Energy Efficient Lighting Will Push Global Fixtures Market to US$215bn by 2021
According to Transparency Market Research, the global lighting fixtures market was valued at USD 136.30 billion in 2014. Their report shows the market growing at a CAGR of 6.9% from 2015 to 2021.
In the report, the global lighting fixtures market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The lighting fixtures market is expected to see a robust growth during the forecast period owing to the rise in construction industry worldwide. Increasing investment in infrastructure development globally is leading to increasing installation of lighting fixtures in residential, commercial and industrial sectors. Moreover, rising penetration of energy efficient lighting technology is simultaneously driving the demand for advanced lighting fixtures during the forecast period.
In 2015, Asia Pacific led the lighting fixtures market and the region is expected to maintain its dominance throughout the forecast period. Industrialization, urbanization and rising per capita income in the developing countries of the region such as India and China is driving the growth of Asia Pacific lighting fixtures market. However, Europe region have the highest growth potential during the forecast period owing to the government policies and regulations, which is likely to boost demands for energy efficient lighting fixtures replacing the traditional inefficient lighting fixtures.
Based on the application, the global lighting fixtures market is segmented into industrial and commercial, residential, outdoor, architectural and others. Other application segments include automotive, aerospace and machinery. In 2014, industrial and commercial segment dominated the lighting fixtures market in terms of revenue. Owing to the demand for advanced lighting fixtures to comply with the government regulations regarding sustainable energy consumption is driving the growth of industrial and commercial segment.
Key players in this market include Acuity Brands, Inc. (U.S.), Cooper Lighting, LLC (U.S.), General Electric Company (U.S.), Hubbell Lighting, Inc. (U.S.) and Koninklijke Philips N.V. (Netherlands) among others.
You can view the report details here.