The global Lighting Fixture market size is expected to be worth around US$ 140.75 billion by 2027, according to a new report by Vision Research Reports.
The global Lighting Fixture market size was valued at US$ 99.35 billion in 2019 and is anticipated to grow at a CAGR of 4.4% during forecast period 2020 to 2027.
Increasing demand for energy-efficient products in the residential and commercial sectors is expected to drive the market in the forthcoming years. Government support for low energy consumption plans is also fueling the demand for the lighting fixture.
Rapidly growing demand for energy-efficient products in the residential and commercial sectors is majorly driving the market for light fixture. Furthermore, introduction of technologically advanced lightings, such as smart lighting, will impel the growth of this market over the forecast period.
In 2020, Fluorescent lamp accounted for the largest share of 51.4% due to its better characteristics than the incandescent lamp. Incandescent bulbs are outdated as they use a metallic filament to produce light. However, fluorescent lamps use gas to produce light, thus resulting in less power consumption. Therefore, longer lifespan, energy efficiency, and low cost have contributed to the largest share of the fluorescent lamp segment.
The LED and OLED segment of the lighting fixture market is expected to expand at the highest CAGR of 6.3% over the forecast period due to the adoption of energy-efficient products. Government regulations on phasing out the traditional bulbs and lamps is proliferating the demand for LED lighting fixture. Market players operating in this industry are engaged in the expansion of the LED light market.
Increasing penetration of LED lighting fixtures, new product development, innovations such as smart lighting, which can be connected with smart devices through IoT technology are some of the factors contributing to the growth. For instance, in 2019, Philips launched a smart Wi-Fi LED in India by using WiZ technology platform with a smartphone or tablet. This smart LED bulb makes it easy to change the color of the light in order to create a customized light appearance.
In 2020 Ceiling and wall mounted light fixtures together held more than 60.2% share of the overall revenue, owing to the high adoption of interior lighting among households, hospitals, corporate offices, shopping malls, and educational institutes. Wall mounted and ceiling light fixtures create an attractive and brighter atmosphere in the indoor and outdoor areas. The availability of different styles of wall mounted lighting fixtures for the commercial and residential sectors has contributed to the growth of the wall mounted segment.
Pendant and chandelier light fixture is expected to register the highest CAGR of 5.4% during the forecast period. Manufacturing of chandeliers with rich and elegant look and fine material quality and the growing trend to suit the particular ambiance are fueling the growth of this segment. Moreover, the development of attractive designs and affordable prices are increasing the demand for chandelier light fixtures.
Distribution Channel Analysis
In 2020, the offline channel segment accounted for the largest share of 93.2% owing to the provision of detailed instructions regarding light fixture installation, which further helps to choose a good quality products. The offline channel also helps to identify the spending capacity and willingness to buy a particular product.
The online channel is projected to expand at the fastest CAGR during the forecast period due to the availability of several offers on products and growing e-commerce in countries such as U.S., Germany, U.K., China, and Japan. In addition, the availability of a wide range of products and increasing penetration of smart devices are likely to proliferate the sales of lighting fixtures on the online portal in the forthcoming years.
In 2020, the commercial application segment accounted for the largest share of 85%. This is attributed to the rising adoption of lighting fixtures in shopping malls, offices, warehouses, hospitals, and shops, coupled with several advantages of using advanced bulbs. Furthermore, increasing smart city development projects and government support for energy-efficient products are proliferating the demand of commercial lighting fixtures.
The residential lighting fixtures application segment is expected to expand at the highest CAGR of 5.5% over the forecast period due to the high adoption of LED bulbs as a replacement of incandescent and fluorescent bulbs for home decor. In addition, a growing trend of smart lighting fixtures with advanced features, such as comfort dimming and compatibility with smart devices, are fueling the demand for a lighting fixture in smart home projects. For instance, HomeKit lighting fixtures can operate through personal assist solutions.
In 2020, the Asia Pacific accounted for the largest share of 48%, owing to increasing government support for the adoption of energy-efficient lights in the emerging economies. In 2015, the government of India initiated the Domestic Efficient Lighting Programme (DELP) scheme to replace incandescent and CFL bulbs with LED lights. In addition, commercial enterprises are making high investment in retail shops, hospitals, salons, educational institutes, warehouses, and malls to attract people. The government of China has established various regulations on environmental protection and energy conservation. Therefore, extensive promotion of energy-efficient products, like lighting fixtures, will drive the market in this region.
In 2020 the North America held the revenue share of about 23.6% on account of rising demand for smart lights with bluetooth enabled audio systems, air purifiers, and air conditioning for home decor. Europe is also expected to witness significant growth in the forthcoming years due to improved light quality, long lifespan, and energy-efficient qualities of lighting fixtures.
Middle East and Africa are estimated to expand at the highest CAGR of 5% over the forecast period due to the growing construction industry and government investment in energy-efficient products. For instance, in 2016, the government of UAE, in partnership with Philips, provided the lights for newly constructed buildings. South Africa, Saudi Arabia, and UAE are the leading producers and consumers of LED lighting fixtures in this region.
Koninklijke Philips N.V.; Cree Inc.; General Electric; Hubbell Lighting, Inc.; Acuity Brands, Inc.; Eaton Corporation; Panasonic Corporation; OSRAM Licht AG; Nichia Corporation; and Everlight Electronics Co., Ltd. and others.
Lighting Fixtures Source Outlook (Revenue, USD Million, 2016 - 2027)
LED & OLED
Lighting Fixtures Product Outlook
Pendant & Chandeliers
Lighting Fixtures Distribution Channel Outlook
Lighting Fixtures Application Outlook
Lighting Fixtures Regional Outlook
Central & South America
Middle East & Africa
The Lighting Fixture market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Lighting Fixture market for the base year 2020 and the forecast between 2021 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Lighting Fixture market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Lighting Fixture market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Lighting Fixture market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Lighting Fixture capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Lighting Fixture by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Lighting Fixture market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Lighting Fixture market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Lighting Fixture market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Lighting Fixture industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Lighting Fixture market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Lighting Fixture market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Lighting Fixture market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Lighting Fixture market. These factors have benefited the growth of the global market for Lighting Fixture. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Lighting Fixture. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Lighting Fixture are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: