Albany, NY -- (SBWIRE) -- 04/20/2019 -- The vendor landscape of the global market for lighting fixtures features a highly fragmented vendor landscape owing to the presence of a large number of companies, observes Transparency Market Research in a recent report. With nearly 90% of the market held by regional players, international vendors operating amid an intense level of competition are resorting to strategic collaborations as a way of gaining foothold in lucrative regional markets. Ploughing in resources into research and development with the view of introducing innovative products to attract new-age consumers is also a popular strategy adopted by leading vendors to stay ahead of their peers in the highly competitive global lighting fixtures market.
Some of the leading companies in the market are Acuity Brands, Inc., Hubbel Lighting, Inc., Cooper Lighting, LLC, and Koninklijke Philips N.V.
According to the report, the market is expected to rise to a valuation of US$215.29 bn by 2021, registering a CAGR of 6.9% from 2015 to 2021.
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Commercial and Industrial Sectors to Remain Most Lucrative
Of the key applications of lighting fixtures, the commercial and industrial sectors presently account for the dominant share in the overall market, in terms of both revenue as well as volume-wise growth. It is estimated that from these segments, the global lighting fixtures market will gain nearly US$89.93 bn by the end of 2021. The direct supervisory and regulatory pressure levied by several government bodies on these sectors regarding the uptake of energy-efficient lighting varieties is the key factor behind the strong growth observed for lighting fixtures from these sectors.
From a regional standpoint, the market in Asia Pacific is presently the leading revenue contributor to the global market and is expected to amount for nearly 38.2% of the overall market by 2021 owing to the steady rise in demand for lighting fixtures from the commercial and residential sectors. Factors such as high concentration of population, rising disposable incomes, and steady improvement of financial conditions of emerging economies in the region are responsible for its dominant positions in the global market.
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Need to Reduce Operational Costs Compel Enterprises to Adopt Energy-efficient Lighting technologies
One of the key factors driving the global lighting fixtures market is the rising attempts from enterprise to cut down on operational costs. Changing older lighting devices with new, more energy-efficient, and economical lighting varieties has thus been a common trend in the enterprise sector across the globe in recent years. The trend has mostly influenced the replacement of technologies such as incandescent or fluorescent lighting and the increased uptake of energy-efficient LED lighting fixtures.
The market is also driven due to a massive rise in the numbers of regulations mandating or supervising and encouraging the replacement of old lighting technologies with energy-efficient lighting systems so as to bring down their overall power intake. While the market has mostly positive growth prospects, the complex and multi-stage supply chain, which slows down the rate of transfer of lighting fixtures from the manufacturers to the end users, could hamper the growth prospects of the market to a certain extent.