Increasing Investment In Infrastructure Development drives Lighting Fixtures Market Growth

2024-10-31 03:19:25 News & Society

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Lighting market transition from traditional lighting technology such as incandescent and fluorescent lamps to more energy efficient lighting technology such as LED and OLED lamps is primarily driving the growth of lighting fixtures market. Growth in construction industry globally, is leading to increasing infrastructure development primarily in semi-urban and rural areas. Due to this factor, installation of lighting fixtures in residential, commercial and public buildings is expected to surge during the forecast period, driving the lighting fixtures market growth.

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However, high initial investment for installation of new lighting fixtures and retrofitting traditional lighting fixtures is posing as a major restraint to the growth of the global lighting fixtures market. Moreover, complex buying decision process of lighting fixtures is inhibiting lighting fixtures market growth.

Key opportunity of the global lighting fixtures market lies in retrofitting the traditional lighting fixtures with advanced lighting fixtures. Optimal functioning of new lighting technology such as LED and OLED lighting technology are dependent on the advanced design of the lighting fixture. Demands for these advanced lighting technologies are creating new opportunities for existing and new players in the lighting fixtures market.

Geographically, Asia Pacific led the lighting fixtures market in 2015 and the region is expected to continue its dominance till 2021. The growth in this region is attributed to the increasing urbanization and surge in investment in construction industry. However, due to rising government regulations and policies aimed at encouraging implementation of energy efficient lighting over traditional lighting such as incandescent and fluorescent lighting, Europe have the highest growth potential during the forecast period.

Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of lighting fixtures industry. Major market participants profiled in this report include Acuity Brands, Inc. (U.S.), Cooper Lighting, LLC (U.S.), General Electric Company (U.S.), Hubbell Lighting, Inc. (U.S.) and Koninklijke Philips N.V. (Netherlands) among others. The global lighting market is a highly fragmented market at the bottom due to the presence of large number of local players globally. Additionally, leading players of the market is focusing on growing opportunities in the field of energy efficient lighting fixtures.

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