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Market Research Forecasts U.S. Lighting Fixtures Market at $25 Billion by 2016(May 15, 2012)
ROCKVILLE, MD -- (Marketwire) -- 05/15/12 -- MarketResearch.com has announced the addition of the new report "Lighting Fixtures," to their collection of Lighting & LED Market market reports. For more information, visit http://www.marketresearch.com/Freedonia-Group-Inc-v1247/Lighting-Fixtures-6914089/
Demand for lighting fixtures in the US is projected to increase 7.4 percent annually to $25.1 billion in 2016. This represents a recovery from the declines posted between 2006 and 2011, as both motor vehicle production and construction activity recover from low 2011 levels.
The commercialization of light emitting diode (LED) lighting is also having a significant impact on the industry. LEDs are longer-lived and more energy efficient than incandescent lamps but currently only account for a small share of demand. LED-based lighting fixtures are expected to provide especially strong growth through 2016 due to the rapid pace of technological advances in the LED light sources which will make them more energy-efficient, brighter and more affordable. In addition, while some LEDs can be used in place of traditional incandescent bulbs, lighting fixture manufacturers are also developing fixtures which are specifically designed for LEDs and help to optimize their performance.
Lighting fixture products include non-portable and portable fixtures, as well as separately sold parts and accessories such as aftermarket lamp ballasts, fittings, switches, globes and shades. Demand for lighting fixtures is dominated by non-portable fixtures, which accounted for nearly two-thirds of total lighting fixture demand in 2011. Non-portable fixtures derive their dominant position from widespread use in the full range of construction and vehicular applications. Demand for non-portable fixtures is also expected to post the strongest gains through 2016, benefiting from the rebound in construction activity and vehicle production.
The residential market is expected to post the strongest gains, nearly doubling between 2011 and 2016, as new residential construction activity rebounds. While demand in new housing will provide the larger share of growth, the residential repair and improvement segment will also rise from low 2011 levels, supported by both increasing housing sales and greater consumer spending.
Throughout every major market segment, products that reduce the energy consumption of lighting will see the best prospects for growth. Much of this can be attributed to regulations banning the future sale of less energy-efficient lighting products, including the Energy Independence and Security Act of 2007's restrictions on the sale of incandescent lamps. These regulatory efforts will spur increased demand for lighting fixtures designed to work with fluorescent, halogen, high-intensity discharge and LED light sources.
For more information, visit http://www.marketresearch.com/Freedonia-Group-Inc-v1247/Lighting-Fixtures-6914089/
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