Published on : Apr 01, 2016
The rapid expansion of the construction industry has been benefiting several ancillary markets, the market for lighting fixtures being one of them. Lighting fixtures are used to illuminate of light-up a space using various sources of lighting technology. Over the last couple of years, the lighting market has been demonstrating a gradual transition from traditional lighting technology to more energy-efficient lighting solutions such as solid state lighting. Additionally, with governments around the world encouraging the use of energy-efficient lightings to curb the increasing carbon footprint, the market for lighting fixtures is expected to witness impressive rise in demand.
Lighting Fixtures Market to Exhibit 6.9% CAGR during 2015-2021
According to a report published by Transparency Market Research, the global market for lighting fixtures, which stood at US$136.30 bn in 2014, is anticipated to exhibit 6.9% CAGR between 2015 and 2021. Lighting fixtures generally include body, socket, lamp, reflectors, electric ballast, and an outer protective shell.
Rising Construction Activities to Fuel Demand from Global Lighting Fixtures Market
Regionally, the global market for lighting fixtures can be segmented into North America, Asia Pacific, Europe, and Rest of the World. With the rising construction activities worldwide, the lighting fixtures market is anticipated to witness robust growth. Furthermore, the market will also gain impetus from the rising investment in infrastructural development particularly in emerging nations of Asia Pacific and Rest of the World. The rising penetration of energy efficient lighting and increasing installation of lighting fixtures in residential, commercial, and industrial buildings will also fuel demand from the market for lighting fixtures.
Asia Pacific Dominates Global Lighting Fixtures Market; Europe to Exhibit Highest Growth Potential
Among the key regional markets, Asia Pacific accounted for the largest share in the market in 2015. Rapid urbanization, industrialization, and rising per capita disposable income of consumers living in these regions will boost the Asia Pacific market for lighting fixtures in the near future. The Europe market on the other hand exhibits the highest growth potential due the implementation of stringent government policies in the region mandating the use of energy efficient lighting system.