Lighting Fixture Market Size, Share, Growth Analysis, By By Source(Incandescent, Fluorescent, LED & OLED), By By Product(Ceiling, Pendant & Chandeliers, Wall Mounted, Portable), By Region - Industry Forecast 2024-2031

Lighting Fixture Market size was valued at USD 273.69 billion in 2022 and is poised to grow from USD 301.33 billion in 2023 to USD 650.65 billion by 2031, growing at a CAGR of 10.10% during the forecast period (2024-2031).

Established lighting fixture manufacturers account for a dominant share of the lighting fixture marketplace while innovative start-ups are penetrating the markets with unique solutions and services. lighting fixture companies are continually investing in the development of new designs and technologies to stay competitive in the marketplace. lighting fixture manufacturers are also focusing on improving the energy efficiency of their products to comply with changing regulations and evolving consumer preferences. advancements in lighting technology are also vital to lighting fixture market growth in the future. The rising popularity of smart lighting and integration of lighting with smart home technologies are trends that lighting fixture suppliers should keep an eye out for going forward. Collaborations, partnerships, and mergers are estimated to be popular strategies that established as well as new companies can opt for if they want to improve their competitive advantage. Product innovation and competitive pricing are factors that could make or break a lighting fixture business in the long run. 'Signify (Netherlands)', 'GE Lighting (United States)', 'Fagerhult Group (Sweden)', 'Havells Sylvania (India)', 'Acuity Brands, Inc. (United States)', 'Zumtobel Group (Austria)', 'Eaton Corporation (United States)', 'Cree, Inc. (United States)', 'Selux AG (Germany)', 'Litecontrol (United States)', 'Legrand (France)', 'Toshiba Lighting & Technology Corporation (Japan)', 'Osram Licht AG (Germany)', 'Panasonic Corporation (Japan)', 'Delta Light (Belgium)', 'Hubbell Incorporated (United States)', 'Cooper Lighting Solutions (United States)', 'Kichler Lighting (United States)', 'NVC Lighting (China)', 'SLV GmbH (Germany)', 'Illumina (United States)', 'Juno Lighting Group (United States)', 'Targetti (Italy)', 'Thorn Lighting (United Kingdom)', 'Lithonia Lighting (United States)'

A rising focus on sustainability around the world is slated to promote the adoption of energy-efficient lighting solutions, which is predicted to favor lighting fixture market growth. Increasing availability of energy-efficient LEDs and other types of lighting fixtures opens up new avenues of opportunities for all lighting fixture market players in the future.

LED Lighting Dominance: LED (Light Emitting Diode) lighting fixtures are estimated to remain popular in the lighting marketplace. Longer lifespan, better illumination, and better energy efficiency are some key benefits that allow LED lighting to account for a substantial share of the marketplace. An increasing focus on sustainability is slated to favor the demand for LED lighting fixtures over the coming years. High use of LEDs in smart lighting solutions also favors market growth.

Asia-Pacific accounts for a dominant share of lighting fixture demand owing to rising disposable income and changing consumer preferences. Countries such as China and India are estimated to be key markets for lighting fixture suppliers owing to rapid urbanization and growing investments in infrastructure development. The growing use of lighting fixtures in residential, commercial, and industrial sectors of multiple countries in this region allows it to hold a dominant stance. Furthermore, the presence of key lighting fixture manufacturers is also a key prospect that bolsters market growth in this region.