Lighting Market to Reach USD 163.72 billion by 2027 | Exhibiting a CAGR of 4.3%

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Pune, India, May 15, 2023 (GLOBE NEWSWIRE) — The global lighting market size is projected to reach USD 163.72 billion by 2027. The increasing usage of LED lights in photography, houses is fueling the market. Besides these LEDs are also used to grow plants at home and research laboratories as these are effective since it uses low energy usage, and is color optimized for the plant’s growth. This information was given by Fortune Business Insights™ in a report, titled, “Lighting Market, 2020-2027.” As per the report, the market stood at USD 118.33 billion in 2019. It is set to exhibit 4.3 % during the forecast period between 2020 to 2027.

COVID-19 Impact.

The COVID-19 has affected the growth of the market due to the sudden shutdown of manufacturing units along with the commercial sectors. As per a report by Lighting Industry Association (LIA) during lockdown due to lack of raw materials which are required to manufacture chips, light casing was heavily impacted and this obstructed the market’s growth. However, 89% of LIA members reported that have now recovered 95% of their sales which declined during the lockdown.

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Segments-

General Application to Rise Significantly in Upcoming Years: Fortune Business Insights™

Based on the lighting type, the market is categorized into LED, CFL, LFL, HID, halogens, incandescent, and others.  By the application, it is segregated into general, automotive, backlighting, and others. Based on the end-user it is divided into, residential, commercial, and industrial. In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

However general application is expected to hold the major market share. In 2019, this segment stood at USD 93.4 billion. Automotive is also rising owing to increase usage of LEDs in Car interior and halogens in the headlights.

Report Coverage-

This report includes in-depth information about the lighting industry. The data present in it is associated with drastic changes in material usage, novel product launches, and technological advancements. It offers dynamics based on multiple factors, such as opportunities, challenges, drivers, and restraints. In addition to that, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.

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Drivers & Restraints

Rising Construction Activities in Developing Economies to Propel Growth

Rising construction activities in developing economies such as India, China, and many African countries have opened up the massive potential for the growth of the artificial light market. Governments in these regions are working to provide homes to underprivileged populations. Thus fueling the market growth.

On the other hand, due to stringent government policies, many manufactures are facing difficulties to set new light manufacturing units. Besides, high investment in the R&D sector and reduced availability of raw materials, and lack of advanced manufacturing equipment in developing economies are obstructing the market growth.

Regional Insights

Asia Pacific to Dominate owing to Presence of Several Local Vendors

Asia Pacific is expected to dominate the market in upcoming years owing to increased development in India, China Indonesia, Fiji Malaysia, and Maldives. The market stood at USD 55.84 billion in 2019. Out of these China is expected to hold a major share owing to the presence of several local manufactures. It is also a major exporter of these artificial lights.

North America is anticipated to grow at a moderate rate, owing to the presence of several key players in the region. Moreover, due to increased urbanization and availability of innovative, energy-efficient products are positively promoting regional growth.

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Competitive Landscape

Key Players Aim to Broaden Product Portfolios by Launching Innovative & Effective Products

Leading companies in this market are being shaped by the expansion of operations by key players. The demand for cost-effective and energy-efficient and innovative products has increased in recent years. Thus manufactures are working to come up with environment-friendly as well as of superior quality products to boost the market. For example, in 2016 launched  GreenPower LED flowering lamp 2.0. This lamp will help to extend daylight or interrupt the night in greenhouses for growers who cultivate strawberries, cut flowers, bedding plants, and cuttings. This method is a cost-effective way for these farmers as it uses less energy.

Industry Development

February 2019: Cree inc, launched a next-gen XLamp named XP-E2 photo red and far-red. This lamp will provide enhanced service in horticulture.

September 2019: OSRAM introduced new lasers named LiDAR( Light Detection Ranging) which will be used in vehicles to see longer distances without any difficulty.

List of Key Players Covered in the Lighting Market Report:

• GE Lighting
• Koninklijke Philips N.V
• Panasonic Corporation
• OSRAM Licht AG
• Schneider ElectricSE
• Cree, Inc.
• CITIZEN ELECTRONICS CO., LTD.
• Lumerica
• Havells India Ltd.
• LEDtronics, Inc.
• Patriot LED
• Acuity Brands, Inc.

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