LED Lighting Fixture Market to Expand with Growing LED Adoption
United States/WA: The global Lighting fixture Market is estimated to account for US$ 349.92 billion by 2027
Report Pages:[130 Pages]
Global Lighting Fixture Market, By Application (Passenger Vehicles and Commercial Vehicles), By Product Type (Ceiling, Pendant and Chandelier, Wall Mounted, Recessed, Portable, High Bay and Low Bay, Others (Emergency Lighting, Track Lighting, and Fan), By Application (Industrial & Commercial, Residential, Outdoor, Architectural, and Others (Automotive, Aerospace, and Machinery)) and by Region (North America, Europe, Asia Pacific, RoW) – Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
The global lighting fixture market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
A lighting fixture or luminaire is an electrical device containing an electric lamp that provides illumination. A fixture body and a lamp socket are the primary components of a lighting fixture. A fixture also comprised of an outer shell, aperture, reflectors, and electric ballast, which acts as a protective cover for the electric lamp. Lighting fixtures have evolved over the years from fluorescent lamps and conventional lighting to energy-efficient lighting such as LED lamps.
In a typical incandescent light fixture, a black hot wire is connected to a brass screw terminal on the socket. Power flows to a small tab at the bottom of the metal socket and through a metal filament inside the bulb. The power heats the filament and causes it to glow.
Competitive Landscape:
Major players operating in the global lighting fixture market are Acuity Brands, Inc., Hubbell Lighting, Inc., Juno Lighting Group, LSI Industries Inc., Koninklijke Philips N.V., OSRAM Licht AG, General Electric Company, Eco Solutions Company, Panasonic Corporation Cooper Lighting, LLC, and Zumtobel Lighting GmbH.
Key Market Drivers:
Increasing demand for lighting fixtures due to increase in construction activities around the world is expected to boost the lighting fixture market growth over the forecast period. For instance, in May 2018, Kinglumi launched its Xline modern linear light fixtures, offering high quality architectural lighting for offices, schools, libraries, meeting rooms, supermarkets, and more. The new pendant/surface mounted LED linear fixture is developed based on the design of Xline LED linear track lighting but comes with different sizes and installations.
Moreover, increasing demand for energy-efficient products in both residential and commercial settings is expected to drive growth of the lighting fixture lighting fixture market. For instance, in June 2021, Syska launched energy-efficient LED lighting products, named the T5 LED Batten- SSK-SQ2201 (PC-Polycarbonate) and Syska T5 LED Batten – SSK-SQ2201 in India.
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COVID-19 Impact Analysis:
Precautions are necessary to curb the spread of novel coronavirus (COVID-19) in commercial, residential, and industrial settings. Scientific research has proved that a new specific light can safely clean up to 99.9% of the coronavirus, developed by Studio Roosegaarde. According to Studio Roosegaarde, Urban Sun, a light fixture, can safely clean up to 99.9% of coronavirus once deployed in public spaces. Urban Sun uses far-UVC, a type of ultraviolet light with a lower wavelength that is thought to kill viruses while potentially posing a lower risk to humans. This in turn is expected to offer significant growth opportunities to the market.
Key Takeaways
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The lighting fixture market is expected to exhibit a CAGR of XX % during the forecast period due to increasing penetration of LED lighting fixtures, innovations such as smart lighting, and new product development worldwide. For instance, in July 2019, Kinglumi launched its Xline Plus linear lighting system, a new category of high performance office and commercial task lighting.
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Among regions, North America and Asia Pacific are expected to witness significant growth in the lighting fixture market due to increasing demand for lighting fixtures and rapidly growing construction industry. For instance, according to India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market in the world by 2025. Moreover, India, China, and the United States are expected to account for almost 60 per cent of all global growth in the sector by 2025.
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