AI Products 

Lighting Fixtures Market Is Estimated To Witness High Growth Owing To Opportunity In Construction Industry

Lighting Fixtures Market Is Estimated To Witness High Growth Owing To Opportunity In Construction Industry

Lighting fixtures are devices that are used for illumination and are known for their functionality and design. They comprise lights, sockets, electrical cables and other components and are used extensively in homes, commercial and industrial establishments. With growing infrastructure and construction activities across both developed and developing nations, demand for high quality, energy efficient and aesthetically appealing lighting fixtures is growing. The global lighting fixtures market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Growth in Construction Industry

The demand for lighting fixtures is directly linked to growth in the construction industry including residential, commercial and industrial construction projects. With rapid urbanization globally, construction spending has been growing substantially in both developed and developing regions. This has led to higher demand for various construction materials including lighting fixtures. The global construction industry is expected to grow at a CAGR of over 9% between 2023-2030, creating massive opportunities for lighting fixtures manufacturers and suppliers. The growing construction industry will therefore be a key driver of growth in the lighting fixtures market over the coming years.

Porter's Analysis

Threat of new entrants: Low-to-moderate due to capital intensity and need for technical expertise and R&D capabilities. However, there are opportunities for niche players.

Bargaining power of buyers: Moderate as lighting fixtures account for a small portion of total project costs. Buyers can choose from a variety of options and negotiate on pricing.

Bargaining power of suppliers: Moderate as a few large players dominate components supply. However, components are not too specialized allowing buyers to find alternatives.

Threat of new substitutes: Low as lighting fixtures do not yet have direct substitutes for their intended applications. However, some alternatives like smart lighting systems pose a threat.

Competitive rivalry: High due to the presence of numerous global and regional players. Competition is based on product features, quality, pricing, and innovation.

SWOT Analysis

Strengths: Growing construction activity worldwide, innovations in LED lighting,rising demand for energy-efficient fixtures.

Weaknesses: High dependence on economic conditions, pricing pressures, intense competition.

Opportunities: Rise of IoT-enabled smart lighting systems,commercial applications especially in Asia-Pacific and Middle East & Africa.

Threats: Trade barriers, fluctuating raw material costs, stringent environmental regulations.

Key Takeaways

The global Lighting Fixture Market Growth  is expected to witness high growth during the forecast period of 2023-2030. The market size for 2023 is estimated at US$ 265.12 Bn and is projected to reach over US$ 500 Bn by 2030, exhibiting a CAGR of over 13%.

Regionally, the Asia Pacific lighting fixture market accounted for a share of over 40% in 2023 and is likely to continue dominating in the coming years. China, India, Japan, South Korea are major countries contributing to the large market size. Further rapid modernization of infrastructure and construction boom are driving the APAC lighting fixture consumption.

Key players operating in the lighting fixture market are Illumina, Inc.F. Hoffmann-La Roche LtdPerkinElmer, Inc.Agilent Technologies, Inc.Bio-Rad Laboratories, Inc.Danaher CorporationAbbottThermo Fisher Scientific and Standard BioTools. Development of smart and IoT-based lighting solutions is a key focus area for top players to gain market share.

For more insights, read- https://www.pressreleasebulletin.com/lighting-fixture-market-trends-size-and-share-analysis/

Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more