Aug 28, 2018 (Heraldkeeper via COMTEX) — The global lighting fixtures market is expected to witness high revenue growth during the forecast period. This growth is attributed to increasing smart city project and an increasing adaption of LED lighting across the globe. “Lighting Fixtures Market: Global Industry Analysis (2012 to 2016) and Forecast (2017-2025)” is the new report published by Persistence Market Research for a projected period of eight years, i.e. 2017-2025. The global lighting fixtures market is anticipated to expand at a robust CAGR over the forecast period and Asia Pacific lighting fixture market is expected to witness relatively high growth rate over the forecast period. Extracting government contract for replacing old infrastructure and continuous updating product portfolio are the key strategies being adopted by the key players in the global lighting fixtures market. By volume the revenue from the global lighting fixtures market is expected to reach at $2.4 billion in 2017, while by the end of 2025, the market is likely to touch the figure of $5.7 billion in terms of volume. This market is anticipated to touch the healthy CAGR of 14 % between 2017 and 2025.
Increase in penetration towards adoption of efficient and energy saving products are encouraging consumer to adapt LED and OLED lighting solution. Due to which key players associated with the global lighting fixtures market are constantly upgrading their product portfolio to meet the needs in the competitive lighting market. Emergence of the Internet of Things is a greater opportunity for major players to develop innovative offering that integrates modern lighting solutions integrated with Internet of Things. MEA region is organizing a rural electrification program, which could be a great opportunity for players associated with lighting fixtures to tap new business opportunities from the region.
In this report, the global lighting fixtures market is segmented on the basis of type, light source, application and regions. Type segment is further segmented into architecture and commercial lighting, decorative and residential lighting, industrial lighting and outdoor lighting. Outdoor lighting segment was valued $6.3 billion in 2016 and is expected to grow tremendously at $20.5 billion by the end of 2025. In terms of value, the architectural and commercial lighting segment is anticipated to increase at a high CAGR during the forecast period.
Application segment includes airport lighting, corporate campus lighting, retail outlets lighting, education facilities lighting, government office and building, healthcare facilities lighting, industrial and warehouse lighting, recreation and public venue lighting, residential lighting, restaurant and hotel lighting and street lighting. Street lighting segment is projected to be the most attractive in the global lighting fixtures market during the forecast period. On the other hand the residential lighting segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 16.3% during the assessed period.
This segment includes incandescent, fluorescent, LED and OLED segments. Fluorescent segment is expected to dominate the global lighting fixtures market by grabbing the largest i.e. 39.1% share in 2017. However, in 2025 the LED and OLED segment is anticipated to record a significant growth in market share from 37.4% in 2017 to 59.7% in 2025.
The market is segmented into North America, Latin America, Europe, APAC and MEA regions.
Revenue from the lighting fixtures market in North America and Europe is expected to collectively account for 50.4% of the global lighting fixtures market revenue in 2017. Markets in the MEA region are expected to witness a moderate growth rate over the forecast period.
These are the prominent players in the global lighting fixtures market profiled in the report – CREE, INC, Hubbell Lighting, Inc., GE Lighting, LLC, OSRAM Licht AG, Royal Philips NV, Acuity Brands Lighting, Inc, ATG Electronics, Panasonic Corporation, L.D. Kichler Co., Eaton Corporation. Following are some of the other players in the global lighting fixtures market – Kenroy Homes, Briloner Leuchten GmbH, Brilliant Lighting Limited, Delta Light, Disano Illuminazione S.p.A, Beghelli SpA, Glamox lighting, IKEA, EGLO Leuchten GmbH, Endo Lighting Corp.