Growth of Lighting Fixtures Market due to Rising Constructional Activities and Consumer’s Inclination towards Luxurious Lifestyle – Research Nester
Aug 7, 2018
Global lighting fixtures market is growing at a compound annual growth rate (CAGR) of 7.1% during forecast period 2017-2024. The global lighting fixtures market is projected to reach to a valuation about USD 216.45 Billion by the end of year 2024.
New York, United States - August 7, 2018 /MarketersMedia/ —
“Lighting Fixtures Market: Global Demand Analysis & Opportunity Outlook 2024”
Lighting fixture is an electronic device which is used to create artificial light by using an electrical lamp. Lighting fixture is very effective in terms of decoration and is used by lighting designers for decoration purposes. These fixtures are used in almost every sector such as resident, home décor, transportation and construction and others. Apart from that, lighting fixtures are produce sufficient amount of light and consume less amount of energy as compared to other conventional lighting systems.
Global Lighting Fixtures Market is growing at a compound annual growth rate (CAGR) of 7.1% during forecast period 2017-2024. The global lighting fixtures market is projected to reach to a valuation about USD 216.45 Billion by the end of year 2024. The rising demand for energy saving lighting fixtures has propelled the growth of global market of lighting fixtures. The global lighting fixture market is driven by Asia-Pacific region. Asia-Pacific accounted for the highest share about 39% of the global lighting fixtures market.
High population density is one of the key elements propelling the growth of the lighting fixtures market in Asia Pacific region and is anticipated to continue its dominance over the forecast period. Further, rise in demand for lighting fixtures in developing economics such as China, India and others is expected to augment the demand for the global lighting fixture market in near future. On the other hand, North America and Europe region are expected to witness a sluggish growth over the forecast period. Replacement of conventional lighting system with modern lighting fixtures is anticipated to positively impact the growth of the market.
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Rising constructional activities
Increasing construction activities such as construction of hotels, skyscrapers and other are some major factors which are fuelling the growth of global lighting fixture market. Further, increasing demand for decorative lightings for interior and exterior designing in buildings is estimated to drive the growth of global lighting fixtures market during the forecast period.
Growing urbanization
Increasing urbanization in emerging economies, swelled disposable income of the consumers and their changing life style are likely to be the dynamic factors behind the growth of global lighting fixtures market. Further, rapid development of attractive and cost effective lighting fixtures is fueling the demand for lighting fixtures in residential sector. However, high price of LED lamps and luminaries is a major factor which is obstructing the growth of global lighting fixture market. Further, availability of counterfeit products is also a major drawback which is hampering the growth of Global Lighting Fixture Market products.
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The report titled “Lighting Fixtures Market: Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the global lighting fixtures market in terms of market segmentation by product type, by end-user type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global lighting fixtures market which includes company profiling of Acuity Brands Lighting Inc., GE Lighting, Bajaj Electricals Ltd, Cooper Industry PLC, Cree Inc., Evolution Lighting LLC, Fagerhults Belysning AB, Grote industries Inc., Hubbell Lighting Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lighting fixtures market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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