(MENAFN- America News Hour)Kenneth Research has recently added a report titled Global Lighting Fixtures market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Lighting Fixtures market is further anticipated to grow with a CAGR of 7.1% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Lighting Fixtures Market Overview
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.
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Market Size & 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 USD 216.45 Billion 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 market.
'Final Report will add the analysis of the impact of COVID-19 on this industry.'
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.
Key Players
Acuity Brands Lighting Inc.
Advanced Lighting Technology Inc.
Bajaj Electricals Ltd
Cooper Industry PLC
Cree Inc.
Evolution Lighting
Fagerhults bElysning AB
GE Lighting
Grote industries Inc.
Havells
HELLA KgaA Hueck & Co.
Hubbell Lighting Inc.
Spaulding Lighting Inc.
Juno Lighting Group
Scope and Context
Growth Drivers & 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. Urbanization 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 organized players.
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Market Segmentation
Our-in depth analysis of the global lighting fixtures market includes the following segments:
By Product Type
Ceiling
Fans
Chandeliers
Pendants
Recessed
Utility
Wall
By Application
Residential
Commercial
Architectural
By Light Source
Incandescent
Fluorescent
Gas Discharge
Metal Halide
LED
OLED
By Region
Global lighting fixture market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
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