Global Lighting Fixtures and Luminaires Market to Reach US$110.6 Billion by the Year 2026

Amid the COVID-19 crisis, the global market for Lighting Fixtures and Luminaires estimated at US$78.2 Billion in the year 2020, is projected to reach a revised size of US$110.6 Billion by 2026, growing at a CAGR of 6.1% over the analysis period. Non-Portable, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$89.6 Billion by the end of the analysis period. 

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Portable segment is readjusted to a revised 4.5% CAGR for the next 7-year period. This segment currently accounts for a 11.7% share of the global Lighting Fixtures and Luminaires market. Non-portable lighting fixtures are more frequently used as surface mounted lighting, in which the fixtures are affixed to a surface. The automotive industry is a key application market for non-portable lighting fixtures. Demand for portable fixtures is influenced largely by home decor trends.

The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$15.5 Billion in the year 2021. The country currently accounts for a 19.34% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$22.8 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$24.8 Billion by the end of the analysis period. Asia-Pacific is the largest market. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific. In European countries, rise in the number of governmental policies and regulations for the purpose of discouraging inefficient lighting usage and encouraging efficient lighting technology implementation is expected to fuel growth especially for LED & OLED lamps integrated fixtures.