Global Lighting Fixtures Market: Snapshot
A significant number of industries are currently in a transitory phase towards improving power consumption to work performed ratios. One of the core methods to reduce power consumption is through the implementation of modern and efficient lighting fixtures. As a result, industries switching over from incandescent and fluorescent lighting to modern LED lighting offer the biggest driver to lighting fixture producers.
Additional drivers include the booming construction industry and the overall increase in population and disposable income across the world and especially in emerging economies. There is, however, a high initial investment required for new entrants to the lighting fixture production business. At the same time, the multiple number of members involved in making an end-user purchase decision add to the complexity of the buying process, thereby restraint the growth rate of lighting fixture players to a certain extent.
Industrial and Commercial Application Scope for Lighting Fixtures on the Rise
As a result, the global lighting fixtures market is expanding at a CAGR of 6.9% from 2015 to 2021 in terms of revenue. By the end of 2021, this revenue is expected to reach US$215.29 bn.
As an application segment of lighting fixtures, the industrial and commercial sectors are not only currently the largest in value, but also the fastest in growth rate. By the end of 2021, the revenue earned in the lighting fixtures market globally is expected to reach US$89.93 bn.
The biggest reason for this growth in lighting fixtures application is the direct regulatory pressure imposed by government bodies. The industrial and commercial sectors are the two largest consumers of a nation’s power output and the regulatory pressure to reduce their power consumption has scaled up. This, coupled with the growing need for centers to reduce their own production costs is urging key players to replace their current lighting fixtures to new and more efficient ones.
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APAC Shows Highest Demand for Lighting Fixtures
By the end of 2021, Asia Pacific is expected to take up a share of 38.2% in the global lighting fixtures market. This region possess several key drivers that allow it to generate the highest demand for lighting fixtures at a consistent rate. One of the key drivers includes the very high density of population. With the two most populous countries – China and India – situated in Asia Pacific, their economic development is expected to boost industrial, commercial, and residential sectors. Additionally, industry-wide transition phases from conventional lighting fixtures to LED ones is creating an additional demand for new fixtures.
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