They provide task lighting, ambient lighting, or accent lighting. Lighting fixtures are essential for commercial and residential spaces for safety, security, and aesthetics purposes. With advancements in LED technology, lighting fixtures have become more energy-efficient and long-lasting. The global Lighting Fixture Market is estimated to be valued at US$ 150 Billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Emerging technologies such as smart lighting systems and IoT-enabled lighting are accelerating the growth of the lighting fixture market. These technologies allow lighting fixtures to be remotely monitored and controlled through smartphones and other devices. Smart lighting systems use sensors, dimmers, switches, and other integrated components to automatically adjust light levels based on occupancy, daylight availability, and preset schedules. They also enable lighting controls from any location. As a result, smart and connected lighting options are gaining popularity among residential and commercial consumers seeking energy efficiency, convenience, and cost savings. The adoption of LED technology by manufacturers is also driving innovations in lighting designs. Ongoing R&D aimed at developing advanced LED solutions will continue to transform the lighting fixture market landscape over the forecast period.
Segment Analysis
The Global Lighting Fixture Market Size is dominated by residential lighting sub-segment. Rapid urbanization, improving economic conditions, and rising consumer spending on home décor have been boosting the demand for high-performance and energy-efficient lighting fixtures in residential spaces. Upgrade to LED and other smart lighting technologies is pushing the growth of residential lighting sub-segment. Commercial lighting sub-segment stands at second largest position owing to rising construction of buildings for commercial use and demand for effective and durable lighting solutions from various industries.
Key Takeaways
The global lighting fixture market is expected to witness high growth over the forecast period due to rapid replacement of conventional lighting with energy efficient LED and other smart lighting solutions across residential and commercial applications.
Regionally, Asia Pacific region currently holds the largest share of the global lighting fixture market. A booming construction industry, mass urbanization, government initiatives for energy conservation are fueling the adoption of advanced lighting fixtures in countries like China, India. North America and Europe are also significant markets driven by high acceptance of innovative lighting technologies.
Key players operating in the lighting fixture market are Acuity Brands, Inc, Cooper Lighting, LLC, General Electric Company, Hubbell Lighting, Inc, Koninklijke Philips N.V., CREE, Inc., OSRAM Licht AG, Zumtobel Group AG, etc. Major players are focusing on developing connected, sensor-based, and flexible lighting fixtures to gain competitive edge.
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