Lighting Fixture Market Detailed Analysis & Focusing growth prospects with challenges, analysis of regional trends

The lighting fixture is an electronic device, which is attached to wall or ceiling to create an artificial light. The global lighting fixture market was valued at US$ 163.02 billion in 2017 from US$ 153.15 billion in 2016. The market is projected to exhibit a CAGR of 7.8% during the forecast period (2017–2025), reaching US$ 297.26 million by 2025. The demand for reducing power consumption has become one of the major factors for growth of the lighting fixture market. The replacement of conventional light to modern LED has become the major driver for growth of lighting fixture manufacturers.

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Growing investment in smart city projects in developing economies is major factor for growth of the market. Moreover, increasing number of construction of smart building has propelled demand for energy saving infrastructure.

Industrial and commercial segment holds the dominating position in the lighting fixture market.

On the basis of application type, the global lighting fixture market is segmented into industrial and commercial, residential, outdoor, architectural, and others (automotive, aerospace, and machinery). The industrial and commercial application segment held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. In 2017, the industrial and commercial application generated the revenue of US$ 66.99 billion up from US$ 62.67 billion.

Asia Pacific holds a dominant position in the global lighting fixture market

On the basis of geography, the global Lighting Fixture market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. According to Coherent Market Insights, Asia Pacific held a dominant position in the global lighting fixture market in 2016 and is projected to retain its dominance throughout the forecast period. The market in the Asia Pacific was valued at US$ 58.28 billion in 2016. The high density of population has become one of the major factors for growth of the market. India and china are the two densely populated economies in this region.

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This release was published on openPR.