Lighting Fixture Market to Reach US$233.6 Bn by 2030
Global Lighting Fixture Market Forecast
Quick Report Digest
A Look Back and a Look Forward - Comparative Analysis
Rising customer demand for energy-efficient products and the replacement of traditional lighting with less expensive fixtures are driving the market's expansion. Additionally, the market is growing on account of millennial clients' increased adoption of the Internet of Things (IoT).
Furthermore, it is predicted that increasing urbanisation and rising state government spending in the electronics industry will make lighting fixtures more beneficial everywhere. Throughout the historical period of 2018-2022, the market had staggered growth. The growing focus on sustainability and energy efficiency was one of the key factors in the market's growth.
Additionally, the initial cost of energy-efficient lighting fixtures, including LED bulbs and fixtures, can be much greater for individual consumers than the older incandescent or fluorescent options. With this, market expansion was predicted to increase. A crucial factor in the market's expansion was also the emergence of smart lighting systems.
In the upcoming years, growing consumer demand for energy-efficient goods in the residential and commercial sectors is expected to propel the market. Government financing for energy-efficient initiatives is another factor driving the demand for lighting fixtures. In addition, consumers' growing preference for modernised household lighting is anticipated to increase demand for lighting fixtures, as is the real estate industry's rapid growth.
Key Growth Determinants
LEDs are by far the best illumination option available globally. They are more affordable than more widely used substitutes like halogen and fluorescent lights. LED lights do not cause eye irritation because they have a lifespan of about 50,000 hours and are not particularly bright. Utilising LED lights, which are additionally energy-efficient, aids in the reduction of worldwide energy use.
Warehouses, residences, establishments, and governmental buildings are a few locations where LED lighting is used. Furthermore, most of the time, electricity is used to illuminate the streets and other public spaces in cities, towns, and villages all over the world.
A paradigm shift away from traditional lighting systems and toward connected LED technology is the key to energy and economic effectiveness in all lighting applications. Thus, this is boosting market expansion.
Most of the market for lighting fixtures is made up of streetlights, then highway lighting, then other lighting for infrastructure. The importance of street lighting is demonstrated by the perils of poorly lit roads that might cause accidents. Highways and other roads work similarly.
Cities require outside lighting because changing lifestyles have altered nightlife. The use of solar-powered lighting is growing in popularity as a cost- and environment-friendly lighting solution. Furthermore, governments in many countries are giving corporations contracts to produce and install solar lights in any necessary locations. As a result of all these changes, the lighting sector is expanding.
Lighting fixtures are in greater demand, especially in the hospitality sector, as people are more aware of their benefits. For their customers' aesthetic and ambiance, hotel and restaurant owners spend money on lighting fixtures.
Additionally, a prominent factor projected to fuel the growth of the worldwide lighting fixtures market is the rising use of decorative lighting in hotels, restaurants, enterprises, residences, and other settings of a like kind. Intricate lighting fixtures are increasingly in demand for landscape lighting applications.
The global market for lighting fixtures is expanding because of the consumer appeal that ENERGY STAR-certified LED lighting solutions have gained in both developed and emerging markets.
Major Growth Barriers
Compared to more conventional lighting solutions, energy-efficient lighting fixtures, such as those using LED technology, sometimes have greater upfront costs. For certain customers and businesses, the upfront cost may be a deterrent to adoption.
In addition, the initial cost of energy-efficient lighting fixtures, including LED bulbs and fixtures, can be much greater for individual consumers than the older incandescent or fluorescent options. As a result, the market growth will be hampered.
During the projection period, it is expected that the market expansion in the lighting fixtures sector may be constrained by complicated purchase decisions allegations. The choice to buy lighting fixtures is not made solely by end users, despite the involvement of many other professions, such as architects, lighting designers, and electrical engineers.
The involvement of several professionals has increased the complexity of the purchasing process, which in turn has restricted the growth of the lighting fittings industry.
Key Trends and Opportunities to Look at
1. Rising Demand for LED Lighting Modules in Commercial Sector
The commercial sector is adopting lighting fixtures more frequently, particularly LED light modules. Demand for lighting fixtures is predicted to be fuelled by aesthetic appeal and the capacity to improve a location's overall ambiance.
Additionally, LED lights consume 80% less energy than traditional lights like incandescent and fluorescent bulbs. LED bulbs don't have any harmful materials like fluorescent bulbs do. These reasons are causing people to move from traditional lights to LEDs.
2. Growing Adoption of Smart LED Lighting
The next big thing in smart home projects is going to be connected and intelligent LED lighting. The industry's shift from analogue to digital technology allows users to test, control, and keep an eye on light efficiency.
The demand of contemporary consumers will be met via wireless lights, dimmers, and control devices equipped with cutting-edge sensors. Wi-Fi-connected smart bulbs use Internet of Things (IoT) technology to regulate the temperature, brightness, and many colour options.
3. Increased Adoption of Fluorescent Lamps
Lighting fixtures made for incandescent bulbs can use fluorescent lamps as well. For recessed fixtures like table lamps, ceiling lights, and wall-mounted lighting, they come in a variety of sizes and designs.
Compact fluorescent lamps (CFLs) that work with three-way lamps and dimmer switches are being developed by several industry firms. In recent years, demand for lighting fixtures has increased due to compatibility, brightness, and greater light quality.
How Does the Regulatory Scenario Shape this Industry?
The market for lighting fixtures is significantly shaped by the regulatory environment. Lighting fixtures are frequently required to meet minimum energy efficiency criteria mandated by laws and standards. These requirements promote the use of LEDs and other energy-efficient lighting systems.
Manufacturers and customers are obligated to give energy-efficient lighting options top priority as a result. Regulations may also include requirements for lighting quality, ensuring that lights satisfy desired performance standards for things like colour rendering, flicker reduction, and other things that affect user comfort and safety.
Fairfield’s Ranking Board
Top Segments
1. Fluorescent Category Continues to Dominate Over LED & OLED
The fluorescent segment dominated the market in 2022 due to its superior qualities to incandescent bulbs. Since incandescent bulbs produce light from a metallic filament, they are no longer in use. Fluorescent lamps, on the other hand, use gas instead of electricity to produce light, requiring less power.
As a result, the fluorescent lamp segment has the highest share due to its extended lifespan, high energy efficiency, and low price. Moreover, compact fluorescent lamps (CFLs) with dimmer switches are being created by multiple number of manufacturers for usage in three-way lighting. The demand for fluorescent light fixtures has increased recently due to its compatibility, brightness, and higher quality of light.
The LED & OLED category is expected to grow significantly over the forecast period because more people are using energy-efficient products. The demand for LED lighting fixtures is increasing because of government laws phasing out conventional bulbs, and lamps.
Market participants in this sector are working to grow the LED lighting market. Furthermore, some of the causes influencing the growth include the rising use of LED lighting fixtures, new product development, and innovations like smart lighting that can connect to other smart devices via IoT technology.
2. Ceiling Segment Spearheads Demand Generation
In 2022, the ceiling category dominated the market, and it is predicted to grow significantly over the course of the forecast period due to the widespread usage of interior illumination in homes, hospitals, workplaces, malls, and educational institutions.
In the interior and outdoor spaces, wall-mounted and ceiling light fixtures produce a lovely and brighter ambiance. The expansion of the wall-mounted segment has been aided by the availability of many designs of wall-mounted lighting fixtures for both commercial and residential settings.
Furthermore, the pendant & chandeliers category is expected to expand significantly. The production of chandeliers with a rich, exquisite appearance and fine material quality, as well as the expanding trend to tailor products to the environment, are driving the growth of this market. The demand for chandelier light fixtures is also rising as more appealing designs and reasonable costs emerge.
3. Offline Sales Continue to Surge Ahead
The offline sales channel holds a majority of the market share because installation instructions for light fixtures are provided in detail, which also aids in selecting high-quality products. Determining the purchasing power and interest of customers in a certain goods is facilitated by the offline channel.
During the forecast period, the online category is expected to grow at the quickest CAGR due to the abundance of product offers and expanding e-commerce in nations including the US, Germany, the UK, China, and Japan. The availability of a large variety of products and the rising popularity of smart devices are expected to contribute to a growth in the online portal's sales of lighting fixtures in the coming years.
4. Commercial Application Dominant
In 2022, the commercial segment had the biggest share. This is a result of the increased usage of lighting fixtures in offices, warehouses, medical facilities, and retail establishments, in addition to the many advantages of switching to high-tech lighting.
In addition, the growth of smart city development projects and government backing for energy-efficient goods are driving increasing demand for commercial lighting fixtures.
The residential category is expected to expand at the highest CAGR during the projected period due to the growing usage of LED bulbs as a replacement to incandescent and fluorescent lights for home décor.
The increasing popularity of smart lighting fixtures with cutting-edge features like comfort dimming and smart device compatibility is also driving the need for lighting fixtures in smart home projects.
Regional Frontrunners
Asia Pacific Tops as Energy-efficient Lighting Gains Traction
The region with the biggest market share for lighting fixture is expected to be Asia Pacific during that forecast period due to the expanding level of governmental support for the wide-scale adoption of energy-efficient lighting systems in developing nations.
Notably, the Indian government launched the Domestic Efficient Lighting Programs (DELP) project, which aimed to switch out conventional incandescent and CFL lighting for more energy-efficient LED lighting. The market share of India has thus greatly increased after the launch of this campaign.
Additionally, businesses in the Asia Pacific area have made significant investments in upgrading their facilities, including hospitals, retail stores, educational institutions, salons, malls, and warehouses. By creating bright, inviting places, these investments hope to draw in customers. It has increased demand for lighting equipment that uses little energy.
Market Picks Pace in North America in Line with Penetration of Wireless Fixtures
The market for lighting fixture is expanding at the fastest rate in North America, which presents a significant opportunity for the industry fuelled by the expanding demand for wireless lighting equipment.
To take advantage of its many benefits, including long-distance control, energy efficiency, programmability, and an extended lifespan, significant corporations in North America are actively developing wireless lighting fixtures. The market's expansion is therefore predicted to be fuelled by the rising demand for wireless lighting fixtures.
The industry will also be fuelled by the growing usage of digital workplaces for efficient, affordable, and customisable working spaces. Moreover, the market's income contribution has increased dramatically over the past several years, because of growing government programs and increased awareness about the need to conserve energy.
Fairfield’s Competitive Landscape Analysis
In the lighting fixture industry, there are a lot of prospects for suppliers, including smart lighting fixtures and government initiatives that should help them expand internationally. To enhance both the quality of the product and the customer experience, major market players are incorporating the newest technology into their product upgrades.
Who are the Leaders in Global Lighting Fixture Space?
Key Company Developments
New Product Launches
Collaboration
An Expert’s Eye
Demand and Future Growth
The market is expanding with the rising consumer demand for energy-efficient products and the substitution of conventional lighting for less expensive fixtures. Additionally, the industry is expanding owing to the Internet of Things (IoT) becoming more widely adopted by customers in the millennial generation.
Furthermore, it is anticipated that rising state government investment in the electronics sector and quick urbanisation would increase the usefulness of lighting fixtures around the world.
Supply Side of the Market
According to our analysis, one of the world's biggest sources of lighting fixtures has been China. The nation is a prominent force in the market due to its robust industrial capacities, cost efficiency, and production infrastructure. China has a sizable and extraordinarily effective manufacturing infrastructure. As a result, lighting fixtures may be produced in large quantities and at minimal cost.
Additionally, China's efficient labour force and economies of scale help to reduce production costs, which appeals to buyers and companies all over the world. In addition, China has been a significant producer of LED lighting and components. The nation's dominance in LED technology has significantly influenced the switchover of the global lighting sector to energy-efficient lighting solutions.
Global Lighting Fixture Market is Segmented as Below:
By Source
By Product
By Distribution Channel
By Application
By Geographic Coverage:
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Turkey
- Russia
- Rest of Europe
- China
- Japan
- South Korea
- India
- Southeast Asia
- Rest of Asia Pacific
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- GCC
- South Africa
- Egypt
- Nigeria
- Rest of Middle East & Africa
Source: https://www.fairfieldmarketresearch.com/report/lighting-fixture-market
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The report offers a clear view of the market trends and opportunities, helping industry stakeholders to navigate the future of lighting fixtures.
Market Projection: The global lighting fixture market is forecasted to reach approximately US$233.6 billion by 2030.
Growth Drivers: Rapid urbanization, increased infrastructure development, and the rising adoption of energy-efficient and smart lighting solutions are fueling market expansion.
Technological Innovation: Advances in LED technology, IoT integration, and sustainable design are major factors contributing to industry growth.
Environmental & Sustainability Trends: Growing consumer and regulatory focus on energy efficiency and eco-friendly products is shaping product innovation and market strategies.
Competitive Landscape: The report discusses the competitive dynamics, emphasizing the need for continuous innovation and quality improvements to capture market share in a highly competitive environment.
Emerging Opportunities: Significant growth potential exists in emerging markets as well as in the development of next-generation lighting technologies.