New Study From StrategyR Highlights $ 110.6 Billion Global Market For Lighting Fixtures And Fixtures By 2026
SAN FRANCISCO, November 2, 2021 / PRNewswire / – A new market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Lighting fixtures and luminaires – Global market trajectory and analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 17; Posted: October 2021
Executive pool: 21206
Companies: 644 – Players covered include Acuity Brands, Inc .; American electric lighting; Holophane, Inc .; Juno lighting group; Lithonia Lighting Company; Amerlux®, LLC; Bajaj Electricals Ltd .; Cree, Inc .; GE current; Eaton Corporation plc; ELK Group International, Inc .; Fagerhults Belysning AB; Sylvania lighting; FW Thorpe Plc; Havells India Limited; Hella KGaA Hueck & Co.; Hubbell, Inc .; Koito Manufacturing Company Ltd .; LEDvance GmbH; LSI Industries, Inc .; Lutron Electronics Co., Inc .; CNV (Huizhou) Lighting technology company; WHO, as; Opple lighting; Osram GmbH; Panasonic Corporation; Seren lighting; Schreder GIE Group; Mean NV; Color kinetics; Targetti Sankey SpA; Consumer Tech Products, Inc .; Toshiba Lighting & Technology Corporation; TRILUX GmbH & Co. KG; Venture Lighting International, Inc .; Zumtobel Group SA; Thorn lighting and others.
Blanket: All major geographies and key segments
Segments: Product segment (non-portable, portable, parts and accessories); End use (residential lighting, automotive lighting, office lighting, outdoor lighting, architectural lighting, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Lighting Fixtures and Fixtures Market to Reach US $ 110.6 billion by 2026
Lighting fixtures are designed and constructed to collect, distribute, reflect, direct or diffuse light from any electric light source for general or localized lighting. The growth of the market depends on the dynamics of the construction industry, especially in developing countries, trends in automotive production and the growing acceptance of LEDs as more efficient light sources. The real estate segment and the growing popularity of sustainable technologies are driving the demand for luminaires. The increasing adoption of LED lighting is expected to create a demand for luminaires specially designed for LEDs. Growing urbanization, changing demographics, and innovations in equipment primarily aimed at improving functionality are other key drivers of market growth. Other factors supporting the market expansion in the near term include strong demand for outdoor lighting fixtures supported by strong non-building construction, such as bridges, highways and public works.
In the midst of the COVID-19 crisis, the global market for luminaires and luminaires is estimated at US $ 78.2 billion in 2020, is expected to reach a revised size of US $ 110.6 billion by 2026, with a CAGR of 6.1% over the analysis period. Non-Portable, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.4% to reach 89.6 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Portable segment is readjusted to a revised CAGR of 4.5% for the next 7 year period. This segment currently represents an 11.7% share of the global luminaires and luminaires market. Non-portable lighting fixtures are more frequently used as surface mounted lighting, in which the fixtures are attached to a surface. The automotive industry is a key application market for non-portable lighting fixtures. The demand for portable lighting is largely influenced by interior design trends.
The US market is estimated at $ 15.5 billion in 2021, when China is expected to reach $ 22.8 billion by 2026
The market for lighting fixtures and fixtures in the United States is estimated at US $ 15.5 billion in 2021. The country currently represents a 19.34% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 22.8 billion during the year 2026, with a CAGR of 7.5% throughout the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 4.4% and 4.7% respectively during the analysis period. In Europe, Germany is expected to grow by around 3.8% CAGR while the rest of the European market (as defined in the study) will reach US $ 24.8 billion at the end of the analysis period. Asia Pacific is the biggest market. Rapid urbanization and increasing construction activity are the two main reasons for the growth of the luminaires market in Asia Pacific. In European countries, increasing number of government policies and regulations aimed at discouraging inefficient use of lighting and encouraging the implementation of efficient lighting technologies is expected to fuel growth, especially for luminaires integrated with LED and OLED lamps.
Segment of parts and accessories to reach $ 15.4 billion by 2026
Parts and accessories include ballasts, control devices such as sensors, timers, dimmers, switches and outlets, attachments, fittings and other accessories. The ballast on a luminaire is primarily responsible for regulating the voltage and current of the lamp. Ballasts play a major role in the efficient operation of a fluorescent lamp, and electronic ballasts have now become a preferred option for most applications. Light controls are devices that allow efficient use of light sources by manipulating the power inputs of the light fixture. The different types of controls include wall switches, timers, motion detectors, and photocells, which are used to automate the switching process and regulate the use of devices. In the global parts and accessories segment, United States, Canada, Japan, China and Europe will drive the estimated 4.9% CAGR for this segment. These regional markets representing a combined market size of 8 billion US dollars in 2020 will reach a projected size of $ 11.4 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach 2.8 billion US dollars by 2026, while Latin America will increase at a CAGR of 5.8% throughout the analysis period. Following
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