The global market for lighting fixtures is highly fragmented with the presence of numerous players, states Transparency Market Research (TMR) in a research report. The leading players operating in the market are mainly focusing on expanding their consumer base along with their geographical reach by adding high-end and advanced products in their portfolio. The key players namely Cooper Lighting, LLC, Hubbel Lighting, Inc., Acuity Brands, Inc., and Koninklijke Philips N.V. acquired a share of just 10.2% in the global market for lighting fixtures, whereas almost 90% of the share was held by the regional companies. To turn this situation, the leading players are constantly thriving for providing advanced products and are thus investing heavily on research and development projects.
According to a TMR analyst, “The global lighting fixtures market is expected to witness a 6.9% CAGR from 2015 to 2021. The market is projected to rise to a valuation of US$215.29 bn by 2021.
Industrial and Commercial Segment to Lead in terms of Application
Based on application, the global market for lighting fixtures has been segmented into architectural, outdoor, residential, and commercial and industrial. The market was initially led by the commercial and industrial sectors in terms of CAGR as well as revenue growth. It has been projected that by the end of 2021, the lighting fixtures market would have gained around US$89.93 bn from the industrial and commercial segment. The main reason behind the growth of this segment is the direct supervisory pressure levied by several government bodies. The industrial and commercial sectors are the two leading consumers of a country’s power yield and the governing pressure to decrease their power intake has mounted up. This, along with the increasing need for centers to lessen their own manufacture costs is urging players to substitute their existing lighting fixtures to new and more effectual ones.
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, and the Rest of World. Asia Pacific has been projected to continue its dominance over the market with a share of 38.2% in 2021 as the demand for lighting fixtures is likely to keep growing at a steady pace. One of the basic drivers comprises the very high concentration of population. With the two most crowded nations – India and China – located in Asia Pacific, their financial progress is anticipated to lift industrial, commercial, and residential, commercial, indsutrial sectors. Moreover, industry-wide evolution phases from unoriginal lighting fixtures to LED ones is generating an added demand for novel fixtures.
Need to Remove Conventional Methods to Improve Sales of Lighting Fixtures
Many companies across the globe, notwithstanding their size, are striving cut down the cost of operations as much as conceivable. The most common process that the corporations are currently employing is to change their older lighting devices with newer and better ones. Players are thus changing their traditional lightings and lamps that employ incandescent or fluoresce nt lighting,, thus endorsing the demand for lighting fixtures. The sales of LED lighting is also being driven by the growing supervisory pressure on firms to decrease their discharges and overall power intake. Electrical engineers, architects, lighting designers, and lastly the venue proprietors are all highly involved in the whole process for acquiring lighting fixtures in many sectors. This leads to a complex process where numerous user necessities need to be achieved through bulk orders of lighting fixtures. Thus, the rate at which lighting fixtures transfer from manufacturers to consumers is decelerated significantly, thereby limiting the growth of the lighting fixtures market.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Lighting Fixtures Market (Product – Ceiling, Pendant and Chandelier Lighting Fixtures, Wall Mounted Market Lighting Fixtures, Recessed Market Lighting Fixtures Market, Recessed Market Lighting Fixtures Market, and High Bay and Low Bay Lighting Fixtures Market; Application – Industrial and Commercial, Residential, Outdoor, and Architectural) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”