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.
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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.
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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
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Lighting Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
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Market growth 2024-2028 |
USD 54.76 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.45 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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
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Email: media@technavio.com
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