US demand for lighting fixtures to reach $32.5 billion in 2018.
Demand for lighting fixtures in the US will increase 7.7 percent annually to reach $32.5 billion in 2018. Advances will be supported by an ongoing recovery in both residential and nonresidential construction activity, as well as by rising personal consumption expenditures as the economy continues to improve following the recession of 2007-2009 and subsequent slow recovery. According to analyst Melissa Pantel-Ku, "Growth will be spurred by increasing interest in higher value, technologically advanced fixtures that are more energy efficient and are optimized for new light source technologies." Sales of LED lighting fixtures are expected to nearly triple through 2018 to account for over half of total fixture sales, up from seven percent in 2008. These and other trends are presented in Lighting Fixtures, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Construction applications account for the majority of lighting fixture demand and are expected to post the fastest growth among major markets. A variety of nonportable lighting fixtures for indoor and outdoor use are employed in residential and nonresidential buildings, as well as in nonbuilding settings such as roadways, marinas, and parks. Advances will be driven by a recovery in construction spending, with particularly rapid gains in both the residential and nonresidential building segments. Retrofitting of fixtures with energy efficient types optimized for advanced light source technologies will help to drive these gains, since building owners and facility managers are eager to reap the savings on electricity that such fixtures offer.
The vehicle and machinery market is expected to grow more slowly than other markets through 2018; motor vehicle production recovered earlier than construction spending, so 2013 represents a higher base and leaves less pent-up demand to be released going forward. As in other markets, LED fixtures are making inroads, but vehicular demand for HID fixtures (in the form of xenon headlights) will also continue to grow. The consumer and commercial market will benefit from rising interest in LED fixtures, which are more expensive than incandescent and fluorescent fixtures because they include built-in LED light sources.
US LIGHTING FIXTURE DEMAND (million dollars) % Annual Growth Item 2008 2013 2018 2008- 2013- 2013 2018 Lighting Fixture Demand 21490 22350 32450 0.8 7.7 Construction 13555 12695 20345 -1.3 9.9 Vehicles & Machinery 4955 6035 6960 4.0 2.9 Consumer & Commercial 2980 3620 5145 4.0 7.3
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|Title Annotation:||NEWS RELEASE|
|Publication:||Research Studies - Freedonia Group|
|Date:||May 3, 2014|
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