Lighting Product Market size is projected to gain significant returns between 2021 and 2027. This growth can be accounted to the rising need for such equipment, driven by the growing disposable incomes and heightened demand for aesthetic living. Moreover, increased usage of these products in commercial applications like healthcare, corporate office, automobile, retail, and more is further fueling the market growth.
Surging implementation of various lights in public infrastructure like tunnels, airports, traffic signals, and streetlights, is as well stimulating the industry demand.
The expanding trend of smart cities and home automation is likely to spur the demand for smart lighting technology. This technology is designed for offering high energy efficiency, security, and convenience. It includes automated controls that make adjustments according to the conditions like daylight availability or occupancy. Various governments are taking up significant steps in a bid to implement smart lighting in different states and cities, thus propelling the market progression. For instance, Irish County Council has reportedly announced working with EU alliances to implement smart lighting systems in nearly three locations of Drangon, Clonoulty, and Thurles.
The global market expansion is expected to be challenged by high cost associated with replacement of traditional lights with new lighting systems, like smart lights. Additionally, various operational conditions like high voltage and temperature would further affect the product efficiency and also the overall lifespan. In addition, harsh environments and high ambient temperature would potentially impact the light efficiency, thus resulting in shutdown.
The LED segment is set to record considerable growth in the overall market. This can be ascribed to the product’s rising applications, high durability, and reduced costs. 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 manageable fitting processes. The residential sector has been witnessing increased demand for LED lightings owing to the availability of a variety of options and reduced energy consumption statistics.
Myriad automotive producers are as well focusing on the deployment of LEDs and halogens in the headlights and on delivering better visual quality to the driver. Therefore, adoption of innovative lighting technology in the automotive sector would open new growth opportunities for the market players in the coming years.
The residential sector would record substantial gains in the global market, led by the rising demand for new products at regular intervals. Numerous light manufacturing companies are also focused on developing new LEDs and lighting products that consumes less electricity and provide maximum output with long durability. The commercial sector is also poised to hold notable share in the global market on account of the factors like increasing establishment of commercial buildings and an upsurge in the number of public infrastructures like stadiums, railway stations, airports, and more.
Asia Pacific lighting product market is slated to observed exponential growth, mainly credited to the expanding urbanization, need for construction of new residential complexes, and elevating demand for renovating houses. Furthermore, smart city initiatives by different countries including India, China, South Korea, and Japan, would further bolster the demand for smart lighting products, strengthening the regional growth through 2027.
Some of the prominent companies operating in the global lighting products market space are Hubbell Incorporated, Signify, Bajaj Group, LSI Industries Inc., Grote, and Acuity Brands, amongst others. These conglomerates have been relentlessly working towards strategic initiatives like mergers, acquisitions, partnerships, and more, to gain a competitive position in the market.
The novel coronavirus pandemic has had a significant impact on the global industry expansion. Although the market showcased a decline in sales across the commercial and industrial sectors attributed to temporary shutdown in wake of the surging COVID-19 cases during 2020. However, increased sales in residential sector had strengthened the product sales.