Global Lighting Fixtures Market to Reflect a Healthy CAGR of 14.0% During 2017-2025
Date : Oct 22, 2018 Author : PMR Editorial Staff Category : Technology
The global market for lighting fixtures is estimated to reach a market size of over US$ 76 Billion all through 2025, up from a market value of over US$ 26 Billion in the year 2017.
The global market for lighting fixtures is estimated to reach a market size of over US$ 76 Billion all through 2025, up from a market value of over US$ 26 Billion in the year 2017. Increased penetrations in LED lighting, as well as the need for smart fixtures, are the major aspects anticipated to fuel the overall growth in revenue terms of the worldwide market for lighting fixtures. The market will be recording a healthy 14.0% CAGR all through the calculated period. Region-wise, Europe and North America jointly are estimated to gain market shares in revenue terms during the assessment period. However, the MEA region is estimated to see a reasonable growth pace all through the calculated period.
Since lighting fixtures are set up during renovations and new construction, the over arching trends are associated with disparities in construction activity. Nevertheless, retrofit and upgrade trends related to energy efficiency, in addition to high-value expansions in fresh product initiations are considered to boost demand in various ways.
The global market based on the type is segmented as decorative & residential lighting, architecture & commercial lighting, outdoor lighting and industrial lighting. Of these, the outdoor lighting is estimated to increase exceedingly at US$ 20,548.0 through 2025 end. The architectural and commercial lighting is likely to grow at a high CAGR in value terms all through the calculated period. The lighting fixtures are widely applicable into corporate campus lighting, street lighting, airport lighting, education facilities lighting, retail outlets lighting, healthcare facilities lighting, government office & building, recreation & public venue lighting, industrial & warehouse lighting, restaurant & hotel lighting and residential lighting. Among these, the street lighting category is estimated to be majorly attractive in the worldwide market for lighting fixtures market over the calculated period. However, the residential lighting category is estimated to record soaring Y-o-Y rates of growth all through the calculated period. This category is likely to grow at a 16.3% CAGR in value terms over the calculated time frame. The light source of these lighting fixtures includes fluorescent, incandescent and LED and OLED. Among these, the fluorescent division is estimated to lead the worldwide market for lighting fixtures by gaining the maximum market shares over the calculated period. On the other hand, the LED and OLED division are projected to register substantial growth in market share from 37.4% during 2017 to 59.7% by 2025.
Although the extensive requirement in energy-saving advancements in the non-residential markets, the market for residential has a dissimilar perspective. The homeowners are more considered to conform energy-efficient LED bulbs to current fixtures instead of redoing their lighting systems to hold fixtures of a special style as well as to replacement hassles and limit costs. Makers yet require working making an obligating case to customers for advancements like a value proposition. Nevertheless, customers relate with their aesthetic value of fixtures’ will get an occasional replacement as well as installations coupled with new construction.