lighting fixtures market was valued at US$136.30 bn in 2014; and is expected to reach US$215.29 bn in 2021, at a CAGR of 6.9% from 2015 to 2021
Albany, NY -- (SBWIRE) -- 08/26/2016 -- Globally, the installation of lighting fixtures has increased considerably in response to the rising investment in infrastructure development. According to a report published by Transparency Market Research, the global lighting fixtures market, which in 2014 stood at US$136.3 bn, will reach US$215.3 bn by the end of 2021. If the figures hold true, the market will exhibit a CAGR of 6.9% between 2015 and 2021. The report is titled "Lighting Fixtures Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" and is available for sale on the company website.
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.
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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.
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.
Nevertheless, the 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.
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Regionally, Asia Pacific dominates the global market for lighting fixtures and is expected to maintain its lead in the market until 2021. The rising investment in the construction industry is aiding the expansion of the lighting fixtures market in the region. Stringent government regulations aimed at implementing energy-efficient lighting are also supporting the growth of the market in Asia Pacific. However, over the report's forecast period, the Europe lighting fixtures market is likely to exhibit growth at the fastest pace.
Apart from analyzing the prevalent factors impacting the market's growth trajectory, the report also profiles some of the most prominent companies operating in the market such as Acuity Brands, Inc. (U.S.), General Electric Company (U.S.), Cooper Lighting, LLC (U.S.), Koninklijke Philips N.V. (Netherlands), and Hubbell Lighting, Inc. (U.S.).
Global Lighting Fixtures Market: By Product Type
Ceiling, Pendant and Chandelier
High Bay and Low Bay
Others (Emergency Lighting, Track Lighting and Fan)
Global Lighting Fixtures Market: By Application
Industrial and Commercial
Others (Automotive, Aerospace and Machinery)
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
Global Lighting Fixtures Market: By Geography
Rest of Europe
Rest of Asia Pacific
Rest of the World