Market Study on Lighting Fixtures: Installation of LED & OLED Lights to Be Widespread
New York, Oct. 10, 2022 (GLOBE NEWSWIRE) — The global lighting fixtures market is expected to expand at a CAGR of 3.7%, thereby rising from its current market value of US$ 34 Bn to US$ 49 Bn by the end of 2032.
LED lights utilize 80% less energy than standard lights, such as incandescent and fluorescent lights. Since LED bulbs do not include harmful elements, these advantages encourage consumers to switch from standard to LED lighting. The global drive to reduce the usage of conventional lighting in numerous nations such as Europe, Brazil, and China is expected to have an influence on the adoption of LED lights.
Wireless dimmers, lighting, and control devices with sophisticated sensors are expected to meet the demands of modern consumers. Smart lights that link to Wi-Fi use IoT technology to manage the warmth, brightness, and different color selections.
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“Rapid Shift from Traditional Lighting to Efficient Lighting”
The worldwide lighting industry is shifting from traditional lighting technologies, such as fluorescent and incandescent lighting, to more energy-efficient and innovative LED lighting technology.
Stringent government rules on energy use, along with rising consumer awareness of energy conservation, have resulted in a major increase in demand for innovative lighting fixtures.
Furthermore, demand for improved lighting, including color temperature, color consistency, and light dispersion, is expected to drive growth in the global lighting fixtures market, especially LED lighting fixtures, during the projected period.
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What Obstacles are Prevalent in the Global Lighting Fixtures Market?
Global market growth is likely to be hampered by complex buying decisions in the lighting fixtures market. Lighting fixture purchases are not made solely by end users but rather by a team of professionals that includes lighting designers, architects, and electrical engineers.
The involvement of several professionals has complicated the buying process, which is limiting the growth of the lighting fixtures market. As a result, these constraints are projected to limit market growth over the forecast period.
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Lighting Fixtures Industry Research Segmentation
- Architecture & Commercial Lighting
- Decorative & Residential Lighting
- Industrial Lighting
- Outdoor Lighting
- Airport Lighting
- Corporate Campus Lighting
- Retail Outlets Lighting
- Education Facilities Lighting
- Government Office & Building
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By Light Source:
- LED and OLED
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Key Companies Profiled
- CREE, INC
- Hubbell Lighting, Inc.
- GE Lighting, LLC
- OSRAM Licht AG
- Royal Philips NV
- Acuity Brands Lighting, Inc
- ATG Electronics
- Panasonic Corporation
- D. Kichler Co.
- Eaton Corporation
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