Global Lighting Fixtures Market Gaining Momentum from Surging Installation across Residential and Commercial Sectors

Rapid urbanization, rising disposable incomes, and growing awareness regarding energy efficiency have been boosting infrastructural developments across the globe. Impelled by the prevailing trends, numerous industries have endeavored to integrate the latest technologies to offer products that cater to the dynamic consumer preferences. The global market for lighting fixtures fundamentally leverages from the same principle to provide advanced technology, sophisticated design, and improved flexibility to customers. This has led to an increasing installation of lighting fixtures worldwide.

In its latest report, Transparency Market Research pegs the value of the global lighting fixtures market at US$136.3 bn in 2014. Rising at a moderate positive CAGR of 6.90%, the market is anticipated to reach US$215.3 bn by 2021.

While the global lighting fixtures market is impacted by multiple factors, three of them in particular are the most significant:

Highly Dynamic Global Economic Situation

The economic situation worldwide has developed less favorably since 2011, encouraging countries to opt for downward adjustments of their forecasts for the 2016 GDP. These adjustments arise from several unfavorable instances spurred by the aftermath of the global financial crises in the last few years, China’s ongoing manufacturing slowdown, and the debt crisis in Europe. According to leading analysts, Europe’s debt crisis threatens the economic stability of the major countries located in the region. China’s financial conditions are not less worrisome either. The global market for lighting fixtures is predominantly driven by the high number of new installations. Slow growth rate of GDP indicates that increased investments in fixture installations are likely to be postponed, particularly in European countries, until they revive from the current financial turmoil.

Asia Pacific Exhibits Offers More Lucrative Prospects

Presently, Asia Pacific dominates the global lighting fixtures market in terms of demand. Rapid urbanization witnessed in the emerging economies of the region such as India and China, coupled with the increasing disposable income of people, gives impetus to lighting fixture installations. The Asia Pacific market, in particular, is exhibiting a high demand for LED lighting fixtures. Energy-efficiency, high durability, and better quality of light offered by these fixtures has been driving the market for advanced lighting fixtures, and the demand for retrofitting traditional fixtures in the Asia Pacific market.

Global Lighting Fixtures Market Witnessing Varying Impact from Increased LED Installations

Swifter erosion of LED prices may lead to an increased market share for LED lighting fixtures in the near future. Demand from both residential and commercial sectors for lighting fixtures is likely to increase in forthcoming years. With surging investments to fuel construction activities around the world, the demand for lighting fixtures is anticipated to increase across the residential, commercial, and industrial sectors. Rising demand for more energy-efficient light sources that last for longer periods also boosts the market for lighting fixtures. However, as noted in market surveys, the prevailing demand structure will gradually shift towards fixtures and lighting systems in the general lighting market. With expansion of architectural activities, the demand for lighting fixtures is expected to increase.


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