Lighting Fixture Market

Lighting Fixture Market By Type (Architecture and Commercial Lighting, Decorative and Residential Lighting, Industrial Lighting, and Outdoor Lighting), By Light Source (Incandescent, Fluorescent, and LED and OLED), By Region - Global Market Report (2024 to 2034)

Analysis of Lighting Fixture Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Lighting Fixture Market Outlook (2024 to 2034)

The global lighting fixture market size is expected to reach US$ 56,115.2 million by 2034 from US$ 40,180.2 million in 2024, with a growing CAGR of 3.4% from 2024 to 2034. The lighting fixture industry is anticipated to be driven by the rising demand for energy-efficient products from the commercial, residential sectors and government assistance for low-energy consumption initiatives.

By 2024, 62.9% of the global lighting fixtures sales are scheduled to be made up of LED and OLED lights. It is predicted that from 2024 to 2034, South Korea's demand for lighting fixtures is going to escalate at a CAGR of 4.7%.

Report Attributes Details
Estimated Market Value (2024E) US$ 40,180.2 million
Forecasted Market Value (2034F) US$ 56,115.2 million
Global Market Growth Rate (2024 to 2034) 3.4%
Outdoor Lighting Segment Growth Rate (2024 to 2034) 4.2%
LED and OLED Segment Growth Rate (2024 to 2034) 4.8%
North America Market Share (2024) 28.6%
East Asia Market Share (2024)

36.5%

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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The Positive Impact of Urbanization on Lighting Solutions

Global urbanization and infrastructural developments have increased the demand for lighting fixtures globally. The increasing urbanization needs dependable lighting solutions to improve the aesthetic appeal of residential, commercial, and industrial settings.

As cities grow and modernize, there is a growing demand for efficient and visually appealing lighting fixtures in cafes, hotels, and businesses. The trend extends to significant infrastructure projects such as airports, stadiums, and bridges, contributing broadly to the global lighting fitting market.

The market value of lighting fixtures rises in coordination with the ongoing urbanization and infrastructure development, indicating these fixtures' growing relevance in sculpting contemporary urban spaces' visual environment.

Rising Trend of Energy-Efficient Fixtures in the Hospitality Industry

A greater understanding of the benefits of lighting fixtures has raised the market demand, notably in the hospitality business. Hotel and restaurant operators invest in lighting fixtures to create an aesthetic and warm feel for their guests. The increasing adoption of decorative lighting in hotels, restaurants, enterprises, residences, and similar settings accelerates the global lighting fixture market.

There is an increasing need for advanced lighting fixtures in landscape lighting applications. LED lighting solutions that are ENERGY STAR-certified have gained popularity among customers in both developing and developed nations, supporting the market expansion of lighting fixtures. Energy-saving lighting fixtures are gaining prominence in industrial, commercial, and residential settings.

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What is Restraining the Growth of the Global Lighting Fixture Market?

“Increased Competition in Market Due to Price wars and cost constraints”

Complex purchasing decisions are anticipated to stifle global lighting fixture market growth. Lighting fixture purchases are not made simply by end users but rather by a team of specialists, including lighting designers, architects, and electrical engineers.

The involvement of multiple professionals has complicated the purchasing process, slowing the expansion of the lighting fitting market. As a result, these restraints are expected to impede lighting fitting market expansion.

Price wars and cost constraints have resulted from increased competition and commoditization of several lighting goods, mainly LEDs. The lighting fixture manufacturers need help sustaining profit margins while delivering competitive pricing.

Country-wise Analysis

The North America lighting fixture market is expected to expand at a CAGR of 3.5% through 2034. Growing lighting fixture demand in important nations, particularly the United States and Canada, is the leading cause of the surge in product sales. With a share of 67.9% of the global market, the United States leads the lighting fitting industry.

The East Asia lighting fixture market is expected to expand at a 4.2% CAGR through 2034. China has become a leading participant in the lighting fixture industry in East Asia, with a noteworthy share of 67.3% in 2024.

How is the United States Lighting Fixture Market Aligning with Energy Efficiency Goals?

“Shift Towards Energy-efficient LED Technology, Boosting Sustainability Goals”

United States Details
Market Share (2024) 72.7%
Market Size (2024) US$ 8,354.3 million
Market Size (2034) US$ 11,087.7 million

The lighting fixture market in the United States is experiencing a substantial change toward energy-efficient and ecologically friendly solutions, with LED technology leading the way. Renovating older buildings with energy-efficient lighting solutions is an ongoing trend fueled by government incentives and a desire to reduce energy consumption.

The United States lighting fixture market is expected to accelerate at a CAGR of 2.9% from 2024 to 2034. Consumer preferences in the United States lighting fixture industry are influenced by sustainability certifications and labels, with a growing desire for products that fulfill high environmental criteria.

How is Canada's Lighting Fixture Market Adapting to Sustainable and Aesthetic Trends?

“Urbanization Trends of Aesthetically Pleasing Lighting Fixtures”

Canada Details
Market Share (2024) 18.2%
Market Size (2024) US$ 2,091.5 million
Market Size (2034) US$ 3,363.9 million

Consumers in Canada are rapidly adopting connected and programmable lighting systems, indicating a significant move towards smart lighting technologies. Government programs promoting environmentally efficient and long-lasting lighting solutions influence the Canadian lighting fixture market.

Canada’s lighting fitting market is projected to spur at a CAGR of 4.9% from 2024 to 2034. Major Canadian cities' urbanization patterns advance demand for visually beautiful and modern lighting fixtures, pushing design and utility innovation.

What Influences South Korea's Preference for Sleek Lighting Designs?

“Focus on Energy Conservation Spurring the Adoption of LED Lighting Solutions.”

South Korea Details
Market Share (2024) 15.1%
Market Size (2024) US$ 2,214.5 million
Market Size (2034) US$ 3,512.4 million

The incorporation of smart lighting fixtures into residential and commercial areas is gaining momentum in South Korea, owing to connectivity and automation technology developments. Urban revitalization projects and infrastructure developments are essential in boosting demand for outdoor and architectural lighting solutions in South Korea.

South Korea’s lighting fixture market is set to escalate at a CAGR of 4.7% through 2034. South Korea's lighting fixture industry is impacted by a growing desire for minimalist and streamlined designs, which show a preference for modern aesthetics.

What is Contributing to China’s Dominance in the Global Lighting Fixture Market?

“E-Commerce Platforms Play a Pivotal Role in Enhancing Access to Lighting Solutions”

China Details
Market Share (2024) 66.9%
Market Size (2024) US$ 9,811.4 million
Market Size (2034) US$ 14,502.0 million

E-commerce platforms are essential in distributing lighting fixtures in China, allowing consumers to access a wide range of items and contributing to lighting fixture market. The emergence of smart cities in China is pushing the use of intelligent lighting systems, offering opportunities for advanced technologies and integrated solutions in the lighting fixture sector.

The China lighting fixtures market is expected to exhibit a CAGR of 4.0% from 2024 to 2034. The China lighting fitting market is undergoing a transition to LED lighting, propelled by government subsidies, energy-saving programs, and a push for environmental sustainability.

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Category-wise Outlook

Based on the type, the industrial lighting segment is estimated to hold a 32.8% market share in 2034. Simultaneously, based on the light source, the LED and OLED segment is anticipated to secure a noteworthy share of 63.3%, contributing significantly to the market's resource diversity and stability.

Why is Outdoor Lighting Gaining Ground for Wellness and Aesthetics?

“Smart City Initiatives Propel Growth in Innovative Outdoor Lighting Designs”

Outdoor Lighting Segment Details
Market Share (2024) 22.6%
Market Size (2024) US$ 9,080.7 million
Market Size (2034) US$ 9,932.4 million

The outdoor lighting segment is propelled by government initiatives that promote outdoor recreational places and beautification. The desire for creative outdoor lighting designs is fueled by the rising urbanization and the development of innovative city projects.

The outdoor lighting segment is expected to exhibit a CAGR of 4.2% from 2024 to 2034. By 2024, the outdoor lighting segment holds a 22.6% market share.

Infrastructure and beautification initiatives help stimulate the rapid rise of outdoor lighting in architectural and commercial environments. Demand for energy-efficient outdoor lighting solutions increases as the emphasis on sustainable urban development grows.

Why is the Demand for LED and OLED Lighting Solutions Higher?

“LED and OLED Solutions Gaining Traction for Eco-Friendly Lighting”

LED and OLED Segment Details
Market Share (2024) 62.9%
Market Size (2024) US$ 25,273.3 million
Market Size (2034) US$ 35,520.9 million

Government attempts to promote energy-efficient lighting solutions encourage the adoption of LED and OLED lights. Cost-effective manufacturing procedures and economies of scale contribute to the market's competitive price of LED and OLED lighting.

The LED and OLED segment is expected to expand at a 4.8% CAGR from 2024 to 2034. By 2024, the LED and OLED segment is going to dominate the lighting fitting market with a share of 62.9%.

LED and OLED technological breakthroughs provide various design alternatives that cater to a wide range of aesthetic tastes. Consumer preferences for eco-friendly LED and OLED lighting solutions rise as consumer awareness of environmental effects grows.

Competitive Analysis

The global lighting fixture market is characterized by a dynamic competitive landscape, with multiple vital companies contending for market share. Technological breakthroughs, energy efficiency trends, and sustainable design approaches impact lighting fixture industry dynamics. Established lighting fixture vendors compete based on innovation, cost-effectiveness, and geographical reach, whereas new entrants concentrate on niche segments and disruptive solutions.

To preserve a competitive advantage, lighting fixture market players strategically collaborate, invest in research and development, and use a variety of distribution channels. The competitive dynamics of the rapidly evolving lighting fixture sector are influenced by regulatory compliance and changing consumer preferences.

Noteworthy Innovations

  • On June 14, 2023, Hydrel, a company dealing in outdoor architectural and landscape lighting solutions, introduced the unique FLAME lighting technology, which features two color distributions from a single fixture. The company is constantly focusing on the creation of new and enhanced products.
  • Hubbell Lighting was purchased by GE Current, a Daintree business, on February 1, 2022. The consolidated new company is expected to be known as Current. The acquisition to improve the distribution network to better service customers.
  • In June 2022, Helvar is going to launch ActiveAhead Generation 2, an intelligent and scalable wireless system. ActiveAhead Generation 2 evaluates space utilization using a powerful AI system and can be linked to cloud applications.
  • Hubbell Inc. sold its industrial and commercial lighting business to GE Current, a Daintree firm, in October 2021. The strategic agreement aids Hubbell Inc. in building a more concentrated Hubbell portfolio.
  • Eaton sold Cooper Lighting Solutions to Signify in March 2021. The plan increases Signify's North American lighting market position.

Segmentation of Market Research

  • By Type:

    • Architecture and Commercial Lighting
    • Decorative and Residential Lighting
    • Industrial Lighting
    • Outdoor Lighting
  • By Light Source:

    • Incandescent
    • Fluorescent
    • LED and OLED
  • By Region:

    • North America
    • Latin America
    • East Asia
    • South Asia and Pacific
    • Western Europe
    • Eastern Europe
    • Middle East and Africa

- FAQs -

What was the Value of the Lighting Fixture Market in 2019?

The global lighting fitting market was worth US$ 26,600.1 million in 2019.

What is the Expected Valuation of the Lighting Fixture Market in 2024?

The sales of lighting fixture solutions are likely to reach US$ 40,180.2 million in 2024.

What is the Demand Forecast for the Lighting Fixtures by 2034?

Demand for lighting fixtures is projected to reach a US$ 56,115.2 million by the end of 2034.

What Is the Growth Projection for the Lighting Fixture Market?

Adoption of lighting fixtures is projected to rise at a CAGR of 3.4% through 2034.

At What CAGR is the Market in North America Predicted to Grow?

The North America market is forecasted to expand at a CAGR of 3.5% through 2034.

Lighting Fixture Market

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