Lighting Fixture Market 2020 and Forecast 2021-2027

  • TBI121690
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                          

Report Overview: Global Lighting Fixture Market

The global lighting fixture market size was valued at USD 88.25 billion in 2020 and is expected to expand at a CAGR of 3.4% from 2021 to 2027. Increasing demand for energy-efficient products in the residential and commercial sectors is expected to drive the market in the forthcoming years. Government support for low energy consumption plans is also fueling the demand for the lighting fixture. Growing preference for upgraded domestic lighting among consumers, along with the rapid development of the real estate sector, is expected to increase the demand for the lighting fixture. The increasing number of high-class communities is also fueling the demand for yard lamps. Moreover, the adoption of lighting fixtures, especially LED light modules, is increasing in the commercial sector. Attractive appeal and ability to enhance the entire aura of a place are expected to generate the demand for lighting fixtures. LED lights use 80% less energy than conventional lights, like fluorescent and incandescent lights. Unlike fluorescent bulbs, LED bulbs do not contain toxic material. Therefore, these factors are compelling the consumers to switch from conventional lights to LEDs. The global movement to phase out the traditional lighting in China, Brazil, and European nations will impact the adoption

of LED lights.

In addition, smart and connected LED lights are going to be the next trend in smart home projects. This industry has changed from analog to digital systems, wherein user can control, measure, and monitor the light efficiency. Wireless lighting, dimmers, and control devices with advanced sensors will cater to the needs of modern consumers. Smart bulbs that connect to Wi-Fi control the warmth, brightness, and multiple color options by using IoT technology.

Source Insights: Global Lighting Fixture Market

Fluorescent lamp accounted for the largest share of 51.03% in 2019 due to its better characteristics than the incandescent lamp. Incandescent bulbs are outdated as they use a metallic filament to produce light. However, fluorescent lamps use gas to produce light, thus resulting in less power consumption. Therefore, longer lifespan, energy efficiency, and low cost have contributed to the largest share of the fluorescent lamp segment. Fluorescent lamps are compatible with the lighting fixtures designed for incandescent bulbs. They come in different shapes and sizes for recessed fixtures, such as table lamp, ceiling, and wall mounted lighting. Several manufacturers are developing compact fluorescent lamps (CFLs) that can be used in three way lamps with dimmer switches. Compatibility, brightness, and better quality of light have fueled the demand for fluorescent light fixtures in recent years. The LED and OLED segment of the lighting fixture market is expected to expand at the highest CAGR of 6.1% over the forecast period due to the adoption of energy-efficient products. Government regulations on phasing out the traditional bulbs and lamps is proliferating the demand for LED lighting fixture. Market players operating in this industry are engaged in the expansion of the LED light market. Increasing penetration of LED lighting fixtures, new product development, innovations such as smart lighting, which can be connected with smart devices through IoT technology are some of the factors contributing to the growth. For instance, in 2019, Philips launched a smart Wi-Fi LED in India by using WiZ technology platform with a smartphone or tablet. This smart LED bulb makes it easy to change the color of the light in order to create a customized light appearance.

Product Insights: Global Lighting Fixture Market

Ceiling and wall mounted light fixtures together held more than 60.0% share of the overall revenue in 2019 owing to the high adoption of interior lighting among households, hospitals, corporate offices, shopping malls, and educational institutes. Wall mounted and ceiling light fixtures create an attractive and brighter atmosphere in the indoor and outdoor areas. The availability of different styles of wall mounted lighting fixtures for the commercial and residential sectors has contributed to the growth of the wall mounted segment. Pendant and chandelier light fixture is expected to register the highest CAGR of 4.1% during the forecast period. Manufacturing of chandeliers with rich and elegant look and fine material quality and the growing trend to suit the particular ambiance are fueling the growth of this segment. Moreover, the development of attractive designs and affordable prices are increasing the demand for chandelier light fixtures. For instance, in 2019, a Germany based company, Windfall launched LED chandeliers and wall lamps with warm, discreet, and effective light in India. Some of the minor variations in chandeliers, such as a direct switch or with dimmers, chain hanging, and different finishes to varied materials, are attracting the customers towards chandelier lighting fixtures.

Distribution Channel Insights: Global Lighting Fixture Market

The offline channel segment accounted for the largest share of 93.06% in 2019 owing to the provision of detailed instructions regarding light fixture installation, which further helps to choose a good quality products. The offline channel also helps to identify the spending capacity and willingness to buy a particular product. The online channel is projected to expand at the fastest CAGR during the forecast period due to the availability of several offers on products and growing e-commerce in countries such as U.S., Germany, U.K., China, and Japan. In addition, the availability of a wide range of products and increasing penetration of smart devices are likely to proliferate the sales of lighting fixtures on the online portal in the forthcoming years.

Application Insights: Global Lighting Fixture Market

The commercial application segment accounted for the largest share of 84.9% in 2019. This is attributed to the rising adoption of lighting fixtures in shopping malls, offices, warehouses, hospitals, and shops, coupled with several advantages of using advanced bulbs. Furthermore, increasing smart city development projects and government support for energy-efficient products are proliferating the demand of commercial lighting fixtures. The residential lighting fixtures application segment is expected to expand at the highest CAGR of 5.3% over the forecast period due to the high adoption of LED bulbs as a replacement of incandescent and fluorescent bulbs for home decor. In addition, a growing trend of smart lighting fixtures with advanced features, such as comfort dimming and compatibility with smart devices, are fueling the demand for a lighting fixture in smart home projects. For instance, HomeKit lighting fixtures can operate through personal assist solutions.

Regional Insights: Global Lighting Fixture Market

Asia Pacific accounted for the largest share of 47.9% in 2019 owing to increasing government support for the adoption of energy-efficient lights in the emerging economies. In 2015, the government of India initiated the Domestic Efficient Lighting Programme (DELP) scheme to replace incandescent and CFL bulbs with LED lights. In addition, commercial enterprises are making high investment in retail shops, hospitals, salons, educational institutes, warehouses, and malls to attract people. The government of China has established various regulations on environmental protection and energy conservation. Therefore, extensive promotion of energy-efficient products, like lighting fixtures, will drive the market in this region. North America held the revenue share of about 23.4% in 2019 on account of rising demand for smart lights with bluetooth enabled audio systems, air purifiers, and air conditioning for home decor. Europe is also expected to witness significant growth in the forthcoming years due to improved light quality, long lifespan, and energy-efficient qualities of lighting fixtures. Middle East and Africa are estimated to expand at the highest CAGR of 3.7% over the forecast period due to the growing construction industry and government investment in energy-efficient products. For instance, in 2016, the government of UAE, in partnership with Philips, provided the lights for newly constructed buildings. South Africa, Saudi Arabia, and UAE are the leading producers and consumers of LED lighting fixtures in this region.

Key Companies & Market Share Insights: Global Lighting Fixture Market

Major players operating in the market for lighting fixtures include others. Several market players such as Siemens, General Electric, and Osram phased out their traditional lighting business and are focusing on the more lucrative business for the healthcare industry. Therefore, market players are increasing their R&D investment in medical devices, automotive industry, and others. Lighting Fixture Market Report Scope

Key companies Profiled: Global Lighting Fixture Market Report

  • Koninklijke Philips N.V.
  • Cree Inc.
  • General Electric
  • Hubbell Lighting, Inc.
  • Acuity Brands, Inc.
  • Eaton Corporation
  • Panasonic Corporation
  • OSRAM Licht AG
  • Nichia Corporation
  • Everlight Electronics Co., Ltd.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global lighting fixture market report on the basis of source, product, distribution channel, application, and region:

Source Outlook (Revenue, USD Million, 2016 - 2027)

  • Incandescent
  • Fluorescent
  • LED & OLED

Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Ceiling
  • Pendant & Chandeliers
  • Wall Mounted
  • Portable
  • Others

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

  • Offline
  • Online

Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Residential
  • Commercial

Table of Contents
Chapter 1. Methodology and Scope
    1.1. Market Segmentation & Scope
    1.2. Market Definition
    1.3. Information Procurement
         1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
         1.3.2. IFF Internal Database
         1.3.3. Secondary Sources & Third-Party Perspectives
         1.3.4. Primary Research
    1.4. Information Analysis 
         1.4.1. Data Analysis Models
    1
|  read more...

Request a sample

Fill below form to request a sample

Enquiry

Please fill this form to enquire before buying

Discount

You can request for discount regarding the report by using below form