NEW
YORK, June 19, 2024 /PRNewswire/ -- The global
general lighting market size is estimated to grow by
USD 60.8 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 7.72% during the forecast
period. Declining manufacturing cost of leds is
driving market growth, with a trend towards growing
number of households and urbanization. However, high average
cost per led fixture poses a challenge. Key market players
include Acuity Brands Inc., Advanced Lighting Technologies LLC,
Bridgelux Inc., Citizen Watch Co. Of America Inc., Cree Lighting,
Delta Electronics Inc., Dialight Plc, Eaton Corp. Plc, General
Electric Co., Hafele America Co., Hubbell Inc., Lumens Co. Ltd.,
OSRAM Licht AG, Panasonic Holdings Corp., Philips International BV,
Schneider Electric SE, Selux AG, Signify NV, Wipro Ltd., and
Zumtobel Group AG.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (LED lighting
and Traditional lighting), Application (Residential, Commercial,
Outdoor, Industrial, and Others), and Geography (APAC, Europe,
North America, Middle East and Africa, and South
America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Acuity Brands Inc.,
Advanced Lighting Technologies LLC, Bridgelux Inc., Citizen Watch
Co. Of America Inc., Cree Lighting, Delta Electronics Inc.,
Dialight Plc, Eaton Corp. Plc, General Electric Co., Hafele America
Co., Hubbell Inc., Lumens Co. Ltd., OSRAM Licht AG, Panasonic
Holdings Corp., Philips International BV, Schneider Electric SE,
Selux AG, Signify NV, Wipro Ltd., and Zumtobel Group AG
|
Key Market Trends Fueling Growth
The global general lighting market is experiencing significant
growth due to increasing urbanization and the resulting demand for
new residential and commercial buildings. Key contributors to this
trend include China, with its
expanding urban population and rising demand for luxury homes, and
Brazil, which is attracting
commercial business entities and leading to rapid urbanization.
Southeast Asian countries, such as Singapore, Malaysia, and Thailand, are also observing high demand for
LED lighting due to its energy efficiency. Infrastructure
development in mega-urban areas is further driving the demand for
lighting systems. The forecast period is expected to see continued
growth in the general lighting market.
The lighting market is currently experiencing significant
growth, with framework programs like LED, CF, FL, and HID in high
demand. Faster processing technology and energy efficiency are key
trends driving this market. Opening up new opportunities are
technologies such as smart lighting and flexible lighting systems.
The industry is also witnessing a rise in demand for outdoor
lighting solutions, especially in residential and commercial
sectors. Additionally, the market is seeing increased adoption of
color-changing and RGB lighting systems for various applications.
Overall, the lighting market is poised for continued growth and
innovation.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The LED lighting market faces an obstacle in its growth due to
the high initial cost of LED luminaires and smart fixtures.
Installation expenses include both the cost of the LED components
and labor fees. Moreover, the implementation of IoT infrastructure
for smart lighting systems adds to the financial burden. The price
range for smart LED bulbs from major manufacturers is broad,
ranging from USD15 to USD180.
- The general lighting market faces several challenges in the
implementation of various technologies. LED technology, such as
CFLED and LFL, is becoming increasingly popular due to its energy
efficiency and longevity. However, the high initial investment cost
is a significant barrier for many businesses. Additionally, the
integration of artificial intelligence and connectivity features,
like those found in smart lighting systems, adds complexity and
cost. Another challenge is the need for compatibility with existing
infrastructure and the requirement for ongoing maintenance and
updates. Furthermore, the regulatory environment, including energy
codes and certifications, adds to the complexity and cost of
implementation. Overall, the lighting market requires a balance
between innovation and affordability to meet the needs of
businesses and consumers alike.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This general lighting market report extensively covers market
segmentation by
- Product
- 1.1 LED lighting
- 1.2 Traditional lighting
- Application
- 2.1 Residential
- 2.2 Commercial
- 2.3 Outdoor
- 2.4 Industrial
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 LED lighting- The General Lighting Market
experiences consistent growth due to increasing demand for
energy-efficient solutions. Businesses prioritize LED lighting,
which offers cost savings and longer lifespan. Additionally, smart
lighting systems are gaining popularity for their convenience and
energy management capabilities. Market size is driven by these
trends and the ongoing shift towards sustainable business
practices.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The general lighting market encompasses a wide range of lighting
solutions for various applications, including indoor and open air
regions. Ambient lighting systems are popular choices for enhancing
interior design, with options such as suspended lights and recessed
lights available. Lightweight sparkle and harsh glare are essential
considerations for photography and cinematography. Natural light is
another crucial factor, with hardware and software & services
offering advanced light control systems. LEDs, a significant
component of modern lighting systems, are energy-efficient and
available in various colors and intensities. The market caters to
diverse sectors like residential, hospitality and retail,
healthcare, office buildings, and more, utilizing electricity and
metals in their production. Artificial intelligence and luminaire
technology are also driving innovations in the lighting
industry.
Market Research Overview
The General Lighting Market encompasses a wide range of lighting
technologies and applications, including LED, fluorescent, and
high-intensity discharge (HID) lighting. These lighting systems are
used in various sectors such as residential, commercial,
industrial, and outdoor applications. The market is driven by
factors such as increasing energy efficiency, advancements in
lighting technology, and government regulations promoting
energy-efficient lighting. The use of smart lighting systems and
the integration of lighting with Internet of Things (IoT)
technologies are also trending in the market. The market size is
significant and continues to grow due to the increasing demand for
energy-efficient and cost-effective lighting solutions. The market
offers opportunities for manufacturers, suppliers, and distributors
of lighting products and services.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- LED Lighting
- Traditional Lighting
- Application
-
- Residential
- Commercial
- Outdoor
- Industrial
- Others
- 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: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio