DUBLIN--(BUSINESS WIRE)--Sep 16, 2022--
The "Lighting Fixtures and Luminaires - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Lighting Fixtures and Luminaires Market to Reach US$110.6 Billion by the Year 2026
The global market for Lighting Fixtures and Luminaires estimated at US$84.1 Billion in the year 2022, is projected to reach a revised size of US$110.6 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
Growth in the market is dependent on the dynamics of the construction industry, particularly in the developing countries, automotive production trends, and increased acceptance of LEDs as more efficient light sources.
Fueled by growing concerns for conserving scarce energy sources, the global lighting fixtures market is expected to witness stable growth. Real estate segment and rising popularity of sustainable technologies is propelling demand for lighting fixtures. Rising adoption of LED lighting is expected to create demand for fixtures that are designed specifically for LEDs.
Increasing urbanization, changing demographics and innovations in fixtures targeted mainly at improving functionality represent other key market growth drivers. Other factors promoting market expansion in the short-term include robust demand for outdoor lighting fixtures supported by strong non-building construction such as bridges, highways, and public works.
Non-Portable, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$89.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Portable segment is readjusted to a revised 4.5% CAGR for the next 7-year period.
This segment currently accounts for a 11.7% share of the global Lighting Fixtures and Luminaires market. Non-portable lighting fixtures are more frequently used as surface mounted lighting, in which the fixtures are affixed to a surface. The automotive industry is a key application market for non-portable lighting fixtures. Demand for portable fixtures is influenced largely by home decor trends.
The U.S. Market is Estimated at $16.1 Billion in 2022, While China is Forecast to Reach $22.8 Billion by 2026
The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$16.1 Billion in the year 2022. The country currently accounts for a 19.34% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$22.8 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$24.8 Billion by the end of the analysis period.
Asia-Pacific is the largest market. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific. In European countries, rise in the number of governmental policies and regulations for the purpose of discouraging inefficient lighting usage and encouraging efficient lighting technology implementation is expected to fuel growth especially for LED & OLED lamps integrated fixtures.
Parts & Accessories Segment to Reach $15.4 Billion by 2026
Parts and Accessories include ballasts, control devices such as sensors, timers, dimmers and switches and sockets, attachments, fittings, and other accessories. Ballast on a fixture is primarily responsible for regulating voltage and current to the lamp. Ballasts play a major role in the efficient functioning of a fluorescent lamp and electronic ballasts at present have become a preferred option for most of the applications.
Lighting controls are devices that allow lighting sources to be used efficiently by manipulating the power inputs to the lighting fixture. Different types of controls include wall-plate switches, timers, motion sensors and photocells, which are used to automate the switching process and regulate fixture usage.
In the global Parts & Accessories segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8 Billion will reach a projected size of US$11.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period.
MARKET TRENDS & DRIVERS
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY CONSTRUCTION & PROPERTY INTERIOR DESIGN HOME GOODS HARDWARE RETAIL IOT (INTERNET OF THINGS) ARTIFICIAL INTELLIGENCE CONSUMER ELECTRONICS
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PUB: 09/16/2022 11:01 AM/DISC: 09/16/2022 11:03 AM
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