Global Market Study on Lighting Fixtures: Architectural & Commercial Lighting Segment by Type Anticipated to Increase 3.1X Between 2017 and 2025
New York, NY -- (SBWIRE) -- 09/21/2017 -- Increasing government support for lighting projects and increasing demand for LED lights are the new trends that contribute to the growth of the global lighting fixtures market
Due to increase in government spending on smart cities and emergence of smart cities concept together lead to surge in demand for construction of smart building. Therefore increase in need for smart building is anticipated to increase demand for energy saving infrastructure such as LED lighting fixture, which leads to growth of lighting fixture market globally. With rapid changing style, appearances, trend and fashion in lighting industry, consumers with high disposable incomes are switching and replacing lighting products to adopt newly launch lighting product, which leads to unnecessary dumping of working lighting products, owing to which the concept of refurbished lighting fixture market is trending currently.
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With rising benefits of LED lighting, old metal halide fixture are being replaced by LED lighting fixture to attain better lighting effects, cost saving amount and to promote energy saving products. Replacing old technology with new technology is a key trend adopted by indoor and outdoor lighting fixture that fuels the growth of the global lighting fixture market. Another growing trend in the LED lighting space is the concept of smart lighting. An increasing number of enterprises are adopting smart lighting solutions. These smart lighting solutions in conjunction with LEDs, offer about 30% energy saving.
Government of the respective regions are focusing on initiating various lighting projects, which are anticipated to propel the growth of lighting fixture infrastructure. The lighting project focuses on electrifying the rural part of the regions particularly villages in MEA region and putting emphasis on eradicating traditional lighting product such as kerosene-based lighting products to reduce the negative effect of traditional lighting product on human health are the major factor, which is projecting to the significant growth of LED Lighting fixture market.
To create ambience at hotels and restaurants, owner of the respective places are spending in lighting fixtures to create an aesthetic and ambience for the visitors. Owing to increase in application of decorative lighting in restaurants, hotel, homes, offices and other such places are the major factor spurring the growth of the lighting fixtures market.
With a robust CAGR, the architectural and commercial lighting segment is likely to register high Year-On-Year growth
In 2017, architecture and commercial lighting segment was valued at more than US$ 8,000 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. In terms of value, architecture and commercial lighting segment is projected to be the most attractive in the global lighting fixture market during the forecast period. This segment expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of a little more than 15% during the forecast period.
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Global Lighting Fixtures Market: Analysis and Forecast
The global lighting fixtures market was valued at more than US$ 26 Bn in 2017 and is anticipated to reach more than US$ 76 Bn by the end of 2025. Rise in LED lighting penetration and demand for smart fixtures are the prime factors expected to drive the growth in revenue of the global lighting fixtures market. The global lighting fixtures market is expected to register a CAGR of 14.0% during the forecast period.