In a recent published report, Kenneth Research has updated the market report for Global Lighting Fixtures Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Lighting Fixtures Market products.
Lighting Fixtures Market Overview
Lighting fixture is an electronic device which is used to create artificial light by using an electrical lamp. Lighting fixture is very effective in terms of decoration and is used by lighting designers for decoration purposes. These fixtures are used in almost every sector such as resident, home décor, transportation and construction and others. Apart from that, lighting fixtures are produce sufficient amount of light and consume less amount of energy as compared to other conventional lighting systems.
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Market Size & Forecast
Global lighting fixtures market is growing at a compound annual growth rate (CAGR) of 7.1% during forecast period 2017-2024. The global lighting fixtures market is projected to reach to a valuation about USD 216.45 Billion by the end of year 2024. The rising demand for energy saving lighting fixtures has propelled the growth of global market of lighting fixtures. The global lighting fixture market is driven by Asia-Pacific region. Asia-Pacific accounted for the highest share about 39% of the global lighting fixtures market.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
High population density is one of the key elements propelling the growth of the lighting fixtures market in Asia Pacific region and is anticipated to continue its dominance over the forecast period. Further, rise in demand for lighting fixtures in developing economics such as China, India and others is expected to augment the demand for the global lighting fixture market in near future. On the other hand, North America and Europe region are expected to witness a sluggish growth over the forecast period. Replacement of conventional lighting system with modern lighting fixtures is anticipated to positively impact the growth of the market.
Key Players
Acuity Brands Lighting Inc.
Advanced Lighting Technology Inc.
Bajaj Electricals Ltd
Cooper Industry PLC
Cree Inc.
Evolution Lighting
Fagerhults bElysning AB
GE Lighting
Grote industries Inc.
Havells
HELLA KgaA Hueck & Co.
Hubbell Lighting Inc.
Spaulding Lighting Inc.
Juno Lighting Group
Scope and Context
Growth Drivers & Challenges
Commercial, residential and industrial sectors are now witnessing higher capital investment in infrastructure development. Further, this factor is increasing the demand for lighting fixtures in these sectors. Some of the government initiatives, such as promotion for LED lighting, energy conservation and others have given boost to the global market of lighting fixtures. Over the past few years, it has been seen that modern lighting fixtures are being adopt over conventional lighting fixtures due to its attractive look and low power consumption capability. This factor is expected to impel the growth of the lighting fixture market over the forecast period. Urbanization and enhancement of infrastructure of the buildings are some of the major drivers increasing the demand for lighting fixtures. These activities are expected to increase with remarkable growth rate in near future. Apart from that, factors such as rising per capita income and rising awareness of energy consumption among the consumers have led them to replace the conventional lighting fixture with modern lighting fixtures.
The rising disposable income coupled with changing lifestyle has resulted in the adoption of advanced and attractive lighting fixture. Lighting fixtures have wide range of application in various sectors such as automobile, aerospace, industries construction and others. Further, the global lighting fixtures market is expected to witness growth over the forecast period on the account of the positive growth in end-use industries.
However, presence of local vendors has affected the overall revenue of the global market. Further, low cost offering by the local vendors is reducing the market share of the organized players.
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Market Segmentation
Our-in depth analysis of the global lighting fixtures market includes the following segments:
By Product Type
Ceiling
Fans
Chandeliers
Pendants
Recessed
Utility
Wall
By Application
Residential
Commercial
Architectural
By Light Source
Incandescent
Fluorescent
Gas Discharge
Metal Halide
LED
OLED
By Region
Global lighting fixture market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
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