Global Luminaires Market Set for Steady Growth with 2.5% CAGR Through 2031


 Global Luminaires Market Analysis (2025–2031)

The global Luminaires market was valued at approximately USD 75,890 million in 2024 and is projected to reach around USD 89,990 million by 2031, reflecting a compound annual growth rate (CAGR) of 2.5% during the forecast period from 2025 to 2031.

The global luminaires market is experiencing robust growth, driven by the rising demand for energy-efficient lighting solutions, smart city infrastructure, and enhanced aesthetic appeal in residential and commercial spaces. Luminaires, which include a wide range of lighting fixtures designed for various applications, are at the core of modern lighting systems in homes, offices, industrial facilities, and public spaces.

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Key Trends Include:

  • Shift Toward LED Lighting: The transition from conventional lighting to LED luminaires is accelerating due to their longer lifespan, lower energy consumption, and reduced maintenance costs.

  • Growth of Smart Lighting Solutions: Integration of IoT-enabled lighting systems that support remote control, automation, and energy monitoring is gaining traction.

  • Focus on Sustainable Design: Rising preference for eco-friendly materials and designs aligned with green building standards is influencing product development.

Market Segments Analysis:

  • By Type: Includes ceiling-mounted, wall-mounted, recessed, and track luminaires. Ceiling-mounted and recessed types are dominant in residential and commercial sectors.

  • By Light Source: LED, fluorescent, incandescent, and others. LED-based luminaires lead the market due to superior performance and regulatory support.

  • By Application: Residential, commercial, industrial, and outdoor. The commercial segment holds a significant share, while outdoor lighting is growing with urban infrastructure projects.

Market Opportunity:

The expansion of smart cities, coupled with increased investments in urban infrastructure and public safety, presents significant growth opportunities. Emerging economies in Asia-Pacific and Africa are expected to drive demand with ongoing electrification and infrastructure projects.

Growth Drivers and Challenges:

Drivers:

  • Government initiatives promoting energy-efficient lighting

  • Rising construction activities worldwide

  • Growing demand for connected and automated lighting systems

Challenges:

  • High initial investment in smart luminaires

  • Compatibility and integration issues with existing infrastructure

  • Price sensitivity in developing regions

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