LED luminaires is being observed in residential, commercial, and industrial applications, subsequently inducing segment growth.
Residential application segment share is anticipated to grow rapidly by 2032, owing to increasing urbanization and rising disposable incomes, which has ultimately pushed the demand for aesthetically pleasing and energy-efficient lighting solutions. LED lighting fixtures are particularly popular in residential applications due to their versatility, cost-effectiveness, and ability to create ambient lighting environments tailored to homeowners' preferences.
Asia Pacific lighting fixtures and luminaires market size is poised to grow significantly through 2032, driven by rapid urbanization, infrastructure development, and a surge in construction activities. Moreover, increasing disposable incomes and rising consumer spending on home and commercial interiors has further propelled industry growth. The government initiatives promoting energy efficiency and sustainability further stimulate the demand for advanced lighting solutions in the region.
Lighting Fixtures And Luminaires Market Share
The competitive landscape of the lighting fixtures and luminaires industry are:
- Bajaj Electricals Ltd.
- Acuity Brands Lighting, Inc.
- Amerlux LLC
- Cree, Inc.
- CG Power
- Industrial Solutions Ltd. (Murugappa Group)
- Schneider Electric
- Osram (AMS)
- Philips
These companies are focusing on new product launches and business expansions to boost their geographical stance in the global market.
Lighting Fixtures and Luminaires Industry News
- In February 2024, Olympia Lighting unveiled its innovative High Mast Shoebox, redefining standards in commercial LED lighting. These luminaires offer remarkable efficiency, durability, and versatility to meet diverse lighting needs.
- In February 2024, WAC Lighting introduced its pioneering Colorscaping smart landscape lighting system, offering customizable tunable white light and a wide range of colors in exterior LED luminaires.