by The global Lighting Fixture Market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lighting fixtures refer to equipment used to create artificial light. There are different types of lighting fixtures including ceiling fixtures, desk lamps, floor lamps, and outdoor lights. Lighting fixtures play a vital role in interior and exterior lighting applications of commercial and residential buildings. They offer advantages such as improved visibility, safety, décor, and savings on energy costs. Owing to their various benefits, lighting fixtures witness high demand in construction, industrial, and commercial sectors.
Market key trends:
One of the key trends in the lighting fixture market is the rising adoption of LED lighting. LED lighting offers various advantages over traditional lighting such as high energy efficiency, lower maintenance costs, compact size, longer lifespan, and environmental friendliness. According to the U.S. Department of Energy, LED lights use at least 75% less energy and last 25 times longer than incandescent lighting. With continuous technological advancements, the prices of LED lights are declining significantly which is further propelling their adoption. The increasing focus on energy efficiency and sustainability is expected to drive the demand for LED lighting fixtures over the forecast period.
Porter’s Analysis
Threat of new entrants: The light fixture market requires high R&D and capital investments which act as a barrier for new companies. Established brands have economies of scale which is difficult for new entrants to attain.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, switched have high bargaining power in commercial segments.
Bargaining power of suppliers: Major components like LED chips, drivers are sourced from few specialized global suppliers which gives them higher bargaining power.
Threat of new substitutes: OLED lighting and horticultural lighting pose potential threat, but mass adoption may take time owing to high costs and technology constraints currently.
Competitive rivalry: The market features strong competition among top lighting brands. Companies compete based on product innovation, quality, and pricing.
Key Takeaways
The Global Lighting Fixture Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing automation and focus on energy efficiency in lighting systems. The market size for 2023 is estimated to reach US$ 265.12 Billion.
Regional analysis: Asia Pacific dominates the global market led by China, followed by Europe. The Asia Pacific region is expected to continue leading the market owing to growing construction activities and mass adoption of LED lighting in residential applications driven by increasing income levels.
Key players: Key players operating in the lighting fixture market are Acuity Brands, Inc., Zumtobel Lighting GmbH, Cooper Lighting, LLC, Panasonic Corporation Eco Solutions Company, General Electric Company, OSRAM Licht AG, Koninklijke Philips N.V., LSI Industries Inc., Juno Lighting Group, Hubbell Lighting, Inc. Leading companies are focusing on sustainable and connected lighting solutions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
