Lighting Product Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2025 - 2034

Lighting Product Market Size

The global lighting product market is expected to grow robustly from 2025 to 2034. The move toward efficient lighting solutions is accelerating, propelled by stringent environmental regulations, technological innovations, and increased consumer interest in intelligent, more efficient living spaces. Market growth is projected to continue at a robust CAGR, driven primarily by global policy actions to phase down less efficient light sources and the promotion of LED-based lighting luminaires.

Government policy on energy efficiency continues to be the greatest driver of growth as it affects governments' belief or mandated goal to ensure that 100% of illumination evolves into LED-based lighting systems. This includes the Global Compromise on Climate Goals in the Net Zero Emissions by 2050 Scenario designed by the International Energy Agency (IEA). It is important to note the IEA's current goal of "nearly" 100% LED lighting for 2025, as it represents the most efficient manner to reduce electricity demand and avoid emissions among households, businesses, and in industry on a global scale.
 

Also, governments are incentivizing consumers and businesses to purchase integrated lighting solutions such as solar-integrated and Internet of Things (IoT)-based lighting systems by using supportive policies and incentive programs such as subsidies, taxes, and rebate incentives. Governments do know how to create a very desirable environment for lighting equipment and product manufacturers, especially in the area of green lighting and smart lighting solutions.
 

Lighting Product Market Trends

The lighting business is undergoing a drastic change driven by changing user expectations, lifestyle shifts, and advancements in smart building and home automation. Rapid uptake of human-centric lighting (HCL) is among the most dominant trends influencing the market. The solutions here are specially created to serve the human biological rhythms, enhancing mood, productivity, and well-being.
 

Scientific research and industry reports indicate that various color temperatures affect the body's circadian rhythm. For example, cool white light (5,000–6,500K) is said to promote concentration and wakefulness, making it suitable for workplaces. On the other hand, warm white light (2,700–3,300K) promotes relaxation, making it well suited for home and hospitality settings. Consequently, the market is growing for tunable lighting solutions that simulate natural daylighting patterns across industries.
 

In healthcare, circadian lighting systems are being implemented to enhance patient outcomes, synchronize sleep-wake patterns, and mitigate stress. In schools as well, dynamic lighting is being employed to maximize cognitive ability and concentration. These comfort-oriented lighting products are increasingly assuming a central role in post-pandemic times, where comfort and well-being take center stage.
 

Another important trend is the integration of IoT (Internet of Things) into lighting solutions. Smart lighting facilitated by wireless connectivity like Wi-Fi, Zigbee, and Bluetooth Mesh enables users to control lighting conditions remotely via smartphones, voice commands, or automation hubs. The technology is being adopted not just in residential spaces but also in commercial and industrial spaces, where lighting is being integrated into energy management systems for increased efficiency.
 

Lighting Product Market Analysis

Among the product segments, the market for LED lighting remains the market leader and will continue to lead up to 2034. LEDs have many benefits, such as high energy efficiency, longer operating life, low heat output, and low maintenance expenses. All these factors contribute to the reasons why LED lighting is suited for use in applications from residential and commercial areas to industrial processes and outdoor illumination.
 

The increased use of LED panel lights, downlights, strip lights, and smart LED bulbs is especially visible in homes and offices, where consumers look for lighting that is both good-looking and earth-friendly. The declining cost of LED products through economies of scale and quantity production further increased their uptake globally.
 

At the same time, organic light-emitting diode (OLED) technology is attracting interest in specialty uses for its ultrathin form and advanced light quality. While presently more costly than standard LEDs, OLEDs are finding acceptance in high-end architectural lighting and display systems.
 

The lighting product market from residential applications segment is projected to contribute high revenues during the forecast period. Buyers are spending more on lighting systems that do more than simply provide light—they desire ambiance, automation, and energy efficiency. Dimmable, scheduled, color-tunable, and voice-controlled smart lighting systems are becoming the norm in homes today.
 

Also, with increasing disposable incomes and people becoming more conscious of home designs, homeowners are moving up to high-end lighting solutions that match home decor and lower electricity costs. The home remodeling and renovation trend also helps drive the robust demand for new-generation lighting products.
 

The commercial space is also a major driver of market growth, particularly in office buildings, retail spaces, hotels, and entertainment sites. Companies are targeting energy optimization and the development of innovative environments for customers and employees. Smart lighting technologies with motion sensors, daylight-responsive dimmers, and analytics platforms are assisting companies in minimizing energy expenses while improving user experience.
 

Asia Pacific lighting product market is projected to increase at a promising rate over the forecast period, driven by urbanization, infrastructure expansion, and an expanding middle-class demographic. China, India, Japan, and South Korea are leading this growth, driven by vision smart city projects, robust manufacturing facilities, and increasing consumer awareness about energy efficiency.
 

Government-sponsored programs, such as India's Unnat Jyoti by Affordable LEDs for All (UJALA) program and China's Green Lighting Project, are strongly driving the penetration of efficient lighting solutions. Moreover, supportive regulatory policies, along with local manufacturing and innovation incentives, are making regional participants step up their game and increase portfolios.
 

Lighting Product Market Share

Some of the major players in the global market are:

• LSI Industries Inc.
• Signify (previously Philips Lighting)
• Bajaj Electricals Limited
• Acuity Brands, Inc.
• Hubbell Incorporated
   

Trendy players in the lighting product industry are using mergers, acquisitions, and strategic alliances to increase product coverage, penetrate new geographies, and improve technological strength. These players are focusing on research and development to introduce cutting-edge and sustainable light solutions in the market.
 

These players are concentrating on the development of their smart lighting product lines, increasing manufacturing efficiency, and accessing new emerging markets in order to sustain their competitive advantage. Through ongoing innovation and cooperation, these industry leaders are defining the future of the lighting industry.
 

Lighting Product Industry News

In January 2025, LIFX took center stage at CES with the introduction of some new lighting products, among them a new series of 'skylights' from its parent, Feit Electric. Some of the standout features included the LIFX Luna, a specially designed, multi-functional smart lamp engineered to improve a range of spaces, from desks and nightstands to wall-mounted displays. Equipped with the same cutting-edge technology found in LIFX's ceiling lights, the Luna has 26 individually addressable color zones and a peak brightness of up to 1000 lumens, especially when tuned to a cool white color.
 

In March 2025, Dixon Technologies and Netherlands-based multinational Signify signed a binding term sheet to form a joint venture in India to manufacture lighting products and accessories as an original equipment manufacturer (OEM). In the deal, Dixon and Signify will each own a 50% stake in the new entity. But neither of the two companies will have any equity in the other beyond this joint venture.