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Lighting market transition from traditional lighting technology such
as incandescent and fluorescent lamps to more energy efficient
lighting technology such as LED and OLED lamps is primarily driving
the growth of lighting fixtures market. Growth in construction
industry globally, is leading to increasing infrastructure
development primarily in semi-urban and rural areas. Due to this
factor, installation of lighting fixtures in residential, commercial
and public buildings is expected to surge during the forecast period,
driving the lighting fixtures market growth.
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However, high initial investment for installation of new lighting
fixtures and retrofitting traditional lighting fixtures is posing as
a major restraint to the growth of the global lighting fixtures
market. Moreover, complex buying decision process of lighting
fixtures is inhibiting lighting fixtures market growth.
Key opportunity of the global lighting fixtures market lies in
retrofitting the traditional lighting fixtures with advanced lighting
fixtures. Optimal functioning of new lighting technology such as LED
and OLED lighting technology are dependent on the advanced design of
the lighting fixture. Demands for these advanced lighting
technologies are creating new opportunities for existing and new
players in the lighting fixtures market.
Geographically, Asia Pacific led the lighting fixtures market in 2015
and the region is expected to continue its dominance till 2021. The
growth in this region is attributed to the increasing urbanization
and surge in investment in construction industry. However, due to
rising government regulations and policies aimed at encouraging
implementation of energy efficient lighting over traditional lighting
such as incandescent and fluorescent lighting, Europe have the
highest growth potential during the forecast period.
Key players have also been profiled on the basis of company overview,
financial overview, business strategies and recent developments in
the field of lighting fixtures industry. Major market participants
profiled in this report include Acuity Brands, Inc. (U.S.), Cooper
Lighting, LLC (U.S.), General Electric Company (U.S.), Hubbell
Lighting, Inc. (U.S.) and Koninklijke Philips N.V. (Netherlands)
among others. The global lighting market is a highly fragmented
market at the bottom due to the presence of large number of local
players globally. Additionally, leading players of the market is
focusing on growing opportunities in the field of energy efficient
lighting fixtures.
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