NEW YORK, March 16, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has released a new report on the global lighting fixture market, providing detailed analysis, insights, trends, and forecasts for the period 2023-2030. The report is now available on the IndexBox website, with trial access to market data available on the intelligence platform.
The global lighting fixture market is expected to grow at a compound annual growth rate of 5.5% during the forecast period, driven by the increasing demand for energy-efficient lighting systems, rising urbanization, and the adoption of smart lighting solutions in residential, commercial, and industrial sectors. The market is also likely to face some challenges such as fluctuating raw material prices, stringent regulations, and the high cost of LED lighting fixtures.
The report provides an overview of the major consuming industries.
Residential Segment:
The residential segment is the largest end-use segment for lighting fixtures, accounting for over 50% of the market share. This segment includes products such as ceiling fixtures, chandeliers, floor lamps, and table lamps. The increasing demand for decorative lighting fixtures and the rising disposable income of consumers are the key drivers of growth in this segment.
Commercial Segment:
The commercial segment includes products such as downlights, recessed lights, track lights, and troffers. This segment is expected to witness significant growth during the forecast period, driven by the increasing demand for energy-efficient lighting solutions and the adoption of smart lighting systems. The retail and hospitality industries are the major consumers of lighting fixtures in this segment.
Industrial Segment:
The industrial segment includes products such as high bay lights, low bay lights, and floodlights. This segment is expected to witness significant growth during the forecast period, driven by the increasing demand for energy-efficient lighting solutions in industries such as manufacturing, logistics, and warehousing. The adoption of LED lighting systems and the increasing focus on sustainability are the key drivers of growth in this segment.
The Asia Pacific region is the largest market for lighting fixtures, accounting for over 40% of the global market share, owing to the increasing urbanization, rising disposable incomes, and the growing demand for energy-efficient lighting solutions. The region is expected to maintain its dominance during the forecast period, followed by North America and Europe.
The report also highlights some of the major manufacturers operating in the global lighting fixture market such as Acuity Brands, Eaton Corporation, General Electric, Koninklijke Philips, and Osram Licht AG, among others.
According to Aleksandr Romanenko, CEO of IndexBox, "The global lighting fixture market is expected to witness significant growth during the forecast period, driven by the increasing demand for energy-efficient lighting solutions and the adoption of smart lighting systems. The Asia Pacific region is likely to remain the largest market, while the residential sector will continue to dominate the end-use segment."
Keywords: global lighting fixture market, market analysis, market forecast, energy-efficient lighting, smart lighting solutions
