The global lighting market is anticipated to grow at a CAGR of around 4.8% over the forecast period 2019 to 2026, expected to reach around US$ 156.8 Bn by 2026.
Light plays a very vital role in every sector. Nowadays, lighting technology is so important in daily life that nowadays it is helping in the production of plants, artificially. According to the European Commission, lighting holds 15%- 18% of electricity consumption, globally. Furthermore, over the past few day’s decades, the lighting industry has experienced continuous technological transformation.
Increasing demand for power-efficient illuminating systems across residential, commercial, and industrial sectors, rising concern over reduction of non-renewable sources of power, and decreasing price of light Emitting Diodes (LED) lights are likely to propel the growth. LEDs are highly efficient, reliable, and they yield a longer life span, which is anticipated to boost their application in both indoor and outdoor settings. These lights are cost-effective compared to incandescent lights, delivering around 50,000 hours of illumination with a small amount of energy consumed. Their lower cost of operation and reduced heat losses also make them a suitable replacement for incandescent lights. Technological advancements, shift from conventional to green lighting, enhanced energy efficiency standards, and declining prices have also spurred the demand. Governments are offering incentives and rebates on replacement of traditional lamps with led products, this enables to improve adoption of led products worldwide. Smart illuminations are also anticipated to offer lucrative opportunities for application in industrial and commercial areas. They have the capability to adjust light-weight using control zones. Smart city schemes have become predominant in the U.S. and several European nations with rising focus on strategies to lessen peak power demand and overall consumption of energy. This technology transformation allows light manufacturing companies to develop new and innovative products. For instance, LEDs are the new technology, which has been adopted by light manufacturing companies for the past decade. Also, scientists have discovered the usage of LEDs in growing plants. Additionally, scientists say that led light plays an important role and an essential product in plant growth and development.
By lighting type, the LED segment is expected to dominate the lighting market
By lighting type, the global lighting market is segregated into LEDs, CFLs, sLFLs, HIDs, halogens and incandescent. The LED ssegment accounted for the major share of the market in 2018 and it dominate the market during the forecast period owing to the increase in demand for product efficient and growth in demand for energy efficient lighting in the end-use industries.
Based on end user, the residential segment is expected to dominate during the forecast period
Based on end user, the market has been segmented into residential, commercial and industrial. The residential segment account for the highest market share in terms of value and volume in the market in 2018. The growth of the market is primarily influenced owing to increase purchasing power of the consumer and technological advancement in the lighting solutions to influence the premium features at low cost. However, the commercial segment is expected to lead the market in terms of growth rate during the forecast period.
The market research study on “Global Lighting Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global lighting market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Lighting market, its market design, application, vehicle, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Lighting market size and volume, and segment markets by market design, application, vehicle, and geography along with the information on companies operating in the market. The global Lighting market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia- Pacific dominated the regional market with a maximum market share
Asia- Pacific accounted for the high market share of the global lighting market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are, due to the increasing regional population and the demand for lighting equipment in residential, commercial, and industrial sectors. Furthermore, this region is also expected to grow substantially in the forecast period because of continuously increasing demand for innovative, durable, and reasonable lighting equipment. There are multiple registered and unregistered players that are manufacturing and providing lights to customers. In the Asia Pacific, China will hold the largest market share, because of the fragmentation of the market by many vendors. In addition, China also exports its lighting products to different countries.
The key companies involved in the market includes are GE Lighting, Koninklijke Philips N.V., Panasonic Corporation, OSRAM Licht AG, Schneider Electric SE, Cree, Inc., CITIZEN ELECTRONICS CO. LTD, Lumerica, LEDtronicsInc, and Acuity Brands Inc.
Market By Lighting Type
Market By Application
Market By End User
Market By Geography
Middle East & Africa
Lighting technology is helping in the production of plants, artificially.
Lighting holds 15%- 18% of electricity consumption, globally.
Lighting market growth is driven by increasing demand for power-efficient illuminating systems across residential, commercial, and industrial sectors, rising concern over reduction of non-renewable sources of power, and decreasing price of LED lights.
The global lighting market is anticipated to grow at a CAGR of around 4.8% over the forecast period 2019 to 2026.
Acumen Research and Consulting Predict that the global lighting market is expected to reach around US$ 156.8 Bn by 2026.
Asia- Pacific held maximum share in 2018 for lighting market.
GE Lighting, Koninklijke Philips N.V., Panasonic Corporation, OSRAM Licht AG, Schneider Electric SE, Cree, Inc. are the top players operating in the lighting market.