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LED Lighting Solutions is fastest growing segment fueling the growth of Lighting Fixture Market

 LED Lighting Solutions is fastest growing segment fueling the growth of Lighting Fixture Market

The global Lighting Fixture Market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Lighting fixtures are devices used to illuminate an area and come in various types to serve different applications. They offer advantages like energy efficiency, durability, functionality and aesthetic design. With growing construction activities and infrastructure projects globally, the demand for appropriate and advanced lighting solutions is on the rise.

Market key trends:

LED (Light Emitting Diode) lighting has emerged as one of the most promising technologies and a major trend in the lighting fixture market. LED fixtures provide various benefits over traditional lighting such as high energy efficiency, lower maintenance and operating costs, flexible designs, long operational lifespan and eco-friendliness. Their superior properties coupled with declining prices have accelerated the replacement of incandescent and CFL bulbs with affordable and high-performance LED alternatives. Also, introduction of smart and connected lighting systems integrated with sensors, wireless technologies and home automation hubs is augmenting the market growth.

Segment Analysis

The lighting fixture market is segmented by product type, light source, application and distribution channel. Based on product type, the residential lighting fixtures segment accounted for the largest market share in 2022 owing to the dominant usage of lighting fixtures in residential applications such as ceiling fixtures, floor lamps, table lamps, wall mounted lamps, and outdoor lighting fixtures. This segment is expected to continue its dominance during the forecast period due to rapid urbanization and increasing construction activities across the world.

Key Takeaways

The Global Lighting Fixture Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing construction and infrastructure development activities.

Regional analysis

Asia Pacific dominated the market in 2022 and is expected to continue its dominance during the forecast period owing to rising construction activities in emerging economies such as China and India. Furthermore, growing population and ongoing infrastructural developments are also fueling the demand for lighting fixtures in the region.

Key players

Key players operating in the lighting fixture market are Acuity Brands, Inc., Zumtobel Lighting GmbH, Cooper Lighting, LLC, Panasonic Corporation Eco Solutions Company, General Electric Company, OSRAM Licht AG, Koninklijke Philips N.V., LSI Industries Inc., Juno Lighting Group, and Hubbell Lighting, Inc. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

Read more: https://www.marketwebjournal.com/lighting-fixture-market-insights-trends/

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