A detailed analysis of the Japanese lighting fixture industry, highlighting its transition from traditional lighting to LED technology and the increasing focus on IoT-integrated systems. It examines the market size and growth prospects, noting the current growth driven by LED adoption but anticipating a future slowdown. The text also covers the industry's value chain, recent major M&A activities, the strategies of key companies, and the shift towards "Lighting 5.0" with advanced functionalities. Finally, it discusses future challenges and opportunities, including talent development, digital transformation, and sustainability initiatives.