Lighting fixtures are commonly used to illuminate interior and exterior spaces with artificial light. They include lamps, lighting boards, bulbs, sockets, and power sources. With growing awareness about energy conservation, there has been a rising demand for energy-efficient LED and CFL lighting fixtures that offer long lifespan and reduce electricity costs compared to incandescent bulbs. The global Lighting Fixture Market is estimated to be valued at US$ 120 billion in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for energy-efficient lighting fixtures has been a key driver for the Global Lighting Fixture Market Size over the recent years. LED and CFL bulbs consume significantly less electricity compared to traditional incandescent bulbs, thereby helping consumers lower their electricity bills in the long run. Their longevity of around 50,000 to 100,000 hours also means fewer replacement requirements. The higher upfront cost of LED/CFL fixtures is offset by their lower operational costs through energy savings over the years. With growing awareness about sustainable living and cost-saving benefits, demand for such energy-efficient lighting solutions is expected to rise considerably in the coming years.
SWOT Analysis
Strength: Lighting fixtures can help improve productivity, reduce energy costs and enhance safety and security. They have high customization options as per requirements.
Weakness: High initial investment costs associated with lighting fixtures and their installation. Rapid changes in lighting technologies may lead to product obsolescence risk.
Opportunity: Rising construction of smart homes and commercial buildings present an opportunity. Growing demand for energy-efficient and eco-friendly lighting presents new opportunities.
Threats: Price wars among competitors affecting margins. Economic slowdown affecting construction and real estate sector indirectly impact demand.
Key Takeaways
The global lighting fixture market is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global market owing to increasing construction activities in India, China and other developing countries. Rapid industrialization and economic growth is driving demand in the region.
Key players operating in the lighting fixture market are Signify NV, GE Current a Daintree company, Acuity Brands Inc., Hubbell Incorporated, Amerlux, Lutron Electronics Co., Cree Lighting, Osram GmbH and Zumtobel Group AG. They are focusing on product innovation, expansion into new markets and mergers & acquisitions for sustained growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it