Increasing government support for lighting projects and increasing demand for LED lights are the new trends that contribute to the growth of the global lighting fixtures market
Due to increase in government spending on smart cities and emergence of smart cities concept together lead to surge in demand for construction of smart building. Therefore increase in need for smart building is anticipated to increase demand for energy saving infrastructure such as LED lighting fixture, which leads to growth of lighting fixture market globally. With rapid changing style, appearances, trend and fashion in lighting industry, consumers with high disposable incomes are switching and replacing lighting products to adopt newly launch lighting product, which leads to unnecessary dumping of working lighting products, owing to which the concept of refurbished lighting fixture market is trending currently.
With rising benefits of LED lighting, old metal halide fixture are being replaced by LED lighting fixture to attain better lighting effects, cost saving amount and to promote energy saving products. Replacing old technology with new technology is a key trend adopted by indoor and outdoor lighting fixture that fuels the growth of the global lighting fixture market. Another growing trend in the LED lighting space is the concept of smart lighting. An increasing number of enterprises are adopting smart lighting solutions. These smart lighting solutions in conjunction with LEDs, offer about 30% energy saving.
Government of the respective regions are focusing on initiating various lighting projects, which are anticipated to propel the growth of lighting fixture infrastructure. The lighting project focuses on electrifying the rural part of the regions particularly villages in MEA region and putting emphasis on eradicating traditional lighting product such as kerosene-based lighting products to reduce the negative effect of traditional lighting product on human health are the major factor, which is projecting to the significant growth of LED Lighting fixture market.
To create ambience at hotels and restaurants, owner of the respective places are spending in lighting fixtures to create an aesthetic and ambience for the visitors. Owing to increase in application of decorative lighting in restaurants, hotel, homes, offices and other such places are the major factor spurring the growth of the lighting fixtures market.
With a robust CAGR, the architectural and commercial lighting segment is likely to register high Year-On-Year growth
In 2017, architecture and commercial lighting segment was valued at more than US$ 8,000 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. In terms of value, architecture and commercial lighting segment is projected to be the most attractive in the global lighting fixture market during the forecast period. This segment expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of a little more than 15% during the forecast period.
Global Lighting Fixtures Market: Analysis and Forecast
The global lighting fixtures market was valued at more than US$ 26 Bn in 2017 and is anticipated to reach more than US$ 76 Bn by the end of 2025. Rise in LED lighting penetration and demand for smart fixtures are the prime factors expected to drive the growth in revenue of the global lighting fixtures market. The global lighting fixtures market is expected to register a CAGR of 14.0% during the forecast period.
“Lighting Fixtures Market: Global Industry Analysis (2012 to 2016) and Forecast (2017-2025)” is Persistence Market Research’s recent report which offers insights on the various factors driving the popularity of various types of lighting fixtures in five regions across the globe. The report has included an extensive analysis of key industry drivers, restraints, market trends, opportunity analysis, micro-economic factors and market structure. The global lighting fixtures market study has provided the comprehensive assessment of stakeholder’s strategies and imperatives to get the success in the business. The report has divided the global lighting fixtures market on the basis of type, application, light source and region. While analyzing the data, the analysts have not only considered the historical trend examination but statistical analysis and government support analysis have also taken into consideration. Parent market overview, value chain analysis and lighting evolution are other important features that make this report a complete one.
Major countries’ GDP analysis and GVA analysis have included in this report. Based on value, production and supply analysis, the global lighting fixtures market report has provided the data on the global production of lighting fixtures along with capacity utilization and pricing structure of lighting structures across the different regional markets around the globe. The report has quantified the market value and market volume share of various segments of the global lighting fixtures market across the studied regional markets, thereby performing a comprehensive production analysis of the global lighting fixtures market across all levels.
In-depth assessment of capabilities and detailed profiles of key competitors is included in the scope of the report
This newly published report has included a competitive landscape to provide clients with a dashboard view, based on categories of the provider in the value chain, presence in lighting fixtures portfolios and key differentiators. This section has primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the lighting fixtures supply chain and the potential players for the same. Report audiences can get segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the global lighting fixtures space. Macro-economic indicators such as GDP, wholesale & retail trade, merchandise trade, and prices have been considered to arrive at indicated market numbers.
By Light Source
In order to offer an accurate forecast, the analysts have started by sizing the current market, which forms the basis of how the global lighting fixtures market will grow in the future. Given the characteristics of the market, we have triangulated the outcome from different types of analyses, based on the technology trends. In an ever-fluctuating global economy, we have not only conducted forecasts in the case of CAGR but have also analyzed on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market.