Presently, Energy Efficient Lighting is a Need which helps in growth of Lighting Fixtures Market
Lighting fixtures are electrical devices used to create artificial light using an electric lamp. Lighting fixtures have a fixture body and a light socket to hold a light bulb as well as to allow replacing it. A few types of fixtures may also have a switch to control the intensity of the light. An electric connection to the power source is necessary to power lighting fixtures. These fixtures can be used as reflectors for directing light, as an outer shell or housing for protecting and aligning lamps, as an aperture, a power supply, or an electrical ballast. Furthermore, enterprises operating in the market also design and manufacture a wide range of lighting fixtures specifically for use in the aerospace, medicine, marine, and automotive industries. The global lighting market is transitioning from traditional lighting technologies to novel and more energy-efficient technologies such as OLED and LED lamps, which is a key factor driving the market for lighting fixtures. Rapid expansion of the construction industry around the world has triggered rapid infrastructural development primarily in rural and semi-urban areas. This has substantially increased the installation of lighting fixtures in public, residential, and commercial buildings. The market for lighting fixtures thus gains impetus from the rising construction activities worldwide.
Lighting Fixtures Market Description:
While the installation of lighting fixtures is gradually increasing, the high initial cost incurred on installing new fixtures and retrofitting traditional lighting systems is creating bottlenecks for the market. Additionally, the complex buying decision process is also inhibiting the growth of the global lighting fixtures market.
Lighting fixtures serves the purpose of illumination or lighting by utilizing different source of lighting technology. In 2015, general lighting industry commands about 20% of the global electricity consumption. Over the past few years, lighting market have seen a gradual transition from traditional or inefficient lighting technology to more energy efficient lighting such as solid state lighting. Additionally, government regulations on sustainable energy consumption is driving technology advanced lighting fixtures such as LED lighting fixtures primarily in developed regions such as Europe and North America. Moreover, need for high energy efficiency, durability and better light quality is driving the demand for advanced lighting fixtures, retrofitting traditional lighting fixtures.
The global lighting fixtures market in recent years has been a booming industry. As the world seeks a solution for excessive energy consumption, the global lighting fixtures market has developed several solutions for efficient lighting. Solid state lighting is one such efficient lighting solution. The global lighting fixtures market is also witnessing growth due to the recent growth of the construction industry, increasing investment in infrastructure, and development of the commercial, industrial, and residential sectors.
Global market for lighting fixtures sees lucrative prospects in retrofitting traditional lighting systems with advanced fixtures. Novel lighting technologies such as LED and OLED promise optimal functioning, which in turn depends on advanced designs of lighting fixtures. Hence, the growing demand for the latest lighting systems is creating impressive prospects for the enterprises operating in the global lighting fixtures market to capitalize on in the near future.
Industrial and Commercial Segment to See Increasing Usage of Energy-efficient Lighting Solutions
As for the applications, the industrial and commercial segment held a leading position in the global lighting fixtures market in 2014. In the coming years, this segment will continue to prosper as the demand for advanced lighting fixtures to suit the needs of government regulations pertaining to sustainable energy consumption remains high.
Information Regarding Energy Efficient Lighting Fixtures: http://bit.ly/1YEhFtW
Asia Pacific to Lead Global Lighting Fixtures Market
As of 2015, Asia Pacific is leading the global lighting fixtures market due to reasons such as urbanization, industrialization, and improving per capita income in countries such as China and India. This geographical segment is expected to continue its dominance in the coming six years for the aforementioned reasons. On the other hand, Europe has a huge potential for growth in the same period as the EU is getting strict about regulations and policies regarding energy-efficient lighting. This is expected to boost the demand for lighting fixtures in this region, as several users will replace conventional lighting fixtures.
As of 2014, the global lighting fixtures market was valued at US$136.3 bn. The aforementioned reasons are expected to help the global lighting fixtures market grow at a sturdy CAGR of 6.90% from 2015 to 2021. Some of the important players to watch out for in the near future in the global lighting fixtures market are Cooper Lighting, LLC, General Electric Company, Acuity Brands, Inc, Koninklijke Philips N.V. and Hubbell Lighting, Inc. among others.