The Lighting Fixture Market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lighting fixtures are devices that are used to illuminate an indoor or outdoor space. Different types of lighting fixtures are available including ceiling fixtures, wall-mounted fixtures, table/floor lamps and outdoor fixtures. Lighting fixtures provide effective and efficient illumination and come with advantages such as energy-efficiency, longevity, directs light where needed, offers aesthetic appeal etc. They play a vital role in residential, commercial and industrial areas.
Market key trends:
One of the key trends driving growth of the lighting fixture market is rising adoption of smart lighting systems. Smart lighting uses lighting controls and sensors to provide benefits such as energy efficiency, convenience, longer lifespan and ability to customize lighting as per requirement. They can be controlled remotely through applications or voice assistants. Increased connectivity of devices along with integration of IoT and wireless technologies is boosting demand for smart lights and fixtures. Smart lights allow dimming, changing colors, setting schedules as well as being part of smart home automation. Rising focus towards energy conservation along with convenience offered by smart lights is expected to promote its adoption over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand names make it difficult for new companies to enter this mature market.
Bargaining power of buyers: Large buyers like government and hospitality sectors can negotiate lower prices due to high volume purchases.
Bargaining power of suppliers: Major components are standardized so suppliers have low bargaining power and dependence on few large players make them vulnerable to price negotiations.
Threat of new substitutes: LED technology gaining traction but compatibility issues with existing infrastructure limits rapid adoption.
Competitive rivalry: Market dominated by few large multinational players leading to cut-throat price competition to gain market share.
SWOT Analysis
Strengths: Well established brands and distribution networks. Technological leadership in LED lighting.
Weaknesses: High research and development costs. Vulnerable to low cost imports from Asia.
Opportunities: Growth in infrastructure projects in developing nations. Rising demand for smart and connected lighting systems.
Threats: Stringent efficiency standards increasing compliance costs. Trade disputes impacting supply chains.
Key Takeaways
The Global Lighting Fixture Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing infrastructure development and renovations in emerging economies. Regionally Asia pacific leads with over 35% market share due to rapid industrialization and urbanization in China and India.
North America remains the second largest market driven by renovation of aging infrastructure and non-residential buildings in the US. Stringent energy efficiency norms are also fueling adoption of LED fixtures.
Europe is anticipated to grow at a steady pace on the back of revitalization initiatives for public infrastructure and spaces.
Key players operating in the lighting fixture market are Acuity Brands, Inc., Zumtobel Lighting GmbH, Cooper Lighting, LLC, Panasonic Corporation Eco Solutions Company, General Electric Company, OSRAM Licht AG, Koninklijke Philips N.V., LSI Industries Inc., Juno Lighting Group, Hubbell Lighting, Inc. Large players are focusing on connected lighting solutions and partnerships with technology companies to target smart city contracts.
Read more: https://www.dailyprbulletin.com/lighting-fixture-market-share-trends/
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