Lighting Fixture Market To Record Sturdy Growth By 2025Posted by avinash on March 6th, 2020 The lighting fixture is an electronic device, which is used to create an artificial light. The global lighting fixture market was valued at US$ 163.02 billion in 2017 from US$ 153.15 billion in 2016. The market is projected to exhibit a CAGR of 7.8% during the forecast period (2017 – 2025), reaching US$ 297.26 million by 2025.The lighting fixture is an electronic device, which is used to create an artificial light. The global lighting fixture market was valued at US$ 163.02 billion in 2017 from US$ 153.15 billion in 2016. The market is projected to exhibit a CAGR of 7.8% during the forecast period (2017 – 2025), reaching US$ 297.26 million by 2025. For In Depth Information Get Sample Copy Of This Report @
Market Dynamics The increasing smart city projects have become a key factor for the growth of the light fixture market. The smart city projects raised the demand for energy saving infrastructure, which boosts the market of lighting fixture. According to Indian general budget 2016 – 2017, the Government of India released a fund of US$ 49.4 million (RS 3205 crore) for the development of 100 smart cities across the economy. Moreover, the rising demand for reducing power consumption plays a major role in the growth of the lighting fixture market. The replacement of conventional light to modern LED become has the major driver for the lighting fixture providers. Increasing smart city projects plays a major role in the growth of the lighting fixture market size globally Growing investment in smart city projects in developing economies is major factor for growth of the market. Moreover, increasing number of construction of smart building has propelled demand for energy saving infrastructure. For instance, according to Indian General Budget 2016 – 2017, the Government of India released a fund of US$ 49.4 million for the development of 100 smart cities across the economy. Industrial and commercial segment holds the dominating position in the lighting fixture market. On the basis of application type, the global lighting fixture market is segmented into industrial and commercial, residential, outdoor, architectural, and others (automotive, aerospace, and machinery). The industrial and commercial application segment held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. In 2017, the industrial and commercial application generated the revenue of US$ 66.99 billion up from US$ 62.67 billion. Detailed Segmentation:
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Key companies covered as a part of this study include Acuity Brands Lighting, Inc., Acuity Brands, Inc., American Electric Lighting, Bajaj Electricals Ltd., Cooper Lighting, LLC, Hubbel Lighting, Inc., Juno Lighting Group, Koninklijke Philips N.V., LSI Industries. and Zumtobel Lighting GmbH. About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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