Lighting Product Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3432
Lighting Product Market size is set to grow at healthy CAGR to 2025 driven by increasing usage of innovative lighting fixtures and systems across commercial & residential sectors.. These products are gaining high utilization in commercial applications, such as automobile, healthcare, corporate offices, retail, etc., further fueling the lighting product market share. Additionally, the implementation of various lights in public infrastructures, such as traffic signals, streetlights, tunnel lights, airports, etc., is supporting high demand. High implementation of smart & innovative lighting in residential structures for gaining energy-efficient benefits is majorly driving the market. Recent technical developments in these systems are aiding less power consumption. Several governments across the globe are adopting smart city initiatives to reduce energy usage and provide better infrastructure, leading to the market demand.
The replacement of traditional lights with new light systems involves high replacement cost, which is expected to hinder the lighting product market growth. Various operational conditions, such as high temperature & voltage, affects the product efficiency and the overall lifespan. High ambient temperature and harsh environments impacts the light efficiency and result in shutdown. However, this issue can be overcome by developing products capable of operating in wide temperature ranges. The lights are voltage-sensitive, which creates the need for stable voltage requirements for proper operations. The lighting specific LEDs require drivers, which have a small lifetime, leading to repetitive investment in drivers.
The trend of connected and automated illumination is contributing to the lighting product market growth. The rapid development of smart homes & cities globally is a major factor fueling technical developments in the market. Smart light technology uses smartphone apps to control the brightness level and color settings in LED bulbs. These smart lights are connected through a network of neighboring lights and smartphones. For instance, GE launched its new smart LED lighting portfolio C, which includes full-colored LED lamps, smart switches, and accessories. Additionally, the high usage of sensors and connectivity components is in the modern lighting systems for analyzing, collecting, and utilizing the data gathered in explicit applications, creating high demand.
The LED segment in the lighting product market is gaining high popularity among commercial and institutional applications due to several infrastructure refurbishment activities in these segments. The low energy consumption and long lifetime benefits of these lights are adding up to the demand from residential and commercial sectors. High brightness LEDs are used in automobiles and manufacturing industries to enhance the capabilities of production units and provide better working environments for employees. Incandescent lamps are commonly used in hallway illumination, desks, table lamps, closets, and chandeliers.
The development of modern residential, commercial, and industrial settings is creating the demand for energy-efficient lights in the lighting product market. The implementation of smart home systems in new residential structures has increased the demand for smart bulbs and indoor lights. Smart bulbs allow illumination to be customized, scheduled, and controlled remotely. In the residential sector, smart lighting systems will be integrated with voice-control features with the help of several voice assistants such as Apple Siri and Google Assistant. Moreover, increasing residential construction activities due to a rise in urban population is majorly driving the residential lighting product market share.
The commercial sector in the lighting product market is growing rapidly owing to the initiatives to provide illuminated atmosphere & better customer experiences in retail stores, shopping malls, restaurants, etc. The retail stores gain benefits from these systems such as increased customer walk-ins, mood-setting display systems, and better shelf projectivity due to enhanced illumination capabilities. The incorporation of effective lights in trial rooms will create a better trial experience and aid consumers in purchasing decisions. Moreover, the increasing establishment of shopping malls, retail complexes, cinema theatres, etc. globally is supporting the lighting product market development.
The North America lighting product market is growing due to rapid technological advancements and implementation of smart home systems in the U.S. and Canada. The growing construction of new residential & commercial buildings and other infrastructure facilities in the region is creating the need for light products in huge quantities. The rapid development of smart cities in the U.S. is leading to the requirement of efficient illumination facilities further expanding the market demand. Several governments in the Asia Pacific region have implemented energy saving policies, which include the promotion of LED bulbs over traditional incandescent bulbs. The Smart City Mission is an initiative by the government of India for economic growth to enhance the quality of life by implementing technically advanced systems, driving the market size.
Prominent players operating in the lighting product market include Signify, Hubbell Incorporated, Cree Inc., Bajaj, Grote, LSI Industries Inc., Osram Litch Group, Zumtobel Group, Legrand, Acuity Brands, etc. The market players are adopting growth & development strategies, such as innovations, mergers, acquisitions, partnerships, and collaborations, to strengthen the product portfolio and gain a competitive advantage. For instance, in February 2017, LSI Industries Inc. announced that it completed the acquisition of Atlas Lighting Products, a manufacturer of high-quality LEDs. In May 2018, Signify acquired Shenzen LiteMagic Technologies Co. Ltd., a Chinese manufacturer and seller of lighting luminaires.
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