Global Lighting Fixtures and Luminaires Market to Reach US$145.3 Billion by 2030

The global market for Lighting Fixtures and Luminaires estimated at US$89.2 Billion in the year 2023, is expected to reach US$145.3 Billion by 2030, growing at a CAGR of 7.2% over the analysis period 2023-2030. Non-Portable, one of the segments analyzed in the report, is expected to record a 7.6% CAGR and reach US$111.0 Billion by the end of the analysis period. Growth in the Portable segment is estimated at 5.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$16.9 Billion While China is Forecast to Grow at 8.9% CAGR

The Lighting Fixtures and Luminaires market in the U.S. is estimated at US$16.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$31.6 Billion by the year 2030 trailing a CAGR of 8.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.3% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.

Global Lighting Fixtures and Luminaires Market - Key Trends and Drivers Summarized

Lighting fixtures and luminaires refer to devices that house and support light bulbs or other lighting elements to illuminate spaces. These devices include a wide array of products such as ceiling lights, wall lights, lamps, and outdoor illuminators that serve both functional and aesthetic purposes in residential, commercial, and industrial settings. Luminaires are designed to optimize the distribution of light according to the environment they are intended for, incorporating elements like reflectors, lenses, or louvers to control and direct the emitted light. The design and technology of lighting fixtures have evolved significantly, integrating more energy-efficient systems and stylish designs that complement modern architectural trends.

The market for lighting fixtures and luminaires has been revolutionized by advancements in LED technology and the increasing adoption of smart lighting solutions. LED technology offers substantial benefits over traditional lighting options, including longer lifespans, reduced energy consumption, and lower maintenance costs, making LEDs a preferred choice for both new installations and upgrades of existing systems. Furthermore, smart lighting systems, which can be controlled remotely through smartphones or integrated with home automation systems, are gaining popularity. These systems offer enhanced functionality such as adjustable color temperatures, dimming capabilities, and integration with other home automation technologies, providing users with unparalleled control over their lighting environments and helping to create more comfortable and customizable spaces.

The growth in the lighting fixtures and luminaires market is driven by several factors, including technological innovations, increased awareness of energy efficiency, and changes in consumer preferences. As environmental concerns become more prominent, there is a growing demand for energy-efficient lighting solutions, driving the adoption of advanced technologies like LEDs and smart lighting systems that can adapt to users` needs while reducing power consumption. Additionally, the expansion of the construction sector, particularly in emerging economies, presents significant opportunities for the deployment of modern lighting solutions in new residential and commercial developments. Consumer trends toward more personalized and stylish home environments also boost demand for fixtures that are not only functional but also aesthetically pleasing.