The top four lighting fixtures companies in 2014 held a mere 10.2% of the global market value in 2014, pointing to an extremely fragmented market, reports Transparency Market Research (TMR) in a new study.
Albany, NY -- (SBWIRE) -- 11/11/2016 -- 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 growth of lighting fixtures market is attributed to the surge in construction industry worldwide. Increasing investment in infrastructure development in residential, commercial and industrial sectors is driving the lighting fixtures market growth. Escalating urbanization, rising per capita income and growing awareness of energy efficiency among customers is leading to replacement of traditional lighting fixtures with advanced lighting fixtures. Additionally, demand for advanced design, compatibility and flexibility is leading to increasing installation of lighting fixtures, further aiding the market growth during the forecast period.
The major factor restraining the growth of lighting fixtures market is due to high initial investment required upfront for installation of new lighting fixtures and also replacement of traditional lighting fixtures. Due to this factor, small and medium scale enterprises are often reluctant to install new lighting fixtures in indoors. Moreover, involvement of different professionals including architects, lighting designers and engineers, is making the buying decision process more complex. This in turn is further restraining the growth of lighting fixtures market.
Industrial and commercial application segment held the majority of the global lighting fixtures market in 2014 and is expected to maintain its dominance during the forecast period. Growth of industrial and commercial segment is attributed to the rising demand for energy efficient lighting fixtures such as LED lighting fixtures aimed at reducing energy consumption. Additionally, government regulations and policies for sustainable energy consumption is further driving the demand for advanced lighting in industrial and commercial sector.
This market research study analyzes the lighting fixtures market globally and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. It recognizes the drivers, restraints and opportunities affecting the industry and analyzes their impact over the forecast period.
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By geography, market is segmented into Europe, North America, Asia-Pacific (APAC), and Rest of the World (RoW).. In addition, the report segments the market based on the product type, which include ceiling, pendant and chandelier, wall mounted, recessed, portable, high bay and low bay, and others. Others product type segment includes emergency lighting, track, lighting and fan. It also segments the market on the basis of application as industrial and commercial, residential, outdoor, architectural and others. Others application segment include automotive, aerospace and machinery. All these segments have also been estimated on the basis of geography.
For better understanding of the lighting fixtures market, we have given key market trends. Furthermore, the study comprises a market attractiveness analysis, where the applications are benchmarked based on their market scope, growth rate and general attractiveness.
The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of lighting fixtures. 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.