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Global Lighting Fixtures and Luminaires Market to Reach $106.7 Billion by 2026
SAN FRANCISCO, May 20, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Lighting Fixtures and Luminaires - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 20250
Companies: 666– Players covered include Acuity Brands, Inc.; American Electric Lighting; Holophane, Inc.; Juno Lighting Group; Lithonia Lighting Company; Amerlux®, LLC; Bajaj Electricals Ltd.; Cree, Inc.; GE Current; Eaton Corporation plc; ELK Group International, Inc.; Fagerhults Belysning AB; Sylvania Lighting; FW Thorpe Plc; Havells India Limited; Hella KGaA Hueck & Co.; Hubbell, Inc.; Koito Manufacturing Company Ltd.; LEDvance GmbH; LSI Industries, Inc.; Lutron Electronics Co., Inc.; NVC (Huizhou) Lighting Technology Corporation; OMS, a.s.; Opple Lighting; Osram GmbH; Panasonic Corporation; Seren Lighting; Schréder Group GIE; Signify N.V.; Color Kinetics; Targetti Sankey S.p.A.; Technical Consumer Products, Inc.; Toshiba Lighting & Technology Corporation; TRILUX GmbH & Co. KG; Venture Lighting International, Inc.; Zumtobel Group AG; Thorn Lighting and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Non-Portable, Portable, Parts & Accessories); End-Use (Residential Lighting, Automotive Lighting, Office Lighting, Outdoor Lighting, Architectural Lighting, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Lighting Fixtures and Luminaires Market to Reach $106.7 Billion by 2026
Lighting fixtures are designed and constructed to collect, distribute, reflect, direct, or diffuse light from any electric light source for general or localized illumination. Growth in the market is dependent on the dynamics of the construction industry, particularly in the developing countres, automotive production trends, and increased acceptance of LEDs as more efficient light sources. Rising adoption of LED lighting is expected to create demand for fixtures that are designed specifically for LEDs. Increasing urbanization, changing demographics and innovations in fixtures targeted mainly at improving functionality represent other key market growth drivers. Amid the COVID-19 crisis, the global market for Lighting Fixtures and Luminaires estimated at US$79.2 Billion in the year 2020, is projected to reach a revised size of US$106.7 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Non-Portable, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$85.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Portable segment is readjusted to a revised 3.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $15.7 Billion in 2021, While China is Forecast to Reach $22.1 Billion by 2026
The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$15.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.1 Billion by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.5% CAGR. In European countries, rise in the number of governmental policies and regulations for the purpose of discouraging inefficient lighting usage and encouraging efficient lighting technology implementation is expected to fuel growth especially for LED & OLED lamps integrated fixtures. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific.
Parts & Accessories Segment to Reach $14.9 Billion by 2026
Parts and Accessories include ballasts, control devices such as sensors, timers, dimmers and switches and sockets, attachments, fittings, and other accessories. Ballast on a fixture is primarily responsible for regulating voltage and current to the lamp. Ballasts play a major role in the efficient functioning of a fluorescent lamp and electronic ballasts at present have become a preferred option for most of the applications. Lighting controls are devices that allow lighting sources to be used efficiently by manipulating the power inputs to the lighting fixture. Different types of controls include wall-plate switches, timers, motion sensors and photocells, which are used to automate the switching process and regulate fixture usage. In the global Parts & Accessories segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.1 Billion in the year 2020 will reach a projected size of US$10.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026, while Latin America will expand at a 5.2% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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