Amid the COVID-19 crisis, the global market for Lighting Fixtures and Luminaires estimated at US$79.2 Billion in the year 2020
A new market study published by Global Industry Analysts Inc., (GIA), has forecast that the global lighting fixtures and luminaires market will reach $106.7 billion by 2026. 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.
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.
“Non-Portable, one of the segments analyzed in the report, is projected to record a 5.5 per cent CAGR and reach US$85.2 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 3.8 per cent CAGR for the next 7-year period,” read the report.
It continued, “Amid the COVID-19 crisis, the global market for Lighting Fixtures and Luminaires estimated at US$79.2 Billion in the year 2020.”
Important markets
The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$15.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.1 Billion by the year 2026 trailing a CAGR of 6.7 per cent over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at four per cent and 4.2per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.5per cent CAGR.
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. Rapid urbanization and increasing construction activity are the two main reasons driving growth for the fixtures market in Asia-Pacific.
Parts & accessories segment to reach $14.9 billion
In the global Parts & Accessories segment, USA, Canada, Japan, China and Europe will drive the 4.2 per cent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.1 Billion in the year 2020 will reach a projected size of US$10.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026, while Latin America will expand at a 5.2 per cent CAGR through the analysis period. Parts and Accessories include ballasts, control devices such as sensors, timers, dimmers and switches and sockets, attachments, fittings, and other accessories.
