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).

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