According to a new market research report published by sheer analytics and insights, “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”, as per the latest market research report titled Global Lightning fixtures Market– Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
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The light fixture of light fitting is an electrical device containing an electric lamp that illuminates. The primary components of this lighting are the lamp socket, fixture body, and lamp. The global lighting market is rapidly moving from conventional lighting to advance, and smart energy-efficient LED Lighting lamps.
Rising awareness for energy consumption over the globe is boosting the market growth during the forecast period. Apart from that, the demand for a better lighting fixture, including lighting distribution, color consistency, color temperature, are the prime factor for the light fixture market growth. The increasing investment in the construction industry, leading to accelerated infrastructure development in commercial, public, and utility sectors. These factors are expecting to propel market growth.
However, in this current pandemic of COVID-19, the motors market affected much. It changes the growth rate graph slightly in the Lightning fixtures market. But, it has been expected that after the pandemic situation, the global Lightning fixtures market will reach a high position in the graph. Apart from that, the rising of the Lightning fixtures industry across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Lightning fixtures Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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, GE Lighting, Grote Industries Inc., Havells, HELLA KgaA Hueck & Co., Hubbell Lighting Inc., Spaulding Lighting Inc., Juno Lighting Group, and General Electric among others.
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The Global Lightning Fixtures Market Has Been Segmented into:
Global Lightning fixtures Market: By Source
- LED & OLED
Global Lightning fixtures Market: By Product
- Pendant & Chandeliers
- Wall Mounted
Global Lightning fixtures Market: By Distribution Channel
Global Lightning fixtures Market: By Application
Global Lightning fixtures Market: By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America, Middle East & Africa
- South Africa
- Rest of LAMEA
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