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| Lighting Fixture Market |
Lighting fixtures provide aesthetic appeal and are used for illuminating interior and exterior spaces in residential and commercial buildings. They consist of lamps or LED bulbs and holders to support them. Advancements in LED technology have enhanced the functionality and reduced the energy consumption of lighting fixtures. They offer various benefits such as durability, enhanced aesthetics, low maintenance, and minimal heat generation. The global Lighting Fixture Market is estimated to be valued at US$ 265.12 Billion in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increase in infrastructure spending around the world has accelerated the
growth of the lighting fixture market. Government initiatives to upgrade
infrastructure and construct new commercial and residential buildings have
increased the demand for lighting fixtures. Nano-technology based LED light
fixtures provide enhanced illumination with lesser energy consumption. Their
ability to produce customized lighting through mobile apps has increased their
adoption. Lighting solutions integrated with sensors and IoT create smart and
sustainable lighting systems. This trend allows remote monitoring and
management of lighting infrastructure and provides opportunities to improve
energy efficiency.
Segment Analysis
The global lighting fixture market is segmented based on product, light source,
end-use industry, and region. Based on product, the luminaires and lighting
fixtures segment held the largest market share in 2023 and is expected to
dominate the market during the forecast period. Luminaires are designed for
both indoor and outdoor lighting and offer aesthetically pleasing designs with
increased efficiency. Based on light source, LED luminaires are dominating the
lighting fixture market. LEDs offer high energy efficiency, lower maintenance
costs, longer lifespan, and customizable light output.
Key Takeaways
The global Lighting
Fixture Market Growth is expected to witness high growth over the
forecast period of 2023 to 2030. The market size for 2023 is US$ 265.12
billion.
Regional analysis: North America held the largest share in the global lighting
fixture market in 2023 and is expected to remain dominant over the forecast
period. The presence of key players such as Illumina, Inc., Thermo Fisher
Scientific, and other established players drive market growth in the region.
Moreover, growing construction activities and increasing infrastructure
development projects contribute to market expansion.
Key players: Key players operating in the lighting fixture market include
Illumina, Inc., F. Hoffmann-La Roche Ltd, PerkinElmer, Inc., Agilent
Technologies, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Abbott,
and Thermo Fisher Scientific. Illumina, Inc. offers a wide range of solutions
including desktop and high-throughput sequencing and microarray-based solutions
for genetic analysis.
The global lighting fixture market is expected to witness high growth over the
forecast period. The market size for 2023 is US$ 265.12 billion. LED luminaires
are dominating the market due to higher energy efficiency and lower maintenance
costs. North America held the largest market share in 2023 due to presence of
major players and growing construction activities. Key players include
Illumina, Inc., F. Hoffmann-La Roche Ltd, PerkinElmer, Inc., and others.
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