Press release
Lighting Fixtures Market Summary, Scope & Future Growth 2021-2031
A significant number of industries are currently in a transitory phase towards improving power consumption to work performed ratios. One of the core methods to reduce power consumption is through the implementation of modern and efficient lighting fixtures. As a result, industries switching over from incandescent and fluorescent lighting to modern LED lighting offer the biggest driver to lighting fixture producers.
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Additional drivers include the booming construction industry and the overall increase in population and disposable income across the world and especially in emerging economies. There is, however, a high initial investment required for new entrants to the lighting fixture production business. At the same time, the multiple number of members involved in making an end-user purchase decision add to the complexity of the buying process, thereby restraint the growth rate of lighting fixture players to a certain extent.
As a result, the global lighting fixtures market is expanding at a CAGR of 6.9% from 2015 to 2021 in terms of revenue. By the end of 2021, this revenue is expected to reach US$215.29 bn.
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APAC Shows Highest Demand for Lighting Fixtures
By the end of 2021, Asia Pacific is expected to take up a share of 38.2% in the global lighting fixtures market. This region possess several key drivers that allow it to generate the highest demand for lighting fixtures at a consistent rate. One of the key drivers includes the very high density of population. With the two most populous countries - China and India - situated in Asia Pacific, their economic development is expected to boost industrial, commercial, and residential sectors. Additionally, industry-wide transition phases from conventional lighting fixtures to LED ones is creating an additional demand for new fixtures.
On the other hand, the growth of lighting fixtures players is more restricted in the countries from North America and Europe. North America especially is expected to show a mostly stagnated demand growth rate for lighting fixtures. Most of the demand for lighting fixtures in developed economies is currently coming from the replacement of conventional lighting systems.
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