The Global Lightning fixtures Market was $100.3 Bn in 2020, and it is expected to reach $160.3 Bn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 4.3% between 2021-2031. Increasing government spending on smart cities and the emergence of smart city concepts together lead the lightning demand for the construction of the smart building. However, the increasing demand for smart building is boosting the demand for energy-saving infrastructures, such as LED light fixing, which leads to the growth of the lightening market globally. Rapid changing styles and trends are expected to propel the market growth during the forecast period. Now, Moving forward, the robust demand for the Global Lightning fixtures Market in the construction department is further estimated to create new necessities and augment the market of growth over the forecast period of 2020-2030.
Global Lightning fixtures Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
By Region, Asia Pacific is Holding the Major Market Share
The Lightning fixtures Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Asia Pacific has accounted for the largest share of 47.9% in the year 2019 for the lighting fixture market. The huge product range from China and India is boosting the market growth over the region. However, the rising demand, government support, low-cost labor, huge investment is the prime factor for the market growth in this region. Apart from that, North America has also accounted for the share of 23.4% for the huge demand for smart lights with Bluetooth enables audio system, air purifier, etc. for home décor. It is expected that the region will hold the largest share over the forecast period.
Major Players in Global Lightning fixtures Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Acuity Brands Lighting Inc., Advanced Lighting Technology Inc., Bajaj Electricals Ltd, Cooper Industry PLC, Cree Inc., Evolution Lighting, Fagerhults bElysning AB, GE Lighting, Grote Industries Inc., Havells, HELLA KgaA Hueck & Co., Hubbell Lighting Inc., Spaulding Lighting Inc., Juno Lighting Group, and General Electric among others.
The Global Lightning Fixtures Market Has Been Segmented into:
Global Lightning fixtures Market: By Source
Global Lightning fixtures Market: By Product
Global Lightning fixtures Market: By Distribution Channel
Global Lightning fixtures Market: By Application
Global Lightning fixtures Market: By Region