Lighting Fixtures Market

Lighting Fixtures Market to Exhibit 6.9% CAGR 2015 to 2021| Focus on Adoption of
Energy-efficient Lighting Technologies to Drive Growth
The vendor landscape of the global market for lighting fixtures features a highly fragmented
vendor landscape owing to the presence of a large number of companies, observes Transparency
Market Research in a recent report. With nearly 90% of the market held by regional players,
international vendors operating amid an intense level of competition are resorting to strategic
collaborations as a way of gaining foothold in lucrative regional markets. Ploughing in resources
into research and development with the view of introducing innovative products to attract newage consumers is also a popular strategy adopted by leading vendors to stay ahead of their peers
in the highly competitive global lighting fixtures market.
Some of the leading companies in the market are Acuity Brands, Inc., Hubbel Lighting, Inc.,
Cooper Lighting, LLC, and Koninklijke Philips N.V.
According to the report, the market is expected to rise to a valuation of US$215.29 bn by 2021,
registering a CAGR of 6.9% from 2015 to 2021.
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Commercial and Industrial Sectors to Remain Most Lucrative
Of the key applications of lighting fixtures, the commercial and industrial sectors presently
account for the dominant share in the overall market, in terms of both revenue as well as volumewise growth. It is estimated that from these segments, the global lighting fixtures market will
gain nearly US$89.93 bn by the end of 2021. The direct supervisory and regulatory pressure
levied by several government bodies on these sectors regarding the uptake of energy-efficient
lighting varieties is the key factor behind the strong growth observed for lighting fixtures from
these sectors.
From a regional standpoint, the market in Asia Pacific is presently the leading revenue
contributor to the global market and is expected to amount for nearly 38.2% of the overall
market by 2021 owing to the steady rise in demand for lighting fixtures from the commercial and
residential sectors. Factors such as high concentration of population, rising disposable incomes,
and steady improvement of financial conditions of emerging economies in the region are
responsible for its dominant positions in the global market.
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Need to Reduce Operational Costs Compel Enterprises to Adopt Energy-efficient Lighting
One of the key factors driving the global lighting fixtures market is the rising attempts from
enterprise to cut down on operational costs. Changing older lighting devices with new, more
energy-efficient, and economical lighting varieties has thus been a common trend in the
enterprise sector across the globe in recent years. The trend has mostly influenced the
replacement of technologies such as incandescent or fluorescent lighting and the increased
uptake of energy-efficient LED lighting fixtures.
The market is also driven due to a massive rise in the numbers of regulations mandating or
supervising and encouraging the replacement of old lighting technologies with energy-efficient
lighting systems so as to bring down their overall power intake. While the market has mostly
positive growth prospects, the complex and multi-stage supply chain, which slows down the rate
of transfer of lighting fixtures from the manufacturers to the end users, could hamper the growth
prospects of the market to a certain extent.