advances in led technology is driving the Lighting Fixtures Market
Technavio analyzes that the Lighting Fixtures Market is expected to grow at a CAGR of 5.63% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 32.82 billion.There are various factors that contribute to the growth of the market. The lighting fixtures market has experienced significant growth due in large part to the advances in LED technology. LED lights offer numerous benefits, including energy efficiency, long lifespan, and versatility in design. These innovations have led to an increasing demand for LED lighting solutions in various sectors, from residential to commercial and industrial applications. As LED technology continues to evolve, we can expect further growth in the lighting fixtures market.
In the realm of electrical devices, lighting fixtures play a pivotal role in providing optimal illumination for various commercial and residential applications. Ceiling-mounted fixtures, including flush mounts, semi-flush mounts, and recessed lights, offer uniform illumination for large areas. Fluorescent, LED, and OLED ceiling fixtures ensure energy efficiency and longevity. Pendant lights and track lighting, as adjustable electrical lamps, offer focused illumination for specific tasks. Decorative fixtures like chandeliers, wall-mounted lights, and portable lamps add visual appeal and serve as focal points in a space. Architects, lighting designers, and electrical engineers collaborate to create functional and aesthetically pleasing lighting solutions. Fluorescent lamps, with their apertures and outer shells, continue to be popular for large-scale illumination. LED and OLED technologies offer advanced energy efficiency and design flexibility. These electrical lamps, with their lamp sockets and electrical ballasts, are essential components of modern lighting systems.
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Lighting Fixtures Market Segmentation
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Lighting fixtures, also known as luminaires, are electrical instruments used for emitting light through electric lamps. The fixture body houses the lamp, bulb, electrical ballast, and other components such as aperture, outer shell, and lamp socket. Architects, lighting designers, and electrical engineers specify lighting fixtures for various applications, including permanent installations and wall switches. Consumers, real estate sector, high-class communities, and outdoor settings like yards use various types of lighting fixtures, including LED fixtures with modules and lights, LED bulbs, and conventional fluorescent lamps. Electrical devices like lighting control switches regulate the power supply to these fixtures.
The global lighting fixtures market is a significant segment of the broader building products industry, according to Technavio's market research. This market encompasses companies specializing in the production of electrical lighting instruments, including luminaires, fixture bodies, lamps, bulbs, reflectors, apertures, lenses, and lighting control switches. The market's size is determined by the combined revenue generated by manufacturers of permanent lighting fixtures, which can be wired directly to AC mains power or powered by batteries. The expansion of the global building products market is anticipated to be driven by the robust growth of the construction sector in both developed and emerging economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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