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Energy-efficient lighting fixtures are gaining enormous adoption in residential, commercial, and industrial applications, assert an in-depth TMR study on the lighting fixtures market. LED lighting products are progressively replacing incandescent light bulbs notably in residential facilities worldwide. The global valuation of the lighting fixtures market is projected to advance at approximately CAGR of 5.4% during the forecast period of 2021–2031, and reach worth of US$ 170.69 Bn by 2031.
The massive demand for modern lighting fixtures to optimize power consumption in end users has generated abundant opportunities. The incorporation of LEDs at homes and for numerous indoor applications especially in emerging economies is catalyzing lucrative avenues, noted the analysts in the lighting fixtures market.
New entrants as well as incumbent players are leveraging the potential of mobile shopping apps to attract consumers. Ease of replacement of lamps and low maintenance cost are attracting customer propositions in the lighting fixtures market. The proliferation of designs in lighting fixtures has underpinned sales. Some of the key product types are ceiling, pendant and chandelier, wall mounted, recessed, and portable
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Key Findings of Lighting Fixtures Market Study
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Lighting Fixtures Market: Key Drivers
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Lighting Fixtures Market: Regional Dynamics
Asia Pacific is expected to account for a remarkable revenue share of the global lighting fixtures market by 2022-end. The regional market is projected to expand at a promising CAGR during the forecast period.
Abundant demand for energy-efficient lighting systems especially in industrialized nations in the region is a key underpinning of massive revenue streams over the next few years. Of note, residential users in India and China have made a conscious shift from conventional lighting fixtures toward LED (light emitting diode) ones after realizing the benefits.
Lighting Fixtures Market: Prominent Players
Well-entrenched players are keenly diversifying their product portfolio mainly to manage competition from new entrants. Some of the key players in the lighting fixtures market are Panasonic Corporation Eco Solutions Company, OSRAM Licht AG, LSI Industries Inc., Koninklijke Philips N.V., Juno Lighting Group, Hubbell Lighting, Inc., General Electric Company, and Cooper Lighting, LLC.
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Global Lighting Fixtures Market: Segmentation Lighting Fixtures Market, by Product Type
Lighting Fixtures Market, by Application
Lighting Fixtures Market, by Distribution Channel
Lighting Fixtures Market, by Region
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