The global lighting fixture market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing consumer preference towards replacing conventional light to modern LED is a key factor expected to drive growth of the global market over the forecast period. However, high initial set up cost is a key factor expected to restrain growth of the global market in the near future.
The global lighting fixture market report has been segmented on the basis of product type, application, and region. On the basis of product type, the target market is segmented into ceiling, pendant & chandelier lighting fixtures, wall mounted lighting fixtures, recessed lighting fixtures, portable lighting fixtures, high bay, and low bay lighting fixtures, and others. On the basis of application, the target market is segmented into industrial and commercial, residential, outdoor, architectural, and others (automotive, aerospace, and machinery). The industrial and commercial application segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing government investment in various energy saving projects.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register significant share in terms of revenue over the forecast period, owing to increasing investment in highest CAGR in terms of revenue, owing to rising hearing impairments in energy saving infrastructure in various developing countries such as India, China, and Japan in this region. The market in North America followed by Europe is expected to register steady growth over the forecast period. The market in Middle East & Africa organized rural electrification program, which is expected to create potential revenue opportunity for player operating in the market over the forecast period.
Key players operating in the global lighting fixture market include Koninklijke Philips N.V., Acuity Brands, Inc., Hubbel Lighting, Inc., Cooper Lighting, LLC, Zumtobel Lighting Inc., LSI Industries Inc., Juno Lighting, LLC, Bajaj Electricals Ltd., GE Lighting, LLC, and Cree LED Lighting Solutions, Inc.