Tuesday, 1 March 2016

Focus on Energy Efficient Lighting to Steer Global Lighting Fixtures Market to US$215.29 bn by 2021

Lighting fixtures serves the purpose of illumination or lighting by utilizing different source of lighting technology. In 2015, general lighting industry commands about 20% of the global electricity consumption. Over the past few years, lighting market have seen a gradual transition from traditional or inefficient lighting technology to more energy efficient lighting such as solid state lighting. Additionally, government regulations on sustainable energy consumption is driving technology advanced lighting fixtures such as LED lighting fixtures primarily in developed regions such as Europe and North America. Moreover, need for high energy efficiency, durability and better light quality is driving the demand for advanced lighting fixtures, retrofitting traditional lighting fixtures.

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The growth of lighting fixtures market is attributed to the surge in construction industry worldwide. Increasing investment in infrastructure development in residential, commercial and industrial sectors is driving the lighting fixtures market growth. Escalating urbanization, rising per capita income and growing awareness of energy efficiency among customers is leading to replacement of traditional lighting fixtures with advanced lighting fixtures. Additionally, demand for advanced design, compatibility and flexibility is leading to increasing installation of lighting fixtures, further aiding the market growth during the forecast period.

The major factor restraining the growth of lighting fixtures market is due to high initial investment required upfront for installation of new lighting fixtures and also replacement of traditional lighting fixtures. Due to this factor, small and medium scale enterprises are often reluctant to install new lighting fixtures in indoors. Moreover, involvement of different professionals including architects, lighting designers and engineers, is making the buying decision process more complex. This in turn is further restraining the growth of lighting fixtures market.

Industrial and commercial application segment held the majority of the global lighting fixtures market in 2014 and is expected to maintain its dominance during the forecast period. Growth of industrial and commercial segment is attributed to the rising demand for energy efficient lighting fixtures such as LED lighting fixtures aimed at reducing energy consumption. Additionally, government regulations and policies for sustainable energy consumption is further driving the demand for advanced lighting in industrial and commercial sector.

This market research study analyzes the lighting fixtures market globally and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. It recognizes the drivers, restraints and opportunities affecting the industry and analyzes their impact over the forecast period.
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