Lighting Market size is set to grow by USD 54.76 billion from 2024-2028, Acuity Brands Inc., ams OSRAM AG and Bridgelux Inc., and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 22, 2024 /PRNewswire/ -- The global lighting market size is estimated to grow by USD 54.76 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. APAC held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 45%.
For more insights on the forecast market size and historic data (2018 - 2022) - Buy Now
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc., Syska Led Lights Pvt. Ltd., Toyoda Gosei Co. Ltd.
Analyst Review
The lighting market encompasses various applications, including interior designing, photography, and scientific research. LED lights, a significant segment, are used in automotive headlamps, aviation, advertising, and lighted wallpapers. LED lighting also plays a crucial role in medical devices, camera flashes, traffic signals, and horticulture sector CEA systems. White light LEDs reduce electricity consumption and energy costs compared to traditional CFL bulbs. Building automation systems, including HVAC, security, and smart lighting solutions, further expand the market's scope. Scientists continue to develop advanced LED technologies, improving color rendering index and metal-halide alternatives.
Key Market Drivers
The global lighting market is experiencing significant growth, driven by the aggressive product development and launch of vendors. Retail sectors, residential areas, and industries such as automotive and consumer electronics are major investors in lighting, particularly energy-efficient solutions like LED. Developing and under-developing nations are focusing on the off-grid solar sector for energy-efficient luminaires and light control systems. Effective manufacturers are taking environmental actions to reduce capital costs and logistics inefficiency. Raw materials for lighting include LED, CFL, LFL, HID, halogen, and incandescent. Applications range from general lighting and automotive headlamps to aviation, advertising, medical devices, camera flashes, traffic signals, and outdoor LED lighting in urban cities, highways, commercial buildings, malls, stores, restaurants, hospitals, schools, and more. Energy consumption and operating costs are key considerations, with solar and energy-efficient solutions becoming increasingly popular. Companies like Hero Motocorp and Dialight are leading the way with innovative LED products and extended warranties, highlighting their commitment to product quality and customer satisfaction.
Challenges and Opportunities
The global lighting market faces challenges due to sustainability concerns, particularly in the context of parking lots and large real estate projects that rely on energy-intensive incandescent lamps and LED fixtures. The semiconductor industry, which produces LED components, faces environmental degradation and energy problems due to the increasing demand for rare earth elements, such as those used in Phosphor-based LEDs. To address these issues, cost-effective and energy-efficient solutions like smart LED bulbs and smart outdoor lighting are gaining popularity. Companies like Signify, with their EcoLink range, offer energy-efficient alternatives for office buildings and bridges. The Biden Harris Administration's focus on environmental sustainability and energy efficiency initiatives further emphasizes the importance of these solutions. Smart cities initiatives prioritize the use of smart lighting solutions, which offer extended life expectancy, improved luminous intensity, and reduced infrared radiations. The Horticulture sector and CEA systems also benefit from advanced lighting technologies, while building automation systems, HVAC, and security systems integrate smart lighting solutions to optimize energy usage. The Color Rendering Index of smart LED bulbs ensures accurate color representation, making them suitable for various applications.
The global lighting market encompasses various sectors, including interior designing, photography, and automotive. Scientists continue to innovate, with LEDs leading the charge in energy efficiency and environmental actions. Adaptive lighting systems, such as those in cars, enhance safety and comfort by adjusting to driving conditions. In residential applications, energy-efficient luminaires and light control systems reduce electricity consumption. Developing and under-developing nations focus on off-grid solar solutions for houses and the retail sector. Metals and raw materials are essential components, while logistics inefficiency and capital costs remain challenges. LED, CFL, LFL, HID, halogen, and incandescent lights serve diverse purposes, from general lighting to automotive headlamps and aviation. Artificial intelligence optimizes energy usage, and lighting plays a role in advertising, medical devices, and camera flashes. Solar energy is a growing trend, with potential to revolutionize energy costs in the lighting industry.
To understand more about this market- Download a FREE Sample Report in minutes!
Market Overview
The Lighting Market encompasses a variety of products and technologies, including LEDs, CFLS, and HIDs. These lighting solutions offer different benefits, such as energy efficiency, longevity, and color rendering. The sector consists of components like lamps, fixtures, and controls, as well as services such as installation and maintenance. Consumers seek cost-effective, sustainable, and customizable lighting systems for both residential and commercial applications. The industry also focuses on research and development to address emerging trends, such as smart lighting and wireless connectivity. Overall, the lighting market is a dynamic and innovative sector that continues to evolve to meet the changing needs of consumers and businesses alike.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article