The lighting fixture is an electronic device, which is attached to wall or ceiling to create an artificial light. The global lighting fixture market was valued at US$ 163.02 billion in 2017 from US$ 153.15 billion in 2016. The market is projected to exhibit a CAGR of 7.8% during the forecast period (2017–2025), reaching US$ 297.26 million by 2025. The demand for reducing power consumption has become one of the major factors for growth of the lighting fixture market. The replacement of conventional light to modern LED has become the major driver for growth of lighting fixture manufacturers. The growing construction industry, rising population, and increasing disposable income worldwide, especially in emerging economies has boosted growth of the global lighting fixture market.
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Increasing smart city projects plays a major role in the growth of the lighting fixture market size globally
Growing investment in smart city projects in developing economies is major factor for growth of the market. Moreover, increasing number of construction of smart building has propelled demand for energy saving infrastructure. For instance, according to Indian General Budget 2016 – 2017, the Government of India released a fund of US$ 49.4 million for the development of 100 smart cities across the economy.
Industrial and commercial segment holds the dominating position in the lighting fixture market.
On the basis of application type, the global lighting fixture market is segmented into industrial and commercial, residential, outdoor, architectural, and others (automotive, aerospace, and machinery). The industrial and commercial application segment held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. In 2017, the industrial and commercial application generated the revenue of US$ 66.99 billion up from US$ 62.67 billion. The high involvement of governmental bodies of various economies for energy saving has become one of the major factors for providing dominating position to the industrial and commercial application. The industrial and commercial applications are the two largest segment for energy consumption in the nation. According to energy saver, Office of Energy Efficiency & Renewable Energy in the U.S., with new standard of Energy Independence and Security Act (EISA) in 2015, the U.S. households save nearly US$ 6 billion.
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Asia Pacific holds a dominant position in the global lighting fixture market
On the basis of geography, the global Lighting Fixture market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. According to Coherent Market Insights, Asia Pacific held a dominant position in the global lighting fixture market in 2016 and is projected to retain its dominance throughout the forecast period. The market in the Asia Pacific was valued at US$ 58.28 billion in 2016. The high density of population has become one of the major factors for growth of the market. India and china are the two densely populated economies in this region. According to population reference bureau, the number of people in china is 1,387 million and in India it is 1353 million in 2017. The economic development of these economies is expected to boost the growth of residential, commercial, and industrial sector. Moreover, the transaction phase of conventional lighting fixture to LED is creating a demand for new fixture. The North America market is projected to shows a stagnated demand for the lighting fixture market. In emerging economies, the demand for lighting fixture is mainly for replacement of conventional lighting systems.