The global lighting fixture products market was valued at USD 48.5 billion in 2022 and is projected to expand at a CAGR of 7.3% from 2023 to 2030. The increasing demand for aesthetic lighting fixtures, along with the emergence of smart lighting products, is driving the growth of the market. Additionally, the rapid adoption of energy-efficient lighting products, such as LEDs, is further driving the growth of the market. The stringent government regulations, and standards, such as the Energy Independence and Security Act (EISA) of 2007, are further propelling the demand for energy-efficient lighting products, which, in turn, is driving the growth of the market.

Furthermore, the increasing demand for decorative lighting fixtures, such as chandeliers and pendant lights, is driving the market growth. The high demand for these fixtures is mainly attributed to their ability to create a cozy atmosphere and enhance the aesthetic value of any space. Moreover, the increasing demand for aesthetic lighting fixtures with the emergence of various designs and styles is driving the market growth. Furthermore, the growing popularity of connected lighting fixtures is further propelling the growth of the market. Smart lighting fixtures are increasingly being adopted in many residential and commercial spaces due to their ability to be controlled with a smartphone or other connected devices.

The rising trend of urbanization and industrialization is driving the demand for lighting fixtures for residential, commercial, and industrial spaces. Furthermore, the rapid adoption of smart lighting fixtures is further boosting the market growth. Smart lighting systems are increasingly being adopted to provide convenience and efficient lighting in various spaces. Moreover, the rising demand for energy-efficient lighting products, such as LEDs, is further driving the growth of the market. LEDs are increasingly being adopted due to their energy-saving and long-lasting capability.

The increasing demand for energy-saving lighting products is driving the demand for lighting controls. Lighting controls are used to regulate the amount of light emitted from a fixture in order to reduce energy consumption. Furthermore, the rising trend of automation is driving the demand for automated lighting control systems. Automated lighting control systems allow users to control the lighting in any space with the help of a smartphone or other connected devices.

Additionally, the increasing demand for lighting fixtures in hospitality and retail spaces is driving the market growth. Lighting fixtures are crucial for creating a pleasant ambiance in these spaces. Furthermore, the increasing adoption of decorative lighting fixtures, such as chandeliers and pendant lights, is further driving the growth of the market.

The indoor lighting segment led the market and accounted for a share of around 36.6% in 2022. Indoor lighting fixtures are used to provide artificial light indoors and enhance the aesthetic appeal of the room. Increasing demand for energy efficient lighting solutions from residential as well as commercial sectors is one of the key factors driving the demand for indoor lighting fixtures. According to an article published by the Lighting Research Center, in August 2020, LED lighting is set to continue its growth trajectory, with LED products accounting for 73% of the total lighting sales in 2020.

The outdoor lighting segment is anticipated to expand at the fastest CAGR of 6.3% over the forecast period. Increasing investments to enhance the appearance of outdoor spaces and growing awareness of the benefits of outdoor lighting are some of the key factors driving the outdoor lighting market growth. According to an article published by the Lighting Research Center, in June 2020, outdoor lighting is expected to see continued growth, with up to 60% of lighting sales coming from outdoor products. In addition, technological advances in outdoor lighting solutions such as smart lighting and LED lighting are also providing a boost to the outdoor lighting market.

The specialty stores segment held the major share of the lighting fixture products market in 2022. This is mainly attributed to the availability of a wide range of products and customization options in specialty stores. Specialty stores have a wide range of products, including decorative, residential, and commercial lighting products. Moreover, customers can compare and evaluate the range of products available in specialty stores, allowing them to make the right purchase decision.

The online segment is expected to expand at the highest CAGR of 8.6% over the forecast period. This can be attributed to the increasing acceptance of online shopping among consumers. Moreover, online stores provide customers with a wide range of products and customization options, which is driving the growth of the segment. Furthermore, customers can get discounts on online purchases from various e-commerce portals. This is further fuelling the growth of the segment.

The LED lighting fixtures market is expected to hold the largest share of the global lighting fixtures market and is expected to grow at a CAGR of 8.3% during the forecast period. The rising demand for energy-efficient lighting solutions and the implementation of LED lighting fixtures in residential, commercial, and industrial sectors are the major factors driving the growth of the LED lighting fixtures market. Furthermore, the increasing advancement in LED technology and the availability of lighting fixtures with improved features, such as dimming and color changing, are some of the other factors driving its growth.

The fluorescent lighting fixtures market is expected to grow significantly during the forecast period owing to its cost-effectiveness and energy-saving features. Furthermore, its increasing demand in the residential sector is driving its growth. Moreover, the increasing demand for energy-efficient lighting systems and the introduction of advanced fluorescent lighting fixtures are expected to create lucrative opportunities for the fluorescent lighting fixtures market in the near future.

Europe is expected to witness the highest CAGR over the forecast period. The growth in the region can be attributed to the growing adoption of energy-efficient lighting solutions such as LED lighting. The increasing demand for residential and commercial lighting fixtures is driving the growth of the market in the region. Additionally, the increasing investments in infrastructure development in the region are expected to create lucrative opportunities for the market players in the region.

Asia Pacific is expected to witness the second-fastest growth over the forecast period. The growth in the region can be attributed to the increasing investments in infrastructure development, rising disposable incomes, and changing lifestyles. Additionally, the presence of numerous manufacturing facilities in the region is expected to drive the demand for lighting fixtures in the region. Furthermore, the presence of a large consumer base in countries such as China and India is expected to propel the growth of the market in the region.

In this part of the lighting fixtures products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your lighting fixture products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a lighting fixtures products business comes from sales of lighting fixtures, materials, and installation services. Here you will find a list with a description of each of them and other possible sources of profit such as resale of used lighting fixtures, the sale of parts and accessories, and energy-efficiency consulting services.

Projecting Expenses
In this section, all the regular expenses related to keeping the lighting fixtures products business running will be described. The list of operating expenses includes rent, wages, taxes, advertising, materials, utilities, insurance policies, and others.

Some of the key companies operating in the lighting fixture market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In August 2022, Philips Lighting launched “Philips Hue” an intelligent lighting system that allows users to control the lighting fixtures from their smartphone.

– In July 2022, Acuity Brands Inc. launched the “Luxor Smart Lighting System” which provides an integrated solution for users to control their lighting fixtures.

– In June 2022, Cree Inc. launched the “Connected Lighting System” which allows users to control their lighting fixtures through voice commands.

Some of the prominent players in the lighting fixture market include:

– Philips Lighting
– Acuity Brands Inc.
– Cree Inc.
– Osram Licht AG
– Eaton Corporation
– Hubbell Incorporated
– Zumtobel Group
– General Electric
– Legrand S.A.
– Havells India Limited

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global lighting fixture products market based on product, type, application, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– LED Lights
– Fluorescent Lights
– Incandescent Lights
– Others

2. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Indoor
– Outdoor

3. Application Outlook (Revenue, USD Million, 2017 – 2030)

– Residential
– Commercial
– Industrial

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Factors Driving the Lighting Fixture Products Market?
[A]: The rise in urbanization and industrialization, increasing demand for energy-efficient lighting systems, increasing awareness toward smart lighting, and technological advancements in lighting systems are some of the factors driving the lighting fixture products market.

[Q]: What are the Regions that offer the Largest Opportunity for Sales of Lighting Fixture Products?
[A]: The Lighting Fixture Products market is expected to have the highest growth in Asia-Pacific, owing to rapid urbanization and industrialization. The Asia-Pacific Lighting Fixture Products market is estimated to reach USD 77.93 billion by 2026.

[Q]: Who are the Key Players in the Lighting Fixture Products Market?
[A]: Key players in the Lighting Fixture Products market include Philips Lighting, Osram Licht AG, Cree Inc., Hubbell Incorporated, Acuity Brands Lighting Inc., Eaton Corporation, and General Electric.

[Q]: What are the Different Types of Lighting Fixtures?
[A]: Different types of lighting fixtures include Chandeliers, Track Lights, Wall Sconces, Recessed Lighting, Pendant Lights, Vanity Lights, Ceiling Fans, and Outdoor Lights.

[Q]: What are the Benefits of Using Lighting Fixtures?
[A]: Lighting Fixtures offer a variety of benefits, including improved safety, increased energy efficiency, enhanced ambience, improved productivity, improved aesthetics, and increased value of a home or business.