June 18, 2024

Lighting Fixture Market Growing Owing to Adoption of Smart and Energy Efficient Lighting Solutions

Market Overview
Lighting fixtures are devices used for illumination, essentially light sources and hardware for housing, aimed at providing focused light. The lighting fixture market comprises various product types including ceiling fixtures, wall-mounted fixtures, recessed fixtures, track lights and outdoor flood lights. Lighting fixtures play a crucial role in lighting up work areas and living spaces while also serving aesthetic purposes. Rising focus on energy efficiency and adoption of smart lighting solutions that can be controlled remotely via mobile apps are augmenting demand for advanced lighting fixtures.

The Global Lighting Fixture Market is estimated to be valued at US$ 305.42 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Lighting Fixture Market are Microsoft, Cisco, Juniper Networks, VMware, Citrix Systems, Pulse Secure, Array Networks, F5 Networks, Barracuda Networks, Symantec, NetScreen Technologies, Check Point Software Technologies, SSL VPN Products, Sangfor Technologies, QNO Technology, H3C Technologies, Beijing NetentSec, LeadSec, DPWORK Technologies, and Tianjin Yongxin Jiesheng Technology.

Key opportunities in the market include growing focus on smart lighting controls and integration of IoT connectivity in lighting fixtures. Rapid urbanization driving rising demand for efficient lighting solutions from the commercial sector is another major opportunity.

Technological advancement in the field of LED lighting and controls is a major driver of market growth. Developments such as integrated sensors, wireless connectivity, and apps for remote operation are encouraging adoption of smart and advanced lighting fixtures.

Market Drivers
The rapid growth of the construction industry across both residential and commercial sectors is a key driver boosting demand for different types of new as well as retrofit lighting fixtures. Growing focus of consumers and organizations on energy efficiency and sustainability is another major factor augmenting the adoption of latest lighting solutions incorporating LEDs and smart controls. Governments across various nations are also incentivizing manufacturers as well as end users to switch to more environment-friendly lighting through initiatives such as standards on minimum energy performance and rebate programs.

Current challenges in Lighting Fixture Market
The lighting fixture market is facing challenges due to rising prices of raw materials such as aluminum, copper and plastics. Geopolitical issues have disrupted supply chains leading to increased costs. Though demand continues to rise due to ongoing infrastructure projects, the price rise can dampen growth. Adoption of energy efficient lighting is hindered by higher upfront costs though operating costs are lower. Lack of awareness among consumers and builders contributes to this challenge. Standarization of technologies and protocols is another area that needs focus to drive further innovation.

SWOT Analysis
Strength: Growing eco-friendly solutions like LED lighting offers energy savings. Weakness: Higher initial costs compared to traditional lights. Opportunity: Rising infrastructure spending in developing nations presents a large untapped market. Threats: Trade wars and geo-political issues increase input costs.

The North American region accounts for the largest share in terms of value due to ongoing construction activities and renovation projects. Rapid urbanization in Asia Pacific region drives demand with China emerging as the fastest growing major market. Investments in smart city projects boost adoption of advanced lighting solutions. The lighting fixture market in Europe retains strong presence due to focus on energy efficiency. Middle East and Latin America offer immense potential for growth supported by economic diversification programs of governments.

In the Asia Pacific region, China represents the fastest growing geographical region for lighting fixture market. Factors spurring growth include strong GDP growth, rising disposable incomes, expanding construction industry and government led initiatives to upgrade infrastructure. Rapid urbanization and “Smart Cities” projects underway create enormous opportunities for advanced lighting solutions manufacturers. The implementation of minimum energy performance standards also contribute towards increased penetration of energy efficient lighting fixtures in China commercial and residential sectors from 2024 to 2030.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it