Global lighting fixtures market grows at a CAGR of 7.1%
Lighting fixture is an electronic device which is used to create artificial light by using an electrical lamp. Lighting fixture is very effective in terms of decoration and is used by lighting designers for decoration purposes. These fixtures are used in almost every sector such as resident, home décor, transportation and construction and others.
Apart from that, lighting fixtures are produce sufficient amount of light and consume less amount of energy as compared to other conventional lighting systems.
Market size and forecast
Global lighting fixtures market is growing at a compound annual growth rate (CAGR) of 7.1% during forecast period 2017-2024. The global lighting fixtures market is projected to reach to a valuation about $216.45bn by the end of year 2024. The rising demand for energy saving lighting fixtures has propelled the growth of global market of lighting fixtures. The global lighting fixture market is driven by Asia-Pacific region. Asia-Pacific accounted for the highest share about 39% of the global lighting fixtures market.
High population density is one of the key elements propelling the growth of the lighting fixtures market in Asia Pacific region and is anticipated to continue its dominance over the forecast period. Further, rise in demand for lighting fixtures in developing economics such as China, India and others is expected to augment the demand for the global lighting fixture market in near future. On the other hand, North America and Europe region are expected to witness a sluggish growth over the forecast period. Replacement of conventional lighting system with modern lighting fixtures is anticipated to positively impact the growth of the market.
Growth drivers and challenges
Commercial, residential and industrial sectors are now witnessing higher capital investment in infrastructure development. Further, this factor is increasing the demand for lighting fixtures in these sectors. Some of the government initiatives, such as promotion for LED lighting, energy conservation and others have given boost to the global market of lighting fixtures. Over the past few years, it has been seen that modern lighting fixtures are being adopt over conventional lighting fixtures due to its attractive look and low power consumption capability. This factor is expected to impel the growth of the lighting fixture market over the forecast period.
Urbanisation and enhancement of infrastructure of the buildings are some of the major drivers increasing the demand for lighting fixtures. These activities are expected to increase with remarkable growth rate in near future. Apart from that, factors such as rising per capita income and rising awareness of energy consumption among the consumers have led them to replace the conventional lighting fixture with modern lighting fixtures.
The rising disposable income coupled with changing lifestyle has resulted in the adoption of advanced and attractive lighting fixture. Lighting fixtures have wide range of application in various sectors such as automobile, aerospace, industries construction and others. Further, the global lighting fixtures market is expected to witness growth over the forecast period on the account of the positive growth in end-use industries.
However, presence of local vendors has affected the overall revenue of the global market. Further, low cost offering by the local vendors is reducing the market share of the organised players.