Lighting Fixture Market - Global Lighting Fixture Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Source Coverage, By Product Coverage, By Distribution Channel Coverage, By Application Coverage, By Geographic Coverage and By C

Lighting Fixture Market - Global Lighting Fixture Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Source Coverage, By Product Coverage, By Distribution Channel Coverage, By Application Coverage, By Geographic Coverage and By Company)

The global market for lighting fixtures is anticipated to witness substantial growth, with projections indicating a leap from approximately US$125.3 billion in 2022 to US$233.6 billion by 2030. Analysts forecast a robust Compound Annual Growth Rate (CAGR) of 8.1% during the period from 2023 to 2030, driven by key trends and determinants shaping the industry.

Quick Report Digest
• Rising Demand for Energy-efficient Solutions: The market for lighting fixtures is expected to grow due to rising government regulations requiring the use of energy-efficient technologies, increased OLED and LED adoption, and growing demand for energy-efficient lighting fixtures across various sectors.
• Increased Adoption of Solar-powered Lights: Solar-powered lighting is gaining popularity as a cost- and environment-friendly solution, particularly for streetlights and infrastructure lighting, further driving market expansion.
• Growing Demand from the Hospitality Sector: Lighting fixtures are in greater demand, especially in the hospitality sector, as consumers and businesses increasingly recognise their aesthetic and ambiance-enhancing benefits.

Key Growth Determinants:
• Rising Demand for Energy-efficient Solutions: LED lighting modules are witnessing increased adoption, particularly in the commercial sector, driven by their energy efficiency and aesthetic appeal.
• Increasing Adoption of Solar-powered Lights: Solar-powered lighting solutions are gaining traction due to their cost-effectiveness and environmental benefits.
• Growing Demand from the Hospitality Sector: The hospitality sector's demand for lighting fixtures is rising, driven by the emphasis on ambiance and aesthetics.

Major Growth Barriers
• High Costs Associated with Lighting Fixtures: The higher upfront costs of energy-efficient lighting fixtures, such as those using LED technology, compared to traditional options, may deter adoption, particularly for individual consumers.
• Complicated Purchase Decisions: The involvement of multiple professionals in the purchasing process, including architects, lighting designers, and electrical engineers, has increased the complexity of decision-making, potentially limiting market growth.

Key Trends and Opportunities to Look at
• Rising Demand for LED Lighting Modules in Commercial Sector: LED lighting modules are increasingly preferred in the commercial sector due to their energy efficiency and aesthetic appeal, driving market growth.
• Growing Adoption of Smart LED Lighting: The shift towards smart LED lighting, enabled by digital technology and IoT integration, presents significant opportunities for market players to meet the evolving needs of consumers.
• Increased Adoption of Fluorescent Lamps: Lighting fixtures compatible with fluorescent lamps are witnessing growing demand due to their compatibility, brightness, and improved light quality.

Regional Frontrunners
• Asia Pacific: Asia Pacific leads the global lighting fixture market, driven by increasing governmental support for energy-efficient lighting systems and significant investments in infrastructure and commercial establishments.
• North America: North America is experiencing rapid market growth, fuelled by the expanding demand for wireless lighting fixtures and the adoption of digital technology in workplaces.

Fairfield’s Competitive Landscape Analysis

In the competitive landscape of the lighting fixture industry, suppliers have numerous opportunities for expansion, particularly in smart lighting fixtures and international markets. Major market players are incorporating the latest technology into their products to enhance quality and customer experience.

Leaders in Global Lighting Fixture Space
• Everlight Electronics Co., Ltd.
• Siemens
• General Electric
• Koninklijke Philips N.V.
• Cree Inc.
• Hubbell Lighting, Inc.
• Acuity Brands, Inc.
• Eaton Corporation
• Panasonic Corporation
• OSRAM Licht AG
• Nichia Corporation
• Zumtobel Lighting GmbH
• LSI Industries Inc.
• Juno Lighting Group
• Cooper Lighting

Global Lighting Fixture Market is Segmented as Below:

By Source
• Incandescent
• Fluorescent
• LED & OLED

By Product
• Ceiling
• Pendant & Chandeliers
• Wall Mounted
• Portable
• Others

By Distribution Channel
• Offline
• Online

By Application
• Residential
• Commercial

By Geographic Coverage:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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