Press release
Demand for Lighting Fixture Market is forecasted to reach a value of US$ 56,115 million by 2034
The lighting fixture market (照明器具市場) is projected to expand from US$ 40,180.2 million in 2024 to US$ 56,115.2 million by 2034, exhibiting a robust compound annual growth rate (CAGR) of 3.4% during the forecast period from 2024 to 2034.Market Dynamics
The global lighting fixture market has been witnessing steady growth, driven by several factors such as urbanization, industrialization, and the increasing demand for energy-efficient lighting solutions. With technological advancements, smart lighting fixtures have gained traction, offering features like remote access, automation, and energy management. The market is also influenced by regulatory initiatives promoting energy-efficient lighting solutions.
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List of Key Companies Profiled in The Report
CREE, INC
Hubbell Lighting, Inc.
GE Lighting, LLC
OSRAM Licht AG
Royal Philips NV
Acuity Brands Lighting, Inc
ATG Electronics
Panasonic Corporation
D. Kichler Co.
Eaton Corporation
Market Future Outlook
The lighting fixture market is expected to continue its growth trajectory, driven by the increasing adoption of LED lighting fixtures. LED lighting is highly energy-efficient, long-lasting, and environmentally friendly, making it a preferred choice for residential, commercial, and industrial applications. The market is also likely to witness significant growth in smart lighting fixtures, fueled by the growing trend of smart homes and smart buildings.
Market Insights
Residential Segment: The residential segment is a key driver of the lighting fixture market, with increasing demand for decorative and functional lighting fixtures. LED lighting fixtures are particularly popular in residential settings due to their energy efficiency and aesthetic appeal.
Commercial Segment: The commercial segment, including offices, retail stores, and hospitality establishments, is another significant market for lighting fixtures. Smart lighting solutions are gaining popularity in commercial settings due to their ability to enhance the ambiance and reduce energy consumption.
Industrial Segment: The industrial segment, including factories, warehouses, and manufacturing facilities, is a growing market for lighting fixtures. LED high bay lights are widely used in industrial settings due to their high efficiency and durability.
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Government Initiatives: Governments around the world are promoting energy-efficient lighting solutions through regulations and incentives. These initiatives are expected to drive the adoption of LED lighting fixtures in both residential and commercial settings.
Technological Advancements: Technological advancements, such as the Internet of Things (IoT) and smart lighting controls, are transforming the lighting fixture market. Smart lighting fixtures offer features like remote access, automation, and energy management, making them highly desirable for modern applications.
Recent Developments
To maintain a competitive edge, players in the lighting fixture market engage in strategic collaborations, invest in research and development, and utilize various distribution channels. The competitive landscape of this rapidly evolving sector is shaped by regulatory compliance and shifting consumer preferences.
In June 2023, Hydrel unveiled its FLAME lighting technology, offering two color distributions from a single fixture, showcasing the company's commitment to innovation.
Hubbell Lighting was acquired by GE Current, a Daintree business, on February 1, 2022, leading to the formation of a new entity named Current. This acquisition aims to enhance the distribution network for better customer service.
Helvar is set to launch ActiveAhead Generation 2 in June 2022, an intelligent and scalable wireless system that utilizes AI to evaluate space utilization and can integrate with cloud applications.
In October 2021, Hubbell Inc. sold its industrial and commercial lighting business to GE Current, a Daintree firm, as part of a strategic move to strengthen its core Hubbell portfolio.
Eaton sold Cooper Lighting Solutions to Signify in March 2021, a move that bolsters Signify's position in the North American lighting market.
Explore More Related Studies Published by Fact.MR Research:
Lighting Control Components Market (照明制御部品市場): https://www.factmr.com/report/2770/lighting-control-components-market
Lighting Control Sensors Market (照明制御センサー市場): https://www.factmr.com/report/lighting-control-sensors-market
Smart street lighting systems Market (スマート街路照明システム市場): https://www.factmr.com/report/1870/smart-street-lighting-systems-market
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