Lighting Fixture Market, By Outlook (Incandescent, Fluorescent, LED & OLED), By Product (Ceiling, Pendant & Chandeliers, Wall Mounted, Portable, Others), By Distribution Channel, (Offline, Online), By Application, (Residential, Commercial), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Lighting Fixture Market is predicted to grow from $34.5 billion in 2021 to $48.5 billion by 2030, at a CAGR of 3.5% during the forecast period.

Lighting fixtures are pieces of electrical equipment that, with the aid of a bulb within, emit light throughout their surrounding area. Every fixture is a specific size and form. It features switches that are either within a light or connected to a power line that is hooked to a lamp. The expansion of the lighting fixture market is aided by several features of lighting fixtures, including reflectors for directing the light, an aperture, and an outer shell that protects from electric blasts. Lighting fixtures are widely used in the automotive, aerospace, marine, and healthcare industries due to their advantageous characteristics.

The size of the lighting fixture market is anticipated to increase as a result of increased government support for the promotion of smart cities. The idea of smart cities is becoming more popular, which raises the demand for smart building construction. Thus, it is projected that the need for energy-saving infrastructure, such as LED lighting fixtures, would rise as a result of smart buildings, which will in turn drive market expansion on a global scale. Also, as disposable incomes increase, people's lifestyles change. This trend of advanced lighting goods drives the growth of the lighting fixture market.

Market Dynamics:

Drivers:

One of the main reasons expected to drive the global lighting fixtures market during the forecast period is the rise in development of smart cities One of the smart city applications that has developed over the past  years is smart lighting. Smart lighting solutions are being used by a number of enterprises. The intelligent lighting solutions when combined with LED save about 30% of energy.

The global lighting business is moving away from conventional lighting technologies like incandescent and fluorescent lighting and toward more advanced and energy-efficient LED lighting.

A significant rise in consumer awareness of energy conservation and stringent government regulations on energy use have combined to drive up demand for cutting-edge lighting fixtures. This helps boost the lighting fixture market.

Restraints:

Over the forecast period, it is anticipated that complexity in lighting fixture purchase decisions will restrain the market's expansion. Although purchasing process involves inputs from variety of professions, such as architects, designers, and electrical engineers. But the final decision is determined by the end user. Thus, during the projected period, these factors are anticipated to limit market expansion.

Opportunities:

The demand for lighting fixtures has increased as people are becoming more aware of their uses, especially in the hospitality sector. For instance, to create an aesthetic and ambiance for their customers, hotel and restaurant owners spend money on lighting fixtures.

A prominent factor that is projected to fuel the expansion of the worldwide lighting fixtures market is the rising usage of decorative lighting in hotels, restaurants, enterprises, homes, and other similar settings.

Consumers globally are becoming more interested in ENERGY STAR-certified LED lighting solutions, supporting the expansion of lighting fixtures market across the globe. Furthermore, the use of energy-efficient lighting fixtures in commercial, residential, and industrial settings is rapidly increasing. This will propel the growth of Lighting fixture market.

Key Players:

● Eaton

● Evolution Lighting

● FW Thorpe

● 3M

● Grote Industries

● TOSHIBA

● LSI Industries

● Strand Lighting

● Valmount Composite Structures

● Bajaj Electricals

● Philips

● Zumtobel Group

● TaschibraBrasil

● Venture Lighting International

● Architectural Area Lighting

● Acuity Brands Lighting

● NVC(Huizhou) Lighting Technology Corporation

● Prescolite

● HELLA KGaAHueck

● Thorn

● SIMKAR

● OSRAM

● Opple Lighting

● Spaulding Lighting

● Panasonic

● Advanced Lighting Technologies

● Cree

● KALCO Lighting

● General Electric

● TargettiSankey

Market Segmentation:

Lighting Fixture Market, By Outlook

• Incandescent

• Fluorescent

• LED & OLED

Lighting Fixture Market, By Product

• Ceiling

• Pendant & Chandeliers

• Wall Mounted

• Portable

• Others

Lighting Fixture Market, By Distribution channel

• Offline

• Online

Lighting Fixture Market, By Application

• Residential

• Commercial

Lighting Fixture Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Regional Analysis:

The lighting fixture market was controlled by the Asia-Pacific region. Due to increasing government support for the use of energy-efficient lighting in the developing countries, the area experienced market growth. The Indian government's Domestic Efficient Lighting Plan (DELP) program, which was introduced in 2015, intends to replace incandescent and CFL bulbs with LED ones. Businesses are also making significant investments in malls, clinics, salons, schools, and other public venues in an effort to attract clients. The Chinese government has passed numerous rules to protect the environment and promote energy efficiency. The promotion of products like lighting fixtures that save energy will consequently be what drives the market in this sector.

North America also showed a steady growth on account of increased demand for smart lights with blue-tooth-enabled audio systems, air purifiers, and air conditioning for home decor. Europe is also expected to have significant development in the coming years due to the improved illumination quality, long lifespan, and energy-efficient features of lighting fixtures. This will augment the growth of lighting fixtures market in the region.

Scope of the Report:

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