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Lighting Fixtures and Luminaires - Global Market Trajectory & Analytics

  • ID: 338772
  • Report
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Acuity Brands, Inc.
  • Cree, Inc.
  • GE Current
  • Hubbell, Inc.
  • LSI Industries, Inc.
  • Panasonic Corporation
COVID-19's Massive Economic Shock Reaches the Average Household. Lighting Fixtures & Luminaires Sales Dip by -7.2% as Discretionary Incomes Shrinks

The global market for Lighting Fixtures & Luminaires is expected to slump by -7.2% in the year 2020 and thereafter recover to reach US$112.8 billion by the year 2027, trailing a post COVID-19 CAGR of 5.2% over the analysis period 2020 through 2027. The ongoing COVID-19 pandemic is adversely impacting the global economic environment and the lighting fixtures market is no exception to this. Due to the COVID-19 pandemic, lighting industry supply chain has been impacted considerably. Majority of lighting equipment manufacturers rely on China for importing raw materials and components. To curb the spread of virus, various manufacturing facilities halted production of essential lighting components. As a result, manufacturers have been facing significant difficulties in maintaining adequate production levels. COVID-19 and associated lockdowns implemented by various governments to control spread of the virus modestly impacted the lighting industry. Most businesses in the industry remained functional and reported decent operations, albeit on a limited scale, in terms of sales and dispatch orders. While lockdowns failed to coerce majority of companies to make redundancies, the average capacity declined to 45%. In addition, the COVID-19 pandemic made it difficult for several companies to secure raw materials and components owing to inadequate shipping capacity, untimely deliveries and slow return to production capacity across China. The lighting market is likely to remain impacted in the form of longer lead times, rising prices and depleting inventories.

The pandemic has also affected construction projects with negative implications for the new installation category of the lighting market. New installation projects rely heavily on new construction activity, which is estimated to remain subdued over the short term. While the healthcare industry is likely to deliver a decent performance, lack of tax rebates for retrofit installations is expected to reduce investment in retrofit installations in industry and commercial verticals. Lockdowns along with decisions to seal borders by various countries inhibited local manufacturers with limited inventory. The smart lighting market is also reporting notable declines in the outdoor application segment. The public places category of the segment is posting higher value drop in comparison to the streets & roadways category. The scenario can be attributed to postponement or even cancellations of prominent sporting events owing to the COVID-19 pandemic. In the consumer market, deteriorating personal financial conditions are impeding growth. Unemployment rates are climbing to worrisome levels in both developed and developing economies alike. Over 33 million Americans are unemployed. With the labor market in doldrums, consumer spending is plummeting. The economic anxiety among consumers has and continues to rise. Consumers have shifted to online and are spending much lesser than before the pandemic. Social outlook against this background remains grim with households expected witness erosion in wealth. Personal financial outlook, community, economy, job security confidence, purchasing and investment confidence are all tumbling as the human and economic cost of the global pandemic rises. Availability of free time has long been critical for the D.I.Y home improvement market. The pandemic which put the world in quarantine giving people time on their hands, has also resulted in global recession, rising unemployment and erosion of household wealth. Weak consumer confidence and spending is impacting both D.I.Y & D.F.M home renovation spending alike. Investments in new homes, smart cities and smart homes are also witnessing massive erosions impacting sales of smart lighting solutions.

In the post COVID-19 period however, growth will make a comeback led by the resumption of market penetration of LED lighting and the corresponding demand for technologically advanced lighting fixtures. The growth in the market will also be driven by innovations in materials, manufacturing and technology targeted at improving product functionality, energy efficiency and eco-friendliness. In this regard, fixtures made from 100% recycled paper and cement and discarded plastic bottle tops are attracting lucrative price premiums in the market. Smart lighting enabled by internet of things (IoT) will help step up commercial opportunities for lighting fixtures and luminaries. As a result, the market will witness the surging popularity of smart luminaires integrated with built-in intelligence and intelligent lighting controls to enhance energy efficiency such as LED fixtures integrated with daylight harvesting sensors. Interior lighting fixtures is expected to witness healthy gains against the backdrop of improving home values and consumer focus on elegant fixtures with simple yet artistic geometric shapes and surreal designs. Few of the other noteworthy trends that will shape growth will include rise of smart cities and creation of opportunities in the public lighting market; focus on worker safety, productivity, visual comfort and energy savings and the resulting demand for innovative industrial luminaires; rise of connected lighting and the ensuing focus on the development of lighting fixtures and luminaries with daylight dimming and other software-enabled lighting controls and stringent energy efficiency norms and availability of government provided incentives such as subsidies for LEDs which help spur adoption of the otherwise expensive LED lamps and luminaires.

Select Competitors (Total 394 Featured):
  • Acuity Brands, Inc.
  • American Electric Lighting
  • Holophane, Inc.
  • Juno Lighting Group
  • Lithonia Lighting Company
  • Amerlux®, LLC
  • Bajaj Electricals Ltd.
  • Cree, Inc.
  • GE Current
  • Eaton Corporation plc
  • ELK Group International, Inc.
  • Fagerhults Belysning AB
  • Sylvania Lighting
  • FW Thorpe Plc
  • Havells India Limited
  • Hella KGaA Hueck & Co.
  • Hubbell, Inc.
  • Koito Manufacturing Company Ltd.
  • LEDvance GmbH
  • LSI Industries, Inc.
  • Lutron Electronics Co., Inc.
  • NVC (Huizhou) Lighting Technology Corporation
  • OMS, a.s.
  • Opple Lighting
  • Osram GmbH
  • Panasonic Corporation
  • Seren Lighting
  • Schréder Group GIE
  • Signify N.V.
  • Color Kinetics
  • Targetti Sankey S.p.A.
  • Technical Consumer Products, Inc.
  • Toshiba Lighting & Technology Corporation
  • TRILUX GmbH & Co. KG
  • Venture Lighting International, Inc.
  • Zumtobel Group AG
  • Thorn Lighting
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Acuity Brands, Inc.
  • Cree, Inc.
  • GE Current
  • Hubbell, Inc.
  • LSI Industries, Inc.
  • Panasonic Corporation
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Recession
  • COVID-19 Pandemic Impacts Smart Lighting Market
  • Home Office Trend Drives Demand for Lighting with Smart Features
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • Exhibit 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • An Introduction to Lighting Fixtures and Luminaires
  • Types of Lighting Fixtures
  • End-Use Sectors
  • Lighting Fixtures and Luminaires: Shaping the Future of Energy Efficient Lighting Technologies
  • Global Market Prospects & Outlook
  • Developing Regions Poised to Record Healthy Gains
  • Construction Activity: A Key Demand Determinant
  • Exhibit 2: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • Investments in Infrastructure Projects Support Market Demand
  • Exhibit 3: Projected Infrastructure Investment Needed (in US$ Trillion) by Region Over the Period 2016-2040
  • Exhibit 4: Global Projected Infrastructure Investment Needs (in $ Trillion) by Sector Over the Period 2016-2040
  • Competition
  • An Intensely Competitive Marketplace
  • Exhibit 5: Lighting Fixtures and Luminaires Competitor Market Share Scenario Worldwide (in %): 2019
  • Exhibit 6: LED Luminaires Market Share Breakdown by Leading Competitors (in %): 2019
  • Exhibit 7: Leading Players in the Global General Lighting Market (In %) for 2019
  • M&A Emerges as Viable Approach Amid Growing Competition
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Prominent Technologies with Potential to Transform Lighting Industry
  • Surging Demand for LED Lighting Emerges as the Fundamental Growth Driver for the Market
  • Exhibit 8: Typical LED Downlight Luminaire Cost (In %) by Component
  • Exhibit 9: Global LED Lighting Market by Segment (in %) for 2020E
  • LED Lamps and Luminaires’ Penetration Varies Across General Lighting Segments
  • LED Luminaires Adoption in Commercial Buildings Set to Increase
  • Wider Uptake of LED Lighting in Industrial Facilities to Drive Demand for Industrial LED Luminaires
  • Efficiency Requirements Boost LED Luminaires Demand
  • LED Outdoor Lighting Poised for High Adoption in the Future
  • Exhibit 10: Global LED Lighting Market by Application (in %): 2020E
  • LED Lighting Adoption Faster in Countries with High Power Costs
  • Exhibit 11: Countries with High Power Costs: Household Electricity Prices (in US$ per kWh) by Country for 2019
  • OLED Lighting Remains a Niche Category
  • Demand for Waterproof LED Luminaires Witnesses a Surge
  • Government Policies Spur Adoption of Energy Efficient Lamps and Luminaires
  • Advances in Foundation Technology and Processes Allow LEDs to become Smarter
  • Advances in LED Domain Allow Luminaires to Evolve at Lighting Speed
  • Lighting Innovations to Support Performance, Quality and Connectivity
  • Proliferation of Smart Lighting, Connected Home Technology and Digitization Drive Healthy Market Growth
  • Exhibit 12: Global Smart Lighting Market by Application (in %) for 2020E
  • Exhibit 13: US Smart LED Lighting Market by Product (in %) for 2020E
  • Exhibit 14: Global Smart LED Lighting Market by Distribution Channel (in %): 2020
  • Connected, Embedded, and Sustainable Lighting Drive Enormous Changes in Luminaire Design and Functionality
  • Lighting Controls in Fixtures Offer Higher Savings, Energy Efficiency, and Space Efficiency, Augurs Well for Market Expansion
  • Controls for Connected, Intelligent, and Advanced LED luminaires
  • IoT and Artificial Intelligence Gain Significance in Lighting Applications
  • Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Lighting Products
  • Exhibit 15: Global Market for Smart City Technologies in US$ Million for the Years 2019 and 2025
  • Smart Lighting Systems Find High Demand from Street Lighting Networks
  • Consumer Spending on Smart Home Technologies Gathers Steam, Presenting Opportunities for Smart Lighting Solutions
  • Exhibit 16: Global Smart Homes Market (In US$ Billion) for the Years 2019, 2021, 2023 & 2025
  • Exhibit 17: Global Smart Home Market Breakdown by Technology (in %) for 2018 and 2022
  • Demand Rises for Energy Efficient Lighting Systems in Industrial Applications
  • Lighting Technologies for Industrial Spaces: Features, Rated Hours and Applications
  • Modernization Initiatives to Spur Demand for Industrial Luminaires
  • Latest Trends and Innovations in Industrial LED Lighting Industry
  • Automotive Remains a Core End-Use Sector for Lighting Systems
  • Exhibit 18: Global Automotive Lighting Market by Technology (in %) for 2020E
  • Exhibit 19: Global Automotive Lighting Market Breakdown (in %) by Segment: 2020E
  • With COVID-19 Severely Impacting Automobile Production Activity, Demand for Vehicular Lighting Products Set for Significant Decline
  • Exhibit 20: World Automobile Production in Million Units for 2008-2022
  • Noteworthy Trends in Next-Generation Automotive Lighting
  • Laser Light Represents Cornerstone Technology for Automotive Headlight
  • Stylish and Decorative Luminaires Drive Market Growth for Architectural Fixtures
  • Exhibit 21: Global Architectural LED Market by Application (in %) for 2020E
  • Sculptural Lighting Fixtures Stand to Make Gains
  • Innovative Architectural Lighting Trends & Innovations
  • Home Decor Trends Drive the PorTable Lighting Fixtures Market
  • UV Light Emerges as Important Weapon in War against COVID-19 Pandemic
  • Continuous Innovations & Changing Design Trends: The Mark of Lighting Fixtures Market
  • Transformative Trends in Lighting Designs
  • Review of Select Interior Lighting Design Trends
  • Fixture Designs Impact Performance and Environment
  • Key Trends in the Lighting Fixtures Market
  • A Review of Select Innovative LED Fixtures
  • Demographic and Socioeconomic Trends Influence Market Prospects
  • Ballooning Global Population
  • Exhibit 22: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Urbanization Trend
  • Exhibit 23: World Urban Population in Thousands: 1950-2050P
  • Exhibit 24: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Growing Middle Class Population
  • Exhibit 25: Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Exhibit 26: Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Improving Standards of Living
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • The United States: Prime Market for Lighting Fixtures and Luminaires
  • Construction Activity Dynamics Determine Trends in Lighting Fixtures Market
  • Exhibit 27: Key Indicators for US Residential Construction Market
  • Exhibit 28: NAHB/Wells Fargo Housing Market Index: July 2019-July 2020
  • Exhibit 29: Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units (Jan 2020-June 2020)
  • Exhibit 30: Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units for 2008-2019
  • As COVID-19 Dents Prospects in Automotive Industry, Impact Imminent on Automotive Lighting Fixtures Market
  • Exhibit 31: US Vehicle Sales: % Change in Unit Sales for 2019 Vs 2020
  • LEDs Hold Potential in Retrofit Applications
  • LED Lighting and Luminaires Market in the US: A Glance at Key Factors Influencing Demand
  • LED Luminaires along with Software, Connectivity and Sensing to Make Cities Smart
  • Lamps: LEDs Continue to Gain Over Other Lighting Technologies
  • Decorating Trends in Residential Sector Influence Luminaires Market
  • Lighting Controls: Facilitating Lighting Management Anywhere Anytime
  • Emerging Trends in LED Luminaire Designs Drive Adoption in Indoor Applications
  • Evolving Optics and Form Factors
  • Controllability
  • Industrial LED Luminaires Grow in Prominence over Conventional Industrial Luminaires
  • Green Products Emerge in a Big Way
  • Regulatory Initiatives Boost LED Lighting Fixtures Demand
  • New Standard Interface for Advanced Lighting Systems
  • Energy Conservation Initiatives Invigorate Demand for LEDs
  • ENERGY STAR Specifications for Outdoor Lighting Fixtures
  • Competitive Scenario
  • Exhibit 32: Commercial Lighting Fixtures Consumption in the US by Application (In %): 2020E
  • Exhibit 33: US Luminaire Market by Leading Companies (in %) for 2019
  • Distribution Channels
  • Exhibit 34: Lighting Fixtures Market in the US by Distribution Channel (In %): 2020E
  • CANADA
  • Market Overview
  • Construction Industry Growth Impacts Demand for Lighting Fixtures
  • Exhibit 35: Housing Starts in Canada (in Units) for Years 2014 through 2019
  • Exhibit 36: Canadian Non-Residential Construction Sector’s Capital Expenditure in US$ Billion: 2010-2019
  • JAPAN
  • Market Overview
  • Ceiling Lighting Finds Preference as Opposed to Hanging Fixtures
  • Distribution Channels
  • Exhibit 37: Lighting Fixtures Market by Distribution Channel in Japan (in %): 2020E
  • CHINA
  • China: A Major Leading Producer, Consumer & Exporter of Lighting Luminaires
  • COVID-19 Pandemic to Impact Lighting Market Growth
  • Construction Activity and Urbanization: Major Demand Determinants
  • Exhibit 38: Urbanization in China: Urban Population as % of Total Population in Cities for 2007, 2010, 2013, 2016 & 2019
  • Rise in LED Deployments Bodes Well for the Market
  • LED Deployments Influenced by Growing Significance of Energy Conservation & Eco-friendliness
  • Chinese Regulatory Standards for Lighting Products
  • Competition
  • Distribution Channels
  • EUROPE
  • Market Overview
  • LED Luminaires Stand to Gain from Growing Adoption of LED Lighting
  • Energy Efficiency Factor Spurs Market Demand
  • Shift towards LC-LMS Technology Influences Demand
  • Decline in Construction Spending Due to COVID-19 Outbreak to Impact Market Prospects in 2020
  • Exhibit 39: European Construction Output YoY Change (in %) for the Years 2016-2020
  • Competition
  • Exhibit 40: European Luminaire Market Share Breakdown by Leading Companies (in %): 2019
  • Exhibit 41: Professional Luminaires, Systems and Services Market in Europe: Market Share of Leading Companies (in %) for 2019
  • FRANCE
  • Market Overview
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • Retrofitting of Existing Lighting with Efficient Lamps Drives Demand for Luminaires
  • LED Lighting Fixtures on a Growth Path
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Asia-Pacific Evolves into the Core Market for Lighting Fixtures
  • Rise in LED Deployments Spurs Momentum in Lighting Industry
  • AUSTRALIA
  • INDIA
  • India: A Market Laden with Opportunities
  • Availability and Energy Efficiency Drive Consumer Interest
  • LED Lighting Pushes Eco-efficiency in Urban India
  • Popularity of Recessed Luminaires on the Rise
  • Rising Affluence Drives Demand for Higher Priced and Designer Luminaires
  • Exhibit 42: Indian Households by Income Group (In %) for 2019 & 2025
  • COVID-19 Pandemic Impacts India’s Construction Industry Outlook
  • Exhibit 43: COVID-19 Impact on Industries: Estimated Decline by Sector for the Period April-June 2020
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • LED Lighting Fixtures Witness Rising Popularity in the Middle East
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 394
Note: Product cover images may vary from those shown
  • Acuity Brands, Inc.
  • American Electric Lighting
  • Holophane, Inc.
  • Juno Lighting Group
  • Lithonia Lighting Company
  • Amerlux®, LLC
  • Bajaj Electricals Ltd.
  • Cree, Inc.
  • GE Current
  • Eaton Corporation plc
  • ELK Group International, Inc.
  • Fagerhults Belysning AB
  • Sylvania Lighting
  • FW Thorpe Plc
  • Havells India Limited
  • Hella KGaA Hueck & Co.
  • Hubbell, Inc.
  • Koito Manufacturing Company Ltd.
  • LEDvance GmbH
  • LSI Industries, Inc.
  • Lutron Electronics Co. Inc.
  • NVC (Huizhou) Lighting Technology Corporation
  • OMS, a.s.
  • Opple Lighting
  • Osram GmbH
  • Panasonic Corporation
  • Seren Lighting
  • Schréder Group GIE
  • Signify N.V.
  • Color Kinetics
  • Targetti Sankey S.p.A.
  • Technical Consumer Products, Inc.
  • Toshiba Lighting & Technology Corporation
  • TRILUX GmbH & Co. KG
  • Venture Lighting International, Inc.
  • Zumtobel Group AG
  • Thorn Lighting
Note: Product cover images may vary from those shown
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