(MENAFN- America News Hour) Recent report published Research Nester titled“lighting fixtures market : Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the global lighting fixtures market in terms of market segmentation by product type, by end-user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global lighting fixtures market is segmented into product type such as ceiling, fans, chandeliers, pendants, recessed, utility and wall. Among these segments, ceiling segment is expected to experience significant growth during the forecast period. Growing demand for lighting fixtures in corporate offices, malls and other places are likely to foster the growth of this segment during the forecast period. Moreover, availability of wide range of designs and effective cost are some major factors which are fueling the growth of this segment.
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Global lighting fixtures market is expected to register a CAGR of 7.1% over the forecast period. Moreover, the global lighting fixtures market is anticipated to reach at noteworthy revenue by the end of 2024. A number of factors such as increasing number of buildings and high spending by owners on interior and exterior designing are driving the growth of global lighting fixtures market.
The architectural lighting segment by application is likely to grow at remarkable pace during the forecast period. Increasing number of hotels, private building structures, parks and tourism places is a major factor which is fueling the demand for architectural lighting fixtures, which in turn expected to bolster the growth of this segment in future.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Rising constructional activities
Increasing construction activities such as construction of hotels, skyscrapers and other are some major factors which are fuelling the growth of global lighting fixture market. Further, increasing demand for decorative lightings for interior and exterior designing in buildings is estimated to drive the growth of global lighting fixtures market during the forecast period.
Increasing urbanization in emerging economies, swelled disposable income of the consumers and their changing life style are likely to be the dynamic factors behind the growth of global lighting fixtures market. Further, rapid development of attractive and cost effective lighting fixtures is fueling the demand for lighting fixtures in residential sector.
However, high price of LED lamps and luminaries is a major factor which is obstructing the growth of global lighting fixture market. Further, availability of counterfeit products is also a major drawback which is hampering the growth of global lighting fixture products.
This report also provides the existing competitive scenario of some of the key players of the global lighting fixtures market which includes company profiling of Acuity Brands Lighting Inc., GE Lighting, Bajaj Electricals Ltd, Cooper Industry PLC, Cree Inc., Evolution Lighting LLC, Fagerhults Belysning AB, Grote industries Inc., Hubbell Lighting Inc.
The Final Report will cover the impact analysis of COVID-19 on this industry @
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lighting fixtures market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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