May 23, 2024
Lighting Fixture Market

Propelled By Smart Lighting’s Rise, The Global Lighting Fixture Market Witnesses Substantial Growth

Lighting fixtures are devices that are used to illuminate interior and exterior spaces. Various lighting fixtures such as ceiling lights, table lamps, and wall sconces are used in residential and commercial areas to provide adequate lighting. With the adoption of smart lighting solutions, lighting fixtures are being integrated with advanced technologies to enable remote operation and control. The global Lighting Fixture Market is estimated to be valued at US$ 265.12 Bn 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 rise of smart lighting is one of the key trends propelling the growth of the lighting fixture market. Smart lighting involves integrating LED or CFL bulbs with sensors, dimmers and other control mechanisms which can be operated remotely through apps or voice commands. This enables automated operation of lights based on occupancy sensing or daylight availability. The ability to control lights from anywhere using smartphones is driving the adoption of smart lighting fixtures in both residential and commercial establishments. Smart lighting also provides benefits such as energy savings, longer lifespan and customizable light settings as per the user’s preference.

SWOT Analysis

Strength: Lighting fixture market offers a wide range of lighting solutions for various applications which increases its customer base. Innovation in LED technology has significantly improved the energy efficiency of lighting fixtures.

Weakness: High initial investment costs associated with LED lighting fixtures limits their adoption. Fluctuating prices of raw materials increases production costs.

Opportunity: Growth of the construction industry worldwide presents an opportunity for market expansion. Rising demand for smart and connected lighting systems driven by IoT offers growth prospects.

Threats: Threat of substitution from otherenergy efficient sources like solar panels. Stringent government regulations regarding energy consumption may impact demand.

Key Takeaways

The global Lighting Fixture Market Growth is expected to witness high growth over the forecast period. Rapid urbanization and rising disposable incomes are driving the replacement of conventional lighting with advanced energy efficient fixtures in residential and commercial applications.

North America dominates the global market currently due to high consumer spending on smart home technologies and presence of major players in the region. Asia Pacific is expected to be the fastest growing regional market attributed to ongoing infrastructure development projects and growing construction activities in China, India.

Key players operating in the lighting fixture market are focusing on launching innovative smart and connected lighting control solutions integrated with IoT and wireless technologies. Major companies are actively investing in R&D to develop energy-efficient LED lighting fixtures and systems. Stricter regulations regarding energy usage and emissions are further prompting manufacturers to optimize product design for sustainability.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it