Lighting Market size is set to grow by USD 54.76 billion from 2024-2028, Growing number of developments and lighting product launches to boost the market growth, Technavio

NEW YORK, July 15, 2024 /PRNewswire/ -- The global lighting market size is estimated to grow by USD 54.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. Growing number of developments and lighting product launches is driving market growth, with a trend towards advances in automotive lighting systems. However, sustainability issue in the lighting industry poses a challenge. Key market players include 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., and Toyoda Gosei Co. Ltd..

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Key Market Trends Fueling Growth

Adaptive lighting systems are gaining popularity in both commercial and passenger vehicles due to their enhanced safety and comfort features. For instance, adaptive headlamps adjust their beams according to steering input, ensuring the vehicle's desired path is illuminated. This is particularly beneficial during night driving and low-light conditions. Adaptive emergency brake lights (AEBL) automatically flash when a vehicle undergoes an emergency brake, alerting drivers behind. Laser lights, delivering more brightness than LED lamps with minimal power consumption, are the latest trend in automotive lighting. Their long life and highly directional output make them an effective option for automobiles. OEMs are investing in R&D to develop laser lighting technology for the automotive industry, presenting significant growth opportunities for the global lighting market. Adaptive front-lighting systems and AEBL are expected to become standard features in commercial vehicles to enhance safety measures. 

The lighting market is thriving with trends in interior designing, photography, and scientific advancements. LED lights are leading the charge, offering energy efficiency and long lifespan. Plants and metals also influence the industry, with researchers exploring their potential in lighting. Developing and under-developing nations focus on off-grid solar solutions for houses and even for the homeless. Electricity consumption remains a concern, driving the need for energy-efficient luminaires and light control systems. AI and environmental actions shape the future of lighting, while capital costs and logistics inefficiency challenge the retail sector. Raw materials, such as raw materials for LEDs, CFLs, LFLs, HID, halogen, and incandescent, impact pricing. Solar, automotive, aviation, advertising, medical devices, and camera flashes are other significant sectors. Energy costs and energy-efficient alternatives, like LED lights for automotive headlamps, continue to be a priority. 

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Market Challenges

• The lighting industry faces a significant challenge in balancing growth with sustainability. With the increasing importance of eco-friendly and energy-efficient solutions, the demand for sustainable lighting technologies, such as CFLs and LEDs, is on the rise. However, the limited supply of rare earth elements required for some lighting technologies, like Phosphor-based LEDs, can lead to price fluctuations and supply chain disruptions. To mitigate these issues, manufacturers must prioritize sustainability and energy efficiency in their products. Consumers need to be educated about the benefits of sustainable lighting solutions to make informed purchasing decisions. Governments can also support the adoption of sustainable lighting by providing incentives and regulations. By addressing sustainability concerns, the lighting industry can continue to grow while minimizing its environmental impact. The importance of sustainability in the lighting sector cannot be overstated, especially in the context of climate change concerns.
• The lighting market faces challenges in various sectors, including parking lots and real estate, where cost-effective and long-lasting solutions are in high demand. LED fixtures, such as those from Signify, offer energy efficiency and longer life expectancy compared to traditional incandescent lamps and fluorescent bulbs. However, semiconductor shortages and environmental degradation pose challenges. Energy problems and rising electricity costs also impact the market. Smart LED bulbs and outdoor lighting systems are solutions, offering energy savings and smart features. Bridges, buildings, and office buildings also require energy-efficient lighting, with smart solutions integrating with HVAC, security, and building automation systems. The Biden Harris Administration emphasizes energy efficiency and environmental sustainability, with initiatives like the EcoLink range of LED fixtures and smart cities projects gaining traction. The horticulture sector also benefits from advanced lighting systems, such as CEA systems, while the Color Rendering Index and infrared radiations are crucial considerations for different applications.

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Segment Overview 

This lighting market report extensively covers market segmentation by

1. Application 
• 1.1 General lighting
• 1.2 Automotive lighting
• 1.3 Backlighting
2. Type 
• 2.1 LED technology
• 2.2 Traditional technology
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 General lighting- The general lighting market encompasses various products including lamps, electronics, consumer luminaires, systems, and professional luminaires and systems. This segment is the largest in the lighting industry, primarily used in residential, commercial, industrial, outdoor, and entertainment applications. Key players such as Signify NV, OSRAM, and IDEAL INDUSTRIES Inc.'s Cree dominate this segment. LED technology, introduced in the 1970s, has significantly impacted the market due to its long lifespan, energy efficiency, and low maintenance cost, despite a higher initial investment. The ongoing trend of connected lighting, enabling control of fixtures via smartphones, is a new direction for the segment, contributing to the growth of the global lighting market. LED's continuous price reduction further boosts its adoption.

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The global Automotive Adaptive Front Lighting System market is experiencing significant growth due to advancements in automotive safety and lighting technologies. Simultaneously, the global Light-Emitting Diode (LED) market is expanding, driven by increasing demand for energy-efficient lighting solutions. Within this space, the global Automotive Interior LED Lighting market is also rising, fueled by consumer preference for aesthetically pleasing and energy-saving vehicle interiors. Major players are innovating to enhance performance and integrate smart lighting solutions, driving the evolution of these interconnected markets.

Research Analysis

The lighting market encompasses various applications of light for interior designing, photography, and scientific research. LED lights, with their energy efficiency and long lifespan, have revolutionized the industry, replacing traditional incandescent bulbs and Compact Fluorescent Lights (CFLs). Scientists continue to explore the properties of light, from its role in plant growth to its impact on electricity consumption and energy costs. Metals and other materials play a crucial role in lighting production, from LEDs to automotive headlamps and aviation. White light is essential for various industries, including advertising, medical devices, camera flashes, traffic signals, and more. The Biden Harris Administration's focus on energy efficiency and sustainability is driving innovation in LED lighting, building automation systems, HVAC, and security. The Color Rendering Index (CRI) is a critical metric for assessing the quality of light in various applications, from horticulture to CEA systems. Smart lighting solutions are also gaining popularity, offering energy savings and enhanced functionality.

Market Research Overview

The lighting market encompasses various applications of light in interior designing, photography, and scientific research. LEDs have revolutionized the industry with their energy efficiency and long life span, replacing traditional lighting sources like incandescent, CFL, LFL, HID, and halogen bulbs. Plants and developing countries also benefit from LEDs in off-grid solar sectors. Lighting solutions are essential in the residential sector, automotive, retail, and commercial buildings. Raw materials like metals and electricity consumption are significant factors in manufacturing luminaires and light control systems. Solar energy and energy-efficient solutions are crucial environmental actions to mitigate capital costs and logistics inefficiency. Effective manufacturers offer a range of LED bulbs, fixtures, and smart lighting systems for various sectors, including aviation, advertising, medical devices, and traffic signals. Urban cities, highways, commercial malls, and offices utilize LED lighting to reduce energy costs and enhance safety and aesthetics. Smart LED bulbs and outdoor lighting systems are cost-effective and energy-saving solutions for real estate, semiconductor, and industrial applications. However, the environmental impact of lighting production and disposal must be addressed to minimize degradation and energy problems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• General Lighting
• Automotive Lighting
• Backlighting
• Type
• LED Technology
• Traditional Technology
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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

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