Global market for Lighting Fixtures and Luminaires estimated at US$84.1 Billion
Growth in the market is dependent on the dynamics of the construction industry, particularly in the developing countries, automotive production trends, and increased acceptance of LEDs as more efficient light sources.
Fueled by growing concerns for conserving scarce energy sources, the global lighting fixtures market is expected to witness stable growth. Real estate segment and rising popularity of sustainable technologies is propelling demand for lighting fixtures. Rising adoption of LED lighting is expected to create demand for fixtures that are designed specifically for LEDs.
Increasing urbanization, changing demographics and innovations in fixtures targeted mainly at improving functionality represent other key market growth drivers. Other factors promoting market expansion in the short-term include robust demand for outdoor lighting fixtures supported by strong non-building construction such as bridges, highways, and public works.
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.
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