Lighting fixture Market is Expected to Exhibit a CAGR of 7.80% during the Forecast Period 2017-2025
According to the new market research report “Lighting fixture Market, by Product Type (Ceiling, Pendant & Chandelier, Wall Mounted, Recessed, Portable, High bay, Low bay, and Others (Emergency lighting, Track lighting, and Fan)), by Application (Industrial and Commercial, Residential, Outdoor, Architectural, and Others (Automotive, Aerospace, and Machinery)) and by Geography – Global Forecast to 2025″, the global market has generated the revenue of US$ 153.15 Billion in 2016, which is estimated to be valued at over US$ 297.26 billion by 2025 and expected to witness a CAGR of 7.80% during the forecast period from 2017 to 2025, as highlighted in a report published by Coherent Market Insights.
The industrial and commercial segment plays a major role in the growth of the global lighting fixture market. Due to high integration of governmental bodies of various economies, energy saving has become one of the major factors for the growth of lighting fixture market in industrial and commercial application. The industrial and commercial applications are the two largest segment for energy consumption in the nation. According to Energy Saver, Office of Energy Efficiency & Renewable Energy in U.S with new standard of Energy Independence and Security Act (EISA), in 2015 the U.S. households save nearly US$ 6 billion.
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The economies in Asia Pacific region such as china and India provide growth opportunity to the lighting fixture market players. The high population has become one of the major factors in this region. According to population reference bureau, the number of people in china is 1,387 million and in India it is 1353 million in 2017. The economic development and increasing disposable income have also boosted the lighting fixture market.
Key Takeaways of the Lighting fixture Market:The global lighting fixture market is estimated to expand at a CAGR of 7.80% during the forecast period.
The global lighting fixture market generated revenue of US$ 153.15 Billion in 2016 and is projected to reach US$ 297.26 Billion by 2025.Among product type, the Recessed segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. The segment generated revenue of U.S$ 40.77 billion in 2016.
Among application, the Industrial and Commercial segment held a dominant position in 2016, accounting for US$ 62.67 billion and is projected to retain its dominance throughout the forecast period.Asia Pacific held a dominant position in the global lighting fixture market in 2016 and is projected to retain its dominance throughout the forecast period. In 2016, the Asia Pacific market generated the revenue of US$ 58.28 billion.
China, Japan, Australia, and India are the major economies driving growth of the lighting fixture market in Asia Pacific.The Europe market is projected to grow with the largest CAGR over the forecast period. Germany, UK, France, Italy, Spain, and Russia are some of the major economies, which drive the growth of lighting fixture market in Europe region.
Some of the major players involved in the global lighting fixture market are Acuity Brands Lighting, Inc., Acuity Brands, Inc., American Electric Lighting, Bajaj Electricals Ltd., Cooper Lighting, LLC, Hubbel Lighting, Inc., Juno Lighting Group, Koninklijke Philips N.V., LSI Industries, and Zumtobel Lighting GmbH.
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