Focus on Energy Efficient Lighting to Steer Global Lighting Fixtures Market to Us$215.29 Bn by 2021

According to a new market report published by Transparency Market Research “Lighting Fixtures Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021” the lighting fixtures market was valued at US$136.30 bn in 2014; and is expected to reach US$215.29 bn in 2021, at a CAGR of 6.9% from 2015 to 2021.

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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.

However, high initial investment for installation of new lighting fixtures and retrofitting traditional lighting fixtures is posing as a major restraint to the growth of the global lighting fixtures market. Moreover, complex buying decision process of lighting fixtures is inhibiting lighting fixtures market growth.

Key opportunity of the global lighting fixtures market lies in retrofitting the traditional lighting fixtures with advanced lighting fixtures. Optimal functioning of new lighting technology such as LED and OLED lighting technology are dependent on the advanced design of the lighting fixture. Demands for these advanced lighting technologies are creating new opportunities for existing and new players in the lighting fixtures market.

Geographically, Asia Pacific led the lighting fixtures market in 2015 and the region is expected to continue its dominance till 2021. The growth in this region is attributed...