According to a new market report published by Acute Market Reports Inc., “Lighting Fixtures Market (By Product Type (Portable, Lighting Fixtures, Non-portable Lighting Fixtures, and Others (Parts & Accessories)), By Application (General Lighting (Industrial, Residential, Architectural & Commercial, and Outdoor), Automotive Lighting, & Backlighting) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 – 2029”, the lighting fixture market is expected to witness a CAGR of 7.3% during the forecast period 2021 to 2029.
Browse the full Lighting Fixtures Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 – 2029 report at https://www.acutemarketreports.com/report/lighting-fixtures-market
Market Insights
A light fixture is an electrical device used for providing artificial light using different source of lighting technologies. Over the last decade, the lighting industry has witness a paradigm shift from conventional lighting technologies to relatively more energy efficient technologies like LED and OLED. Stringent energy efficiency norms and provision of subsidies is driving adoption of state-of-the-art lighting fixtures, especially in developed economies like North America and Europe. In addition, anticipated reduction in price of LEDs is expected to further drive adoption of the technology, thereby benefitting the lighting fixtures market. In terms of application, the general lighting segment comprising lighting fixtures used for residential, commercial, industrial, architectural, and outdoor applications led the overall light fixtures market in 2020. Residential sub-segment is the largest revenue contributor to the general lighting segment and is presumed to witness strong adoption during the forecast period with the improving standard of living, escalating home values, and growing preference for artistic and stylish fixtures with different designs.
Competitive Insights:
The global lighting fixtures market is highly competitive and fragmented. The leading four manufacturers in the global lighting fixtures market jointly account for less than 45% of the market revenue. Leading players identified in the global lighting fixtures market include Acuity Brands, Inc. General Electric Company, Cooper Lighting, LLC, Hubbell Lighting, Inc., Koninklijke Philips N.V., Crompton Greaves Ltd., Cree, Inc., Bajaj Electricals Ltd., Amerlux LLC, Panasonic Corporation, OSRAM GmbH, and LSI Industries, Inc. among others. The global lighting fixtures market is also characterized by the presence of domestic players accounting for trivial market share individually. The manufacturers are aggressively focusing on strengthening their distribution channels in order to improve the visibility of their offerings in the market.
