The Global Market for Lighting Fixtures and Luminaires is Projected to Exceed US$115 Billion by 2024
Growing Proliferation of LED
Lighting, Smart Lighting, and Connected Home Technology Drives the Lighting
Fixtures & Luminaires Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Lighting Fixtures and
Luminaires market. The global market for Lighting
Fixtures and Luminaires is projected to exceed US$115 billion by 2024, driven by rapid
penetration of LED lighting and the corresponding demand for technologically
advanced LED luminaires, and surging popularity of smart luminaires integrated
with intelligent lighting control amidst growing focus on reducing energy
consumption.
Lighting
fixtures are designed and constructed to collect, distribute, reflect, direct,
or diffuse light from any electric light source for general or localized
illumination. Continuous developments in the residential, commercial,
industrial and public lighting markets resulted in significant developments in
the lighting fixtures market over the years. With light sources becoming more
energy efficient and technologically advanced, lighting fixtures that hold
those sources evolved considerably in terms of design, compatibility and
flexibility. The automotive and general lighting sectors constitute the two key
markets for lighting fixtures. General lighting applications, comprising
residential, office, outdoor, architectural, retail, hospitality, and industrial
sector, among others represents the largest market for lighting fixtures in
terms of value sales. Increasing focus on more efficient lighting technologies
and the move away from inefficient technologies like incandescent and
fluorescent lamps represent the primary factor driving growth in the global
lighting fixtures and luminaires market resulting in increasing demand for
fixtures/luminaires integrated with LED and OLED lamps.
Future
growth in the market will be driven by the combination of smart lighting with
luminaires, controls, and connecting technology enabling enhanced lighting
control and superior energy efficiency in lighting applications. Futuristic
lighting systems will be a fusion of Internet and lighting that would save
energy; help to digitize services while offering a responsive environment.
These systems will make optimal usage of the IP-connected lighting including
apps, services and software using the platform and ideas that compel use-case. Exceptional
developments are expected with regard to innovative materials, optics, drivers,
sources and thermal products, along with emphasis on hardware/luminaire
utilizing Visible Light Communication, Li-Fi, IP-based ‘Internet of Things’
systems, data management and innovative smart cities technologies. The Internet of Things (IoT) technology also offers
significant market expansion opportunities. Luminaires, which essentially
observe each and every nook and corner of habitable spaces, are the media of
choice for hosting the video and sensor technology that holds the potential for
IoT making the world a virtual databank. While LEDs winning the war against
incumbent inefficient lighting technologies was the major episode of the
lighting industry evolution in previous years, connected lighting, embedded
lighting and sustainable lighting are going to be the major phases of industry
evolution over the next few years, which in turn would benefit demand prospects
for fixtures and luminaires.
As
stated by the new market research report on Lighting Fixtures and
Luminaires,
Asia-Pacific represents the largest as well as the fastest growing market
worldwide with a CAGR of 7.4% over the analysis period. The sheer size of some
of the large markets in the region, particularly China and India, coupled with
the rapid rise in construction and automotive sectors which are chief end-use
markets for fixtures represent important growth drivers in the region. Other
key drivers include large scale infrastructure development, unpenetrated and
underpenetrated nature of the market, rapid urbanization, expanding middle
class and their rising affluence, and growing demand for premium fixtures and
luminaires.
Key
players in the market include Acuity Brands Lighting Inc., Amerlux®, Bajaj
Electricals Ltd., Cree Inc., Eaton Corporation plc, ELK Group International
Inc., Fagerhults Belysning AB, Feilo Sylvania, FW Thorpe Plc, Havells India
Limited, Hella KGaA Hueck & Co., Hubbell Lighting Inc., Koito Manufacturing
Company Ltd., LEDvance LLC Inc., NVC (Huizhou) Lighting Technology Corporation,
OMS, a.s., Opple Lighting, Osram GmbH, Panasonic Corporation, Philips Lighting
Holding B.V., Schréder Group GIE, Targetti Sankey S.p.A., TRILUX GmbH & Co.
KG, and Zumtobel Group AG, among others.
The
research report titled “Lighting Fixtures and
Luminaires: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends,
drivers, issues, challenges, product launches and strategic industry activities
of major companies worldwide. The report provides market estimates and
projections in dollars for major geographic regions including the US, Canada,
Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe),
Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil,
and Rest of Latin America), and Rest of World. Product segments analyzed in the
report include Portable Fixtures and Luminaires, Non-Portable Fixtures and
Luminaires, and Parts & Accessories. Major end-use applications analyzed in
the report include Automotive, and General Lighting (Residential, Office,
Outdoor, Architectural, and Others).
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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