May 22, 2024

Global Lighting Fixture Market is Estimated to Witness High Growth Owing to Increased Construction Activities

The global lighting fixture market comprises of fixtures that are designed to hold and protect electric lamps such as ceiling fixtures, table lamps, wall-mounted lights, emergency lights, recessed lighting, and track lighting among others. Lighting fixtures provide illumination to a space and enhance its aesthetics. Fixtures are available in various styles, shapes, sizes and designs to suit different residential and commercial applications. The global lighting fixture market is driven by rising construction activities across the globe, growing demand for energy efficient lighting solutions and development of smart and innovative lighting solutions.

The Global Lighting Fixture Market is estimated to be valued at US$ 305.42 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the lighting fixture market are Microsoft, Cisco, Juniper Networks, VMware, Citrix Systems, Pulse Secure, Array Networks, F5 Networks, Barracuda Networks, Symantec, NetScreen Technologies, Check Point Software Technologies, SSL VPN Products, Sangfor Technologies, QNO Technology, H3C Technologies, Beijing NetentSec, LeadSec, DPWORK Technologies, Tianjin Yongxin Jiesheng Technology.

Key opportunities in the market include growing demand for smart lighting fixtures owing to increasing urbanization and networking of lighting fixtures with building automation systems which provide control and monitoring capabilities.

Globally expansion of Lighting Fixture Market is driven by increasing penetration of LED lighting, growing adoption of environmental-friendly lights and rising government initiatives towards energy efficient lighting technology.

Market drivers

The global lighting fixture market is driven by increased construction activities across both residential and commercial sectors. Infrastructural development projects such as roadways, highways, metros and buildings contribute significantly to the growth of lighting fixture sales. According to World Bank statistics, the annual global infrastructure spending is projected to reach $95 trillion by 2040 driving demand for various lighting solutions.

PEST Analysis

Political: New building codes and initiatives promoting energy-efficient lighting will positively impact the lighting fixture market growth. Governments focus on developing infrastructure and real estate will increase demand.

Economic: Rise in construction activities and growth of commercial and residential sectors in emerging markets drive the market. Higher disposable incomes improved spending on lighting products.

Social: Increasing consumer demand for efficient and aesthetically pleasing lighting solutions that fits interior d├ęcor and lifestyle. Growing awareness about energy savings boosts demand for LED lighting.

Technological: Emergence of smart lighting systems connected to smartphones and IoT. Advancements in LED technologies making lights more energy efficient at affordable costs.

Regions with concentrated market value

Asia Pacific dominates the global market currently in terms of value owing to large population, rising construction spending, and infrastructure development projects underway in China, India. North America follows due to reviving construction industry and consumer preference for smart home automation technologies. Europe holds significant share on account of strict regulations favoring energy-efficient lighting solutions.

Fastest growing region

The lighting fixture market in Central and South America is expected to witness highest growth during the forecast period. This can be attributed to urbanization, economic growth, increasing household income, and government investments towards developing transportation, commercial, and residential infrastructure in developing nations like Brazil, Mexico.

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