Lighting Market to grow by USD 54.76 billion from 2023 to 2028; The declining manufacturing cost of light-emitting diodes to drive the growth - Technavio

NEW YORK, Dec. 12, 2023 /PRNewswire/ -- The lighting market is expected to grow by USD 54.76 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 6.89% during the forecast period. The market is segmented by application (general lighting, automotive lighting, and backlighting), type (LED technology and traditional technology), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The declining manufacturing cost of light-emitting diodes is a key factor driving market growth. This is mainly due to the decreasing ASP of chips and components that are used in making LED devices. In addition, the lower cost of LED production will lead to a reduction in initial installation costs for LEDs and lamps. That accelerates the installation of new LED lamps and light bulbs in all application segments.

The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample Report

Key Highlights:

• The report recognizes the following as some of the key players in the lighting market: 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.
• Lighting Market is fragmented in nature.
• Market to observe 6.45% YOY growth in 2024.

Market Dynamics:

Major Trend

• The growing traction of intelligent lighting systems is a major trend in the market.
• Intelligent lighting products can adapt to changing space requirements, such as in office buildings.
• In addition, Smart lighting systems save energy and provide valuable information that can be used for energy analysis and maintenance. 

Significant Challenge

• The sustainability issue in the lighting industry is a significant challenge restricting market growth.
• Sustainability in the lighting sector is an area that calls for energy conservation and eco-friendly solutions such as Compact Fluorescent Lights FLC or LED lights to help reduce the environmental impact of light.
• Moreover, manufacturers should prioritize sustainability and energy efficiency in lighting products to inform consumers about the advantages of smart lighting solutions when making purchasing decisions.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The general lighting segment will account for a major share of the market's growth during the forecast period. Applications that use the segment include houses, offices, workplaces, factories, streets, sports grounds, and cinemas. Light-emitting diodes have led to a shift in the lighting industry. LEDs have been preferred by customers because their maintenance costs are very minimal compared to the high upfront cost of buying them. Moreover, an additional benefit is the continuous reduction of LED prices. The phenomenon of interconnected lighting, whereby every lamp in a home or office can be operated using smartphones, is becoming more common in advanced countries.

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Related Reports:

The Decorative Lighting Market size is estimated to grow by USD 9.99 billion at a CAGR of 5.34% between 2022 and 2027.

The Global LED Lighting Market size is estimated to grow by USD 34.82 billion at a CAGR of 7.35% between 2022 and 2027 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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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