Lighting Fixture Market- Global Segments and Forecast upto 2023

2024-11-08 11:28:09 News & Society

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Global lighting fixture market is expected to generate substantial revenue, owing to the exponential urban growth and driving demand for energy efficient lightings. Lighting fixture market can greatly contribute by providing energy efficient solutions. Application of light emitting diode (LED) in lighting fixture can decrease energy consumption to significantly low level that energy produced can be saved and utilized for other more essential applications. Thus, increasing installations of LEDs can curtail the total energy demand worldwide substantially. Industrial transition driven by LED could potentially affect the structure of lighting fixture market. The global lighting fixture market is expected to remain regionally fragmented, wherein China is the most fragmented market, owing to the fact that purchasing decisions in the lighting fixture industry is not made alone by the end users. Many professionals are involved in the decision making process such as architects, electrical engineers and lighting designers, who are considered to be the key decision makers. Lighting fixture market is projected to grow continuously in contrast to light source market. Technical drivers such as emerging LEDs and lighting control system can become a success factor in most lighting fixture applications.

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The global lighting fixture market can be segmented based on technologies and applications of lighting fixtures. Green traditional, non green traditional and solid state lighting are the few technologies that will drive lighting fixtures market. Eco friendly halogen, compact fluorescent lamp (CFL) and high intensity discharge lamp are some of the categories of green traditional technology. In addition, LED lamps, LED light engines, infrared and laser are some of the categories of solid state lighting. General lighting, automotive and backlighting are few applications that utilizes lighting fixtures.

China has been one of the largest lighting fixture markets globally and the growth of lighting fixture market in other developing countries is projected to be higher than that in developed countries. Recovery from economic crisis and growth in the income levels of people in the United States is one of the major factors bolstering the overall market growth over the past recent years. In Europe, government policy can have a significant impact on penetration of LEDs. Furthermore, import duties on lighting fixtures are high in Latin American countries such as Brazil, Venezuela, Mexico and Colombia. Japanese lighting fixture business are expected to expand their business in Asia Pacific, led by the regionally fragmented market.

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Growth in the investment in construction activities, population growth in developing countries and larger penetration of light source technology such as light emitting diode are some factors that are projected to drive lighting fixture market. LED prices can have a greater influence in the price of lighting products. Led by all these drivers, energy efficient products are expected to bring a gradual shift to higher prices in global lighting fixture market. Macro economic conditions that are spontaneously influencing new lighting installations, energy efficiency regulations and greater energy awareness are some factors that have impacted the global lighting fixture market.

Some of the major players in global lighting fixture market World Light Lighting Technology Co. Ltd., RENRGIZ Technology, Shunde Xinhua Electrical Co. Ltd., Fanzen International Lighting, Zhejiang Gotosun Light & Electricity Co. Ltd., Shanghai Tailin Import & Export Co. Ltd., Gaorui Electrical & Lighting Co. Ltd., Far East Lighting Co. Ltd. Banner Lighting Electrical Appliance Co. Ltd. and Zhejiang Zhongqi Industry Co., Ltd. among others.

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