Global Lighting Fixtures Market Size, Trends, Demand, Value, Forecast Till 2031

(MENAFN- Straits Research) A luminaire or light fixture is an electrical instrument that contains and illuminates electric illumination. Every light fixture has a fixture body and one or more lamps. In the case of some LED fixtures, the bulbs could be in sockets for straightforward replacement, or they could be hard-wired. In addition, fixtures may include a lighting control switch connected to the lamp body or power cable. Fixtures must be connected to an electrical power source, typically AC mains power, although some camping and emergency lighting fixtures function on batteries.
Permanent lighting fixtures are wired directly. Portable lamps have a plug and wire that plugs into a power socket. Other components of light fixtures include reflectors for light direction, apertures (with or without lenses), exterior shells or housings for lamp alignment and protection, electrical ballasts or power supplies, and shades to diffuse or direct the light toward a workstation (e.g., a desk lamp).
Market Dynamics
Robust Growth in the Construction Industry Drives the Global Market
Increasing global construction, particularly in the commercial sector, has fuelled the lighting fixtures market. The demand for lighting fixtures is significant in emerging economies throughout Asia-Pacific, Africa, and Latin America. This results from rising investments in the construction industry and a greater emphasis on infrastructure development in the residential, commercial, utility, and public sectors. Similarly, the United Nations projects the global population to increase from 7.5 billion in 2017 to 8.5 billion by 2030. Population growth will have a favorable effect on the construction industry, leading to an increase in demand for lighting fixtures.
Increasing Demand for Wireless Technologies Creates Tremendous Opportunities
Market leaders' primary concentration is integrating their products with wireless technologies. Smartphones can operate wireless solutions, resulting in energy and efficiency savings. Therefore, major companies are attempting to capitalize on this opportunity by incorporating technology and providing innovative solutions to acquire a competitive advantage in the lighting fixture market. In addition, the demand for smart residences has increased, particularly in developed nations such as the United States, Germany, the United Kingdom, and France. These smart home initiatives necessitate smart lights with Wi-Fi-connected solutions and wireless technology, presenting numerous lucrative opportunities for lighting fixture market participants.
Regional Analysis
Asia-Pacific is the most significant global lighting fixtures market shareholder and is anticipated to exhibit a CAGR of 4.4% during the forecast period. This region's increasing urbanization and electrification is expanding the selection of lighting fixtures. Consumers in developing nations, such as China, India, and Bangladesh, are becoming increasingly aware of the benefits of energy-efficient LED lighting, accelerating market development in this region. The increasing popularity of China, Thailand, India, Sri Lanka, and the Maldives as tourist destinations is anticipated to bolster the hospitality industry and expenditures on property renovations in this region. This expansion will likely generate new opportunities for the product in Asia-Pacific.
North America is estimated to exhibit a CAGR of 4.2% over the forecast period. The rising penetration of smart lamps with Bluetooth-enabled audio systems, air purifiers, and air conditioning for home décor creates robust regional lighting fixtures market opportunities. In each country, including the United States, Canada, and Mexico, adequate electrification has positively influenced the adoption of LED illumination. North America is characterized by many shopping malls, hotels, and restaurants, contributing to the region's increasing product demand to reduce operating costs. In 2018, Seattle Business Magazine's blog reported over 116,000 malls in the United States alone. Most of these malls spent considerable money on decorative lighting fixtures, primarily wall-mounted fixtures, to create an inviting atmosphere for their customers. This has created opportunities for the product in these commercial building projects.
Key Highlights

The
global lighting fixtures market size
was valued at
USD 73 billion in 2022. It is estimated to reach
USD 164.66 billion by 2031, growing at a
CAGR of 4.3%
during the forecast period (2023–2031).
Based on the source, the global lighting fixtures market is segmented into incandescent, fluorescent, and LED and OLED.
The fluorescent segment owns the highest market share and is predicted to exhibit a CAGR of 3.6% during the forecast period.
Based on product, the global lighting fixtures market is bifurcated into ceiling, pendant and chandeliers, wall mounted, portable, and other lighting fixtures.
The ceiling lighting fixtures segment dominates the global market and is estimated to exhibit a CAGR of 3.7% over the forecast period.
Based on distribution channels, the global lighting fixtures market is divided into offline and online channels.
The offline channel segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 4.11% over the forecast period.
Based on application, the global lighting fixtures market is divided into residential and commercial.
The commercial segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 4.1% over the forecast period.
Asia-Pacific is the most significant global lighting fixtures market shareholder and is anticipated to exhibit a CAGR of 4.4% during the forecast period.

Competitive Players
The key global lighting fixtures market players are Koninklijke Philips N.V.; Cree, Inc.; Eaton Corporation; General Electric; Hubbell Incorporated; Everlight Electronics; NICHIA CORPORATION; OSRAM Licht AG; Acuity Brands; and Panasonic Corporation.
Market News

In March 2023, Cree LED introduced new J Series 5050C E Class LEDs for directional lighting applications with ground-breaking light output, high efficacy, and extended lifetimes.
In June 2023, Olympia Lighting, an industry leader in LED lighting solutions, announced the launch of its new Vapor Sealed LED Fixtures. These energy-efficient luminaires are designed to provide industrial and commercial applications with long-lasting and dependable illumination solutions.

Global Lighting Fixtures Market: Segmentation
By Source

Incandescent
Fluorescent
LED and OLED

By Product

Ceiling
Pendant and Chandeliers
Wall Mounted
Portable
Others

By Distribution Channel

Online
Offline

By Applications

Residential
Commercial

By Regions

North America
Europe
Asia-Pacific
Central and South America
The Middle East and Africa

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