Global Market for Lighting Fixtures and Luminaires
Dublin, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The "Lighting Fixtures and Luminaires - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Lighting Fixtures and Luminaires Market to Reach US$110.6 Billion by the Year 2026
The global market for Lighting Fixtures and Luminaires estimated at US$84.1 Billion in the year 2022, is projected to reach a revised size of US$110.6 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
Growth in the market is dependent on the dynamics of the construction industry, particularly in the developing countries, automotive production trends, and increased acceptance of LEDs as more efficient light sources.
Fueled by growing concerns for conserving scarce energy sources, the global lighting fixtures market is expected to witness stable growth. Real estate segment and rising popularity of sustainable technologies is propelling demand for lighting fixtures. Rising adoption of LED lighting is expected to create demand for fixtures that are designed specifically for LEDs.
Increasing urbanization, changing demographics and innovations in fixtures targeted mainly at improving functionality represent other key market growth drivers. Other factors promoting market expansion in the short-term include robust demand for outdoor lighting fixtures supported by strong non-building construction such as bridges, highways, and public works.
Non-Portable, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$89.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Portable segment is readjusted to a revised 4.5% CAGR for the next 7-year period.
This segment currently accounts for a 11.7% share of the global Lighting Fixtures and Luminaires market. Non-portable lighting fixtures are more frequently used as surface mounted lighting, in which the fixtures are affixed to a surface. The automotive industry is a key application market for non-portable lighting fixtures. Demand for portable fixtures is influenced largely by home decor trends.
The U.S. Market is Estimated at $16.1 Billion in 2022, While China is Forecast to Reach $22.8 Billion by 2026
The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$16.1 Billion in the year 2022. The country currently accounts for a 19.34% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$22.8 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$24.8 Billion by the end of the analysis period.
Asia-Pacific is the largest market. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific. In European countries, rise in the number of governmental policies and regulations for the purpose of discouraging inefficient lighting usage and encouraging efficient lighting technology implementation is expected to fuel growth especially for LED & OLED lamps integrated fixtures.
Parts & Accessories Segment to Reach $15.4 Billion by 2026
Parts and Accessories include ballasts, control devices such as sensors, timers, dimmers and switches and sockets, attachments, fittings, and other accessories. Ballast on a fixture is primarily responsible for regulating voltage and current to the lamp. Ballasts play a major role in the efficient functioning of a fluorescent lamp and electronic ballasts at present have become a preferred option for most of the applications.
Lighting controls are devices that allow lighting sources to be used efficiently by manipulating the power inputs to the lighting fixture. Different types of controls include wall-plate switches, timers, motion sensors and photocells, which are used to automate the switching process and regulate fixture usage.
In the global Parts & Accessories segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8 Billion will reach a projected size of US$11.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period.
MARKET TRENDS & DRIVERS
Prominent Technologies and Trends with Potential to Transform Lighting Industry
IoT and Artificial Intelligence Gain Significance in Lighting Applications
Surging Demand for LED Lighting Emerges as the Fundamental Growth Driver for the Market
LED Lamps and Luminaires' Penetration Varies Across General Lighting Segments
LED Luminaires Adoption in Commercial Buildings Set to Increase
Wider Uptake of LED Lighting in Industrial Facilities to Drive Demand for Industrial LED Luminaires
Efficiency Requirements Boost LED Luminaires Demand
LED Outdoor Lighting Poised for High Adoption in the Future
LED Lighting Adoption Faster in Countries with High Power Costs
OLED Lighting Remains a Niche Category
Demand for Waterproof LED Luminaires Witnesses a Surge
Government Policies Spur Adoption of Energy Efficient Lamps and Luminaires
LED Lighting for Hazardous Environments
Advances in Foundation Technology and Processes Allow LEDs to become Smarter
Advances in LED Domain Allow Luminaires to Evolve at Lighting Speed
Lighting Innovations to Support Performance, Quality and Connectivity
Increasing Adoption of LEDs in Innovative Niche Lighting Markets Favor Market Expansion
Proliferation of Smart Lighting, Connected Home Technology and Digitization Drive Healthy Market Growth
Superior Attributes of Smart Lighting over Traditional Lighting to Boost Market Prospects
Smart Intelligent LED Lighting Catalyzes Growth Prospects
Commercial Lighting: Adoption of Smart Lighting Systems Surges As a Measure to Cut Energy Costs
Lighting Technology Advancements for Commercial Buildings
An Insight into Top Trends in Commercial Lighting
Residential Sector: A Potential Laden Application Segment in the Long Run
Smart Lighting for Homes Surges amidst the Pandemic
Demand Rises for Smart, Energy Efficient Lighting Systems in Industrial Applications
Connected, Embedded, and Sustainable Lighting Drive Enormous Changes in Luminaire Design and Functionality
Connected Lighting to Witness Emergence of Several New Trends
Lighting Controls in Fixtures Offer Higher Savings, Energy Efficiency, and Space Efficiency, Augurs Well for Market Expansion
Controls for Connected, Intelligent, and Advanced LED luminaires
Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Lighting Products
Smart Lighting Systems Find High Demand from Street Lighting Networks
Connected Street Lighting to Surge Post Pandemic
New Smart City Projects Spur Market Growth for Smart Street Lighting Systems
Consumer Spending on Smart Home Technologies Gathers Steam, Presenting Opportunities for Smart Lighting Solutions
Demand Rises for Energy Efficient Lighting Systems in Industrial Applications
Lighting Technologies for Industrial Spaces: Features, Rated Hours and Applications
Modernization Initiatives to Spur Demand for Industrial Luminaires
Latest Trends and Innovations in Industrial LED Lighting Industry
Smart Lighting Deployments Gain Momentum in Government Buildings and Public Lighting
Smart Lighting Solutions to Meet Needs of Healthcare Facilities
Advances in Lighting System & Controls Drive Adoption in Healthcare Facilities
Automotive Remains a Core End-Use Sector for Lighting Systems
Pandemic's Impact on Automobile Production Affects Vehicular Lighting Products Market
Noteworthy Trends in Next-Generation Automotive Lighting
Laser Light Represents Cornerstone Technology for Automotive Headlight
Stylish and Decorative Luminaires Drive Market Growth for Architectural Fixtures
Sculptural Lighting Fixtures Stand to Make Gains
Innovative Architectural Lighting Trends & Innovations
Home Decor Trends Drive the Portable Lighting Fixtures Market
Specialty Lighting Applications to Boost Demand for Smart Lighting Systems
UV Light Emerges as Important Weapon in War against COVID-19 Pandemic
Continuous Innovations & Changing Design Trends: The Mark of Lighting Fixtures Market
Transformative Trends in Lighting Designs
Lighting Design Considerations for a Post-COVID World
Emerging Lighting Trends: An Overview
Review of Select Interior Lighting Design Trends
Fixture Designs Impact Performance and Environment
Key Design Trends in the Lighting Fixtures Market
A Review of Select Innovative LED Fixtures
Lighting Decor Trends
Demographic and Socioeconomic Trends Influence Market Prospects
Ballooning Global Population
Improving Standards of Living
FOCUS ON SELECT PLAYERS (Total 644 Featured)
Acuity Brands Lighting, Inc.
American Electric Lighting
Juno Lighting Group
Bajaj Electricals Ltd.
Eaton Corporation plc
ELK Group International, Inc.
Fagerhults Belysning AB
FW Thorpe Plc
Havells India Limited
Hella KGaA Hueck & Co.
Koito Manufacturing Company Ltd.
LSI Industries, Inc.
Lutron Electronics Co., Inc.
NVC Lighting Technology Corporation
OPPLE Lighting Co., Ltd.
Seren Lighting Ltd.
Targetti Sankey S.p.A.
Technical Consumer Products, Inc.
Toshiba Lighting & Technology Corporation
TRILUX GmbH & Co. KG
Venture Lighting International, Inc.
Zumtobel Group AG
Thorn Lighting Ltd.
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