Published By : 14 Dec 2015 | Published By : QYRESEARCH
As mounting concerns pertaining to energy conservation engulf the world, markets such as that of LED light sources and lighting fixtures will gain much impetus. Several reports published recently forecast positive growth rates for the global market for lighting fixtures. In its latest report, Transparency Market Research has forecasted global lighting fixtures market to exhibit a CAGR of 6.0% to rise from US$136.30 bn in 2014 to US$215.29 bn by the end of 2021.
The global market for lighting fixtures is transitioning from traditional lighting technologies to light emitting diodes (LED). Several past events worldwide have given a more apposite contour to the development witnessed by the lighting fixtures industry. On one hand, the ongoing financial turmoil spurred by Europe’s debt crisis and meltdown of China’s manufacturing sector inevitably had a negative impact on global and regional growth for the global lighting fixtures market. While on the flip side, implementation of more stringent regulations is fuelling the penetration of energy efficient lighting sources and lighting fixtures. For instance, China has recently, passed a legislation banning the use of incandescent light bulbs. In Japan, following the Fukushima disaster the government is debating upon a nuclear phase-out. Such recent developments are likely to boost the uptake of energy efficient lighting source and lighting fixtures, thereby contributing to close the looming energy gap.
Another vital metric has altered boosting the global market for lighting fixtures. The aggressively eroding LED prices are pulling the payback time for LED lighting. Thus, both evolving macroeconomics landscape and accelerating LED price erosion have significantly affected the long-term forecasts and overall size of the global lighting fixtures market. In terms of geography, Asia Pacific is likely to account for the largest share of the global lighting fixtures market until 2021. Driven by increasing penetration of LED lighting in India, Japan, and China, Asia Pacific is expected to exhibit the most lucrative prospects for the prominent participants of the global lighting fixtures market.
Some of the leading companies operating in the market include Cooper Lighting, LLC (U.S.), Acuity Brands, Inc. (U.S.), Hubbell Lighting, Inc. (U.S.) and General Electric Company (U.S.) among others.