Lighting Product Market size is projected to record notable gains between 2023 and 2032 attributed to the growing need for such equipment driven by the rising disposable incomes and mounting demand for aesthetic living. Moreover, increased usage of these products in commercial settings such as healthcare, corporate office, automobile, retail, and more are expected to further fuel the industry share. Additionally, the surging implementation of various lights in public infrastructure, including tunnels, airports, traffic signals, and streetlights, will stimulate product demand.
The emerging trend of smart cities and home automation is likely to spur the demand for smart lighting technology, which is designed for offering high energy efficiency, security, and convenience. Various governments are taking significant steps in a bid to deploy smart lighting in different states and cities, thereby propelling business progression.
The global market expansion is expected to be challenged by the rising inflation rate, which has resulted in the high cost of the product. Additionally, various operational conditions, including high voltage and temperature, is affecting the product’s efficiency and lifespan. Besides, harsh environments and high ambient temperatures will potentially impact the light efficiency, limiting the lighting product market growth.
Based on type, the lighting product market from the LED segment is set to record considerable expansion from 2023 to 2032 owing to the high durability and reduced costs of these products. LEDs are known to offer brighter luminance with relatively less consumption of electricity, unlike their counterparts. Several manufacturers have pivoted to LEDs from CFLs over the past few years, due to their low prices and easy fitting processes. Moreover, LEDs likely to witness widespread adoption in the residential sector due to the availability of a variety of options and reduced energy consumption.
In terms of end-use, the residential segment is set to depict a rapid growth rate over 2023-2032. Leading light manufacturers are focused on developing innovative LEDs and lighting technology with high durability, maximum output, and minimal power use. The commercial sector is also poised to hold a notable share in the global market on account of the factors like increasing investments in the establishment of commercial buildings and an upsurge in the number of public infrastructures like stadiums, railway stations, airports, and so forth.
In the regional landscape, the Asia Pacific lighting product market is slated to observe exponential expansion, mainly credited to rapid urbanization, the escalating need for the construction of new residential complexes, and elevating consumer interest in home renovations. Furthermore, key APAC countries, such as China and Japan, have set sustainability goals that are likely to promote the utilization of LED lighting systems. For instance, switching city lighting to LEDs is one of the cheapest and quickest solutions that China has adopted to meet its climate targets. Moreover, smart city initiatives by different countries, including India, China, South Korea, and Japan, will further bolster the demand for smart lighting products, strengthening regional growth through 2032.
Some of the prominent companies operating in the global lighting product market space are LSI Industries Inc., Signify, Bajaj Group, Acuity Brands, and Hubbell Incorporated, among others. These conglomerates have been employing strategic initiatives like mergers, acquisitions, partnerships, and more, to gain a competitive edge in the market.