Lighting Fixture Market Poised to Grow at a Robust Pace Due to Rising Construction Activities Globally
Lighting fixtures are essential components used in indoor and outdoor lighting. They include items such as lampshades, armatures that can hold light bulbs, and other manufactured devices that produce, distribute, or protect light for various purposes. Lighting fixtures are used in residential, commercial, industrial, outdoor, and specialty applications to illuminate interior and exterior spaces. Some common lighting fixtures include suspension lights, wall sconces, bath bar lights, pendants, chandeliers, recessed lights, track lighting, under-cabinet lights, and outdoor post lights.
The global lighting fixture market is estimated to be valued at US$ 120 Bn 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 Dynamics:
Rising construction activities globally driven by rapid urbanization is one of the major drivers propelling the growth of the Global Lighting Fixture Market Size. According to data by the United Nations, approximately 68% of the world's population is projected to live in urban areas by 2050. This rising urbanization is stimulating construction of residential and commercial buildings which is augmenting the demand for lighting fixtures for indoor and outdoor applications. Additionally, increasing adoption of LED lighting owing to its energy-efficiency and long lifespan is also fueling the market growth. However, fluctuations in raw material prices may hamper the growth of the lighting fixture market during the forecast period.
SWOT Analysis
Strength: The lighting fixture market has witnessed increased demand for efficient and eco-friendly lighting solutions in the past few years. LED lighting fixtures provide energy savings of up to 90% as compared to traditional incandescent bulbs. The increasing consumer awareness regarding the benefits of LED lights such as long lifespan and low power consumption is expected to boost the market growth.
Weakness: High initial costs associated with LED lighting fixtures is one of the major challenges faced by manufacturers. The development of certain advanced technologies also requires huge capital investments which may hinder the small players in the industry. Fluctuations in raw material prices affect the profit margins for companies.
Opportunity: Growing smart city initiatives across major countries provide new opportunities for sensor-enabled smart lighting solutions. The rising adoption of lighting control systems driven by IoT further expands the scope for innovative product development. The increasing penetration of LED lights in horticulture applications and medical institutions opens up new application areas.
Threats: The presence of various local and regional players intensifies the competition in the market. Price wars among players to gain market share may reduce the profit margins. Strict environmental regulations pertaining to mercury content and use of hazardous substances poses compliance challenges.
Key Takeaways
The global lighting fixture market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2031 is estimated to be USD 150 Billion.
Regional analysis: North America dominates the global lighting fixtures market currently. Various government initiatives to phase out traditional lights and promote LED adoption drive the high demand. Initiatives such as the U.S. Department of Energy's 'Gateway program' provide technical and financial support for installing energy-efficient LED lighting systems.
Key players operating in the lighting fixture market are Signify N.V., GE, Acuity Brands, Hubbel, OSRAM, Panasonic Corporation, Eaton Corporation, Cree Lighting, and Zumtobel Group AG. Signify is one of the foremost players with a wide product portfolio of LED lighting solutions for indoor and outdoor applications.
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