Demand for Energy Efficient Lighting Offers New Opportunities for Growth of Lighting Fixtures Market
Lighting fixtures serves the purpose of illumination or lighting by utilizing different source of lighting technology. Lighting market transition from traditional lighting technology such as incandescent and fluorescent lamps to more energy efficient lighting technology such as LED and OLED lamps is primarily driving the growth of lighting fixtures market. Growth in construction industry globally, is leading to increasing infrastructure development primarily in semi-urban and rural areas. Due to this factor, installation of lighting fixtures in residential, commercial and public buildings is expected to surge during the forecast period, driving the lighting fixtures market growth.
Lighting Fixtures Market –
Recessed Lighting Fixtures Segment to Dominate Global Lighting Fixtures Market
Out of all the types of lighting fixtures, analysts at Transparency Market Research predict that the recessed lighting fixture segment will dominate the global lighting fixtures market in the near future. The factors supporting this segment’s dominance are the better quality of light, flexibility, durability, and advanced design that recessed lighting fixtures offer.
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.
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.
Professional Facts of Lighting Fixture: http://bit.ly/1YEhFtW
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.