Global Lighting Fixtures and Luminaires Market to Reach US$110.6 Billion by the Year 2026 – GlobeNewswire

Global Lighting Fixtures and Luminaires Market to Reach US$110.6 Billion by the Year 2026 – GlobeNewswire

New York, Jan. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Lighting Fixtures and Luminaires Industry” – https://www.reportlinker.com/p02438202/?utm_source=GNW
Growth in the market is dependent on the dynamics of the construction industry, particularly in the developing countries, automotive production trends, and increased acceptance of LEDs as more efficient light sources. Real estate segment and rising popularity of sustainable technologies is propelling demand for lighting fixtures. 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. Other factors promoting market expansion in the short-term include robust demand for outdoor lighting fixtures supported by strong non-building construction such as bridges, highways, and public works.

Amid the COVID-19 crisis, the global market for Lighting Fixtures and Luminaires estimated at US$78.2 Billion in the year 2020, is projected to reach a revised size of US$110.6 Billion by 2026, growing at a CAGR of 6.1% over the analysis period. Non-Portable, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$89.6 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 4.5% CAGR for the next 7-year period. This segment currently accounts for a 11.7% share of the global Lighting Fixtures and Luminaires market. Non-portable lighting fixtures are more frequently used as surface mounted lighting, in which the fixtures are affixed to a surface. The automotive industry is a key application market for non-portable lighting fixtures. Demand for portable fixtures is influenced largely by home decor trends.

The U.S. Market is Estimated at $15.5 Billion in 2021, While China is Forecast to Reach $22.8 Billion by 2026

The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$15.5 Billion in the year 2021. The country currently accounts for a 19.34% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$22.8 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$24.8 Billion by the end of the analysis period. Asia-Pacific is the largest market. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific. 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.

Parts & Accessories Segment to Reach $15.4 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 …….

Source: https://www.globenewswire.com/news-release/2022/01/14/2367043/0/en/Global-Lighting-Fixtures-and-Luminaires-Market-to-Reach-US-110-6-Billion-by-the-Year-2026.html

Outdoor Lighting