Global lighting fixture market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Energy-efficient Products Gain Stronger Ground in Lighting Fixture Market
In the upcoming years, global lighting fixture market is anticipated to be driven by rising demand for energy-efficient products in both the residential and commercial sectors. The demand for lighting fixtures is also being fuelled by government funding for energy-efficient schemes. The customer taste for more modern household lighting is likely to increase, and this, combined with the real estate industry's strong growth, should increase demand for lighting fixtures. The rise in affluent neighbourhoods is another factor driving the demand for yard lamps. Moreover, the business sector is increasingly adopting lighting fixtures, particularly LED light modules. Lighting fixture market is anticipated to be driven by their attractive appeal and capacity to improve a location's overall ambiance. Compared to conventional lights like incandescent and fluorescent bulbs, LED lights consume 80% less energy. LED bulbs do not contain any harmful materials, in contrast to fluorescent lighting. As a result, consumers are being compelled to transition from conventional lights to LEDs by these causes. The adoption of LED lights will be impacted by the global push to phase out traditional lighting in China, Brazil, and European countries.
Additionally, networked, and smart LED lighting will be the upcoming trend in smart home projects. Users may now manage, measure, and monitor light efficiency thanks to the transition of this business from analogue to digital technologies. Modern consumers' needs will be met via wireless lighting, dimmers, and control devices equipped with cutting-edge sensors. Wi-Fi-connected smart bulbs use the Internet of Things (IoT) technology to regulate warmth, brightness, and several colour options. India's energy demand increased by 6% in 2019, with population growth acting as a significant driver of this rising demand. But by 2042, the population is expected to rise from 1.1 billion to 1.7 billion (UN, 2017). The urbanization rate will rise from 30-50% as much of this population growth is absorbed in urban areas. Due to the rise in demand from industries that utilize energy for manufacturing and construction, the level of urbanization in a nation will have a substantial impact on the trend of energy consumption. The demand for an economical and environment-friendly lighting solutions is growing along with the rate at which electricity is consumed.
Lighting Fixture Market: COVID-19 Impact
The worldwide economy has been severely harmed by the COVID-19 pandemic. Lockdowns ordered to stop the spread of the coronavirus hurt international trade because all companies were forced to close their doors or operate with fewer employees. People's wages and employment were damaged by this, leading to salary reductions and job losses that resulted in declining living standards. People made fewer investments in refurbishing their homes, businesses, and other commercial spaces, which decreased the demand for lighting fixtures. As a result, the lighting fixture market had poor development throughout the epidemic.
Increasing Demand from Hospitality Sector to Drive Lighting Fixture Market Growth
The demand for lighting fixtures has increased as people are becoming more aware of their benefits, especially in the hospitality sector. To create an aesthetic and ambiance for their customers, hotel and restaurant operators spend money on lighting fixtures. A prominent factor that is projected to fuel the expansion of the worldwide lighting fixture market is the rising usage of decorative lighting in hotels, restaurants, enterprises, homes, and other similar settings. There is a rising need for high-end lighting fixtures for use in landscape lighting applications. Consumers in both established and emerging nations are becoming more interested in ENERGY STAR-certified LED lighting solutions, supporting the expansion of the worldwide lighting fixture mrket. Additionally, the use of energy-efficient lighting fixtures in commercial, residential, and industrial settings is growing.
Emergence of Smart Cities Creates Strong Tailwinds for Lighting Fixture Market
One of the key reasons projected to drive the global lighting fixture market during the forecast period is the steep rise in smart city initiatives. One of the most complex smart city applications that have developed over the past several years is smart lighting. Smart lighting solutions are being used by an increasing number of enterprises. When used with LEDs, such intelligent lighting solutions save about 30% of energy. The demand for the development of smart buildings has also increased as a result of increased government spending on smart cities and the introduction of the idea. As a result, the need for energy-saving infrastructures, such as LED lighting fixtures, is anticipated to increase due to the increased need for smart buildings, leading to the global rise of the lighting fixture market. The ZD4i family of smart luminaires with intelligent drivers for IoT systems was created by Hyperion, the Center of Excellence for Smart Cities. Additionally, it is anticipated that during the forecast period, the deployment of LED lighting fixtures will increase along with the significant move toward low-voltage infrastructure.
Complex Purchase Decision to Hamper Expansion of Lighting Fixture Market
During the forecast period, it is anticipated that complicated lighting fixture purchase decisions will restrain the market's expansion. Although it involves a variety of professions, such as architects, lighting designers, and electrical engineers, the final choice to purchase a lighting fixture is not determined only by the end user. The complexity of the purchase process brought on by the involvement of several professionals is limiting the expansion of lighting fixture market during the course of the projected period.
Fluorescent Lamps Continue to Garner the Maximum Traction in Lighting Fixture Market on Account of Higher Energy Efficiency, and Lower Costs
Due to their superior qualities over incandescent bulbs, fluorescent lamps accounted for the greatest share (51.03%) in 2021. Because they create light from a metallic filament, incandescent bulbs are no longer in use. Fluorescent lamps, on the other hand, use gas to produce light, which uses less power. Therefore, a longer lifespan, energy efficiency, and low cost have helped the fluorescent lamp segment to hold the highest share in lighting fixture market. The same lighting fittings that are made to accommodate incandescent bulbs work with fluorescent lamps. Recessed fixtures, such as table lamps, ceiling lights, and wall-mounted lighting, they are available in various sizes and shapes. Compact fluorescent lamps (CFLs) that can be utilized in three-way lighting with dimmer switches are being developed by a number of manufacturers.
Offline Channels Continue to Record Higher Sales in Lighting Fixture Market
Due to the availability of comprehensive installation instructions for light fixtures, which further assists in the selection of high-quality products, the offline channel held the biggest share of 93.06% in lighting fixture market in the year 2021. The offline channel aids in determining consumers' purchasing power and interest in a given commodity. Due to the wide range of product offers and expanding e-commerce in nations like the United States, Germany, the United Kingdom, China, and Japan, the online channel is anticipated to develop at the quickest CAGR over the projection period. The sales of lighting fixtures on the web portal are also anticipated to increase in the next years due to the accessibility of a wide range of items and the growing use of smart devices.
Government Initiatives Establish a Strong Breeding Ground for Lighting Fixture Market in Asia Pacific
The region that registered the largest share in lighting fixture market in 2021 was Asia Pacific, thanks to growing government encouragement of the use of energy-efficient lighting in developing nations. The Domestic Efficient Lighting Programme (DELP) scheme, launched by the Indian government in 2015, aims to switch out incandescent and CFL bulbs for LED ones. Additionally, to draw customers, businesses are investing heavily in malls, hospitals, salons, schools, and other public spaces. China's government has enacted a number of laws regarding energy efficiency and environmental protection. The market in this area will therefore be driven by the widespread promotion of energy-efficient items like lighting fixtures. With the highest CAGR, India is anticipated to dominate the Asia Pacific’s lighting fixture market. The Indian lighting market is expanding swiftly and moving away from CFLs and toward LEDs. This transition is being driven by an increase in government energy conservation initiatives, consumer awareness of energy-efficient devices, affordable pricing, and product advancements that support the general trend of digitization.
Due to the growing popularity of smart lights with Bluetooth audio systems, air purifiers, and air conditioning for home design, North America owned a revenue share of almost 23.4% in 2021. Due to the enhanced illumination quality, long lifespan, and energy-efficient characteristics of lighting fixtures, Europe is also anticipated to have considerable growth in the upcoming years. Due to the expanding construction sector and government investments in energy-efficient products, the Middle East and Africa are predicted to experience the largest CAGR growth during the projected period. For instance, in 2016, the UAE's government worked with Philips to supply lighting for newly erected structures. The largest manufacturers and consumers of LED lighting fixture market in this region are South Africa, Saudi Arabia, and the United Arab Emirates.
Global Lighting Fixture Market: Competitive Landscape
Helvar, a provider of energy-efficient lighting systems, unveiled ActiveAhead Generation 2, a wireless solution that is intelligent and scalable, on June 9, 2022. With the ability to connect to cloud services, ActiveAhead Generation 2 employs a clever AI system to learn how much space is being used. Moreover, Signify revealed in March 2020 that it has finished buying Cooper Lighting Solutions from Eaton. Signify will be able to solidify its market position in the North American lighting industry with the aid of this plan.
Few of the players in the lighting fixture market include Everlight Electronics Co., Ltd., Siemens, General Electric, Koninklijke Philips N.V., Cree Inc., General Electric, Hubbell Lighting, Inc., Acuity Brands, Inc., Eaton Corporation, Panasonic Corporation, OSRAM Licht AG, Nichia Corporation, Osram, Philips N.V., Zumtobel Lighting GmbH, LSI Industries Inc., Juno Lighting Group, RENRGIZ Technology, Shunde Xinhua Electrical Co. Ltd, and Fanzen International Lighting.
Global Lighting Fixture Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Lighting Fixture Market
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