Lighting fixtures are electrical devices used to create artificial light using an electric lamp. Lighting fixtures have a fixture body and a light socket to hold a light bulb as well as to allow replacing it. A few types of fixtures may also have a switch to control the intensity of the light. An electric connection to the power source is necessary to power lighting fixtures. These fixtures can be used as reflectors for directing light, as an outer shell or housing for protecting and aligning lamps, as an aperture, a power supply, or an electrical ballast. Furthermore, enterprises operating in the market also design and manufacture a wide range of lighting fixtures specifically for use in the aerospace, medicine, marine, and automotive industries.
The global lighting market is transitioning from traditional lighting technologies to novel and more energy-efficient technologies such as OLED and LED lamps, which is a key factor driving the market for lighting fixtures. Rapid expansion of the construction industry around the world has triggered rapid infrastructural development primarily in rural and semi-urban areas. This has substantially increased the installation of lighting fixtures in public, residential, and commercial buildings. The market for lighting fixtures thus gains impetus from the rising construction activities worldwide.
Global Lighting Fixtures Market Witnessing Varying Impact from Increased LED Installations
Swifter erosion of LED prices may lead to an increased market share for LED lighting fixtures in the near future. Demand from both residential and commercial sectors for lighting fixtures is likely to increase in forthcoming years. With surging investments to fuel construction activities around the world, the demand for lighting fixtures is anticipated to increase across the residential, commercial, and industrial sectors. Rising demand for more energy-efficient light sources that last for longer periods also boosts the market for lighting fixtures. However, as noted in market surveys, the prevailing demand structure will gradually shift towards fixtures and lighting systems in the general lighting market. With expansion of architectural activities, the demand for lighting fixtures is expected to increase.
APAC Lighting Fixtures Demand Expected to Rise
The revenue generated globally through lighting fixtures is expected to reach US$215.29 bn by the end of 2021. This market is expected to progress at a CAGR of 6.9% between a forecast period from 2015 to 2021. Owing to its high-population-density countries and the rapid industrialization of emerging economies, the Asia Pacific region is expected to reach US$82.26 bn in lighting fixtures revenue by 2021. It is expected to consistently lead the market between 2015 and 2021.
Of the various application sectors that require lighting fixtures, the industrial and commercial sectors have constantly dominated the demand by revenue. By the end of 2021, these sectors will collectively generate a revenue of US$89.93 for lighting fixtures players globally.
The information presented in this review is based on a Transparency Market Research report, titled, “Lighting Fixtures Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
The top producers of lighting fixtures across the world are Koninklijke Philips N.V., Acuity Brands, Inc., Hubbel Lighting, Inc., Cooper Lighting, LLC, Zumtobel Lighting GmbH, LSI Industries, Juno Lighting Group and Bajaj Electricals Ltd.
- China takes up largest revenue share in lighting fixtures market, expected to reach US$45.47 bn by 2021
- North America revenue from lighting fixtures expected to reach US$64.10 bn by 2021
- Recessed lighting fixtures expected to lead the market revenue for now, expected value to be US$58.38 bn by 2021
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