Press release
Global Lighting Fixture Market Poised for Growth: Expected to Reach New Heights with a 5.21% CAGR
The global lighting fixture market is experiencing significant expansion, driven by technological advancements, increased infrastructure development, and a growing emphasis on energy efficiency. As of 2023, the market was valued at approximately USD 120.10 billion and is projected to reach USD 171.38 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.21% during the forecast period.
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Competitive Landscape and Regional Demand
The market is characterized by the presence of key players such as Signify (Netherlands), GE Lighting (United States), Fagerhult Group (Sweden), Havells Sylvania (India), and Acuity Brands, Inc. (United States). These companies are actively engaged in strategic initiatives, including mergers and acquisitions, to strengthen their market positions. The Asia-Pacific region, particularly countries like China and India, has emerged as a dominant market for lighting fixtures, attributed to rapid urbanization and substantial investments in infrastructure development.
Lighting Fixture Growth in the United States
The United States holds a substantial share of the global lighting fixture market, accounting for approximately 67.9% in 2024. The market is projected to grow at a CAGR of 2.9% over the forecast period. This growth is driven by increased consumer spending on building decorations and a rising preference for energy-efficient lighting solutions. Notably, GE Current finalized the acquisition of Hubbell Lighting on February 1, 2022, aiming to strengthen its distribution network and enhance customer service.
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Lighting Fixture Opportunities in Asia-Pacific
Asia-Pacific dominates the global lighting fixture market, with China expected to acquire a market share of 67.3% in 2024. The region's growth is propelled by rapid urbanization, rising disposable incomes, and significant investments in infrastructure projects. The economic success of countries like India, China, and Japan stimulates investments in upgrading residential and commercial settings, thereby boosting the demand for lighting fixtures.
Lighting Fixture Trends in Europe
Europe is witnessing steady growth in the lighting fixture market, driven by consumers' propensity to invest in building decorations and energy-efficient lighting solutions. The region's focus on sustainability and environmental protection has led to increased adoption of advanced lighting technologies. Key players such as Osram Licht AG and Zumtobel Group are at the forefront of innovation, offering products that cater to the evolving needs of European consumers.
Lighting Fixture Consolidation in the Middle East and Africa
The Middle East and Africa region is emerging as one of the fastest-growing markets for lighting fixtures, driven by new infrastructure development projects aimed at promoting economic growth. The demand for energy-efficient lighting solutions is on the rise, leading to increased sales of LED and other advanced lighting technologies. The expanding urban population and the development of rural areas are creating attractive growth opportunities for lighting fixture suppliers in this region.
Recent Developments and Future Outlook
The global lighting fixture market is witnessing a shift towards human-centric lighting solutions, focusing on enhancing well-being and productivity. For instance, Hydrel, an Acuity Brands business, introduced the innovative FLAME lighting technology on June 14, 2023, featuring dual color distributions from a single unit. Such advancements are expected to drive market growth in the coming years.
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Global Lighting Fixture Market Segmentation
by Source
Incandescent
Fluorescent
LED & OLED
by Product Ceiling
Pendant & Chandeliers
Wall Mounted
Portable
Others
by Application
Residential
Commercial
by Distribution Channel
Offline
Online
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Global Lighting Fixture Market Key Players
1. Everlight Electronics Co., Ltd.
2. Siemens
3. General Electric
4. Koninklijke Philips N.V.;
5. Cree Inc.
6. General Electric
7. Hubbell Lighting, Inc.
8. Acuity Brands, Inc.
9. Eaton Corporation
10. Panasonic Corporation
11. OSRAM Licht AG
12. Nichia Corporation
13. Osram
14. Philips N.V.
15. Zumtobel Lighting GmbH
16. LSI Industries Inc.
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