April 21, 2024
Lighting Fixture Market

Lighting Fixture Market Propelled By Rising Construction Activities Is Estimated To Be Valued At US$ 145 Billion In 2023

Lighting fixtures play a vital role in illuminating indoor and outdoor spaces for both residential and commercial applications. They come in various designs, styles, and functionalities to cater to different lighting needs. With growing urbanization and improving economic conditions across the world, construction activities for buildings, homes, and infrastructure projects have increased substantially. This rising construction boom has augmented the demand for innovative and energy-efficient lighting fixtures in both developed and developing nations. Lighting fixtures made of LEDs and other smart lighting technologies are now widely used in buildings, malls, shops, streets, and other public places due to their long lifespan, reduced maintenance costs, and minimal energy consumption compared to traditional lighting sources.

The global Lighting Fixture Market is estimated to be valued at US$ 145 Billion 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 key trends:

Advancements in LED and other solid-state lighting technologies along with the introduction of smart, IoT-enabled lighting systems are transforming the lighting fixture industry. Many lighting manufacturers are integrating sensors, controls, and connectivity into their fixture designs to enable lighting fixtures that can be programmed, dimmed, or switched on/off remotely. This is allowing the development of ‘smart buildings’ that use intelligent lighting to automate operations, monitor occupancy, and adjust lighting based on user behavior and preferences. The integration of lighting with AI and analytics is also enabling new data-driven applications in retail, healthcare, and other sectors. Another major trend gaining traction is the rising focus on developing environment-friendly and sustainable lighting products made from recycled materials to address issues like global warming and waste reduction.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the initial investment required for manufacturing lighting fixtures is significant. However, distribution and retail entrants can enter the market with low investment.
Bargaining power of buyers: The bargaining power of buyers is high since lighting fixtures are commoditized products and buyers have numerous supplier options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since major lighting fixture components like LED lights and related electronics are supplied by a few large global players.
Threat of new substitutes: The threat of substitutes is moderate as renewable energy sources and increased energy efficiency provide alternatives to lighting fixture needs.
Competitive rivalry: Competition in the lighting fixture market is high with numerous global and regional players vying for market share.

Key Takeaways

The Global Lighting Fixture Market Size is expected to witness high growth.

Regional analysis: The Asia Pacific region dominates the lighting fixture market and is expected to maintain its leading position during the forecast period owing to high construction activities and government initiatives to promote energy efficiency in countries like China and India. North America is another major regional market for lighting fixtures.

Key players: Key players operating in the lighting fixture market include Acuity Brands, Inc., American Electric Lighting, Cooper Lighting, LLC, General Electric Company, Hubbell Incorporated, Juno Lighting Group, Koninklijke Philips N.V., LSI Industries Inc., OSRAM GmbH, Panasonic Corporation, and Zumtobel Group AG. Acuity Brands and GE Lighting are the market leaders with a diversified product portfolio across lighting applications and geographies.

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