Lighting fixtures are electrical devices used to create artificial
light using an electric lamp. Lighting fixtures have a fixture body
and a light socket to hold a light bulb as well as to allow replacing
it. A few types of fixtures may also have a switch to control the
intensity of the light. An electric connection to the power source is
necessary to power lighting fixtures. These fixtures can be used as
reflectors for directing light, as an outer shell or housing for
protecting and aligning lamps, as an aperture, a power supply, or an
electrical ballast. Furthermore, enterprises operating in the market
also design and manufacture a wide range of lighting fixtures
specifically for use in the aerospace, medicine, marine, and
automotive industries. The global lighting market is transitioning
from traditional lighting technologies to novel and more
energy-efficient technologies such as OLED and LED lamps, which is a
key factor driving the market for lighting fixtures. Rapid expansion
of the construction industry around the world has triggered rapid
infrastructural development primarily in rural and semi-urban areas.
This has substantially increased the installation of lighting
fixtures in public, residential, and commercial buildings. The market
for lighting fixtures thus gains impetus from the rising construction
activities worldwide.
Lighting Fixtures Market Description:
While the installation of lighting fixtures is gradually increasing,
the high initial cost incurred on installing new fixtures and
retrofitting traditional lighting systems is creating bottlenecks for
the market. Additionally, the complex buying decision process is also
inhibiting the growth of the global lighting fixtures market.
Lighting fixtures serves the purpose of illumination or lighting by
utilizing different source of lighting technology. In 2015, general
lighting industry commands about 20% of the global electricity
consumption. Over the past few years, lighting market have seen a
gradual transition from traditional or inefficient lighting
technology to more energy efficient lighting such as solid state
lighting. Additionally, government regulations on sustainable energy
consumption is driving technology advanced lighting fixtures such as
LED lighting fixtures primarily in developed regions such as Europe
and North America. Moreover, need for high energy efficiency,
durability and better light quality is driving the demand for
advanced lighting fixtures, retrofitting traditional lighting
fixtures.
The global lighting fixtures market in recent years has been a
booming industry. As the world seeks a solution for excessive energy
consumption, the global lighting fixtures market has developed
several solutions for efficient lighting. Solid state lighting is one
such efficient lighting solution. The global lighting fixtures market
is also witnessing growth due to the recent growth of the
construction industry, increasing investment in infrastructure, and
development of the commercial, industrial, and residential sectors.
Global market for lighting fixtures sees lucrative prospects in
retrofitting traditional lighting systems with advanced fixtures.
Novel lighting technologies such as LED and OLED promise optimal
functioning, which in turn depends on advanced designs of lighting
fixtures. Hence, the growing demand for the latest lighting systems
is creating impressive prospects for the enterprises operating in the
global lighting fixtures market to capitalize on in the near future.
Industrial and Commercial Segment to See Increasing Usage of
Energy-efficient Lighting Solutions
As for the applications, the industrial and commercial segment held a
leading position in the global lighting fixtures market in 2014. In
the coming years, this segment will continue to prosper as the demand
for advanced lighting fixtures to suit the needs of government
regulations pertaining to sustainable energy consumption remains
high.
Asia Pacific to Lead Global Lighting Fixtures Market
As of 2015, Asia Pacific is leading the global lighting fixtures
market due to reasons such as urbanization, industrialization, and
improving per capita income in countries such as China and India.
This geographical segment is expected to continue its dominance in
the coming six years for the aforementioned reasons. On the other
hand, Europe has a huge potential for growth in the same period as
the EU is getting strict about regulations and policies regarding
energy-efficient lighting. This is expected to boost the demand for
lighting fixtures in this region, as several users will replace
conventional lighting fixtures.
As of 2014, the global lighting fixtures market was valued at
US$136.3 bn. The aforementioned reasons are expected to help the
global lighting fixtures market grow at a sturdy CAGR of 6.90% from
2015 to 2021. Some of the important players to watch out for in the
near future in the global lighting fixtures market are Cooper
Lighting, LLC, General Electric Company, Acuity Brands, Inc,
Koninklijke Philips N.V. and Hubbell Lighting, Inc. among others.
