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Lighting Product Market Size
Lighting Product Market is expected to showcase impressive growth graph during 2024-2032, driven by government initiatives promoting energy efficiency and incentives for LED adoption. For instance, the IEA aims for 100% LED lighting by 2025 under the Net Zero Emissions by 2050 Scenario (NZE Scenario) to promote sustainable lighting. Additionally, regulations aimed at phasing out inefficient lighting technologies and reducing carbon emissions are creating opportunities for manufacturers of energy-efficient lighting products.
Lighting Product Market Trends
As awareness grows regarding the influence of lighting on human health and well-being, the market is witnessing the development of lighting products designed to support circadian rhythms, minimize glare, and emulate natural daylight patterns. For instance, according to Kanlux, cool white light (5,000 to 6,500 Kelvin) promotes concentration, while warm white (2,700 to 3,300 Kelvin) induces relaxation. Human-centric lighting solutions are becoming popular in residential, commercial, and healthcare environments, offering benefits such as enhanced productivity, mood regulation, and overall comfort. These advancements cater to the evolving needs of individuals seeking lighting solutions that positively impact their daily lives and surroundings, thereby inducing industry growth.
Lighting Product Market Analysis
LED product segment is poised to witness high demand through 2032, owing to its superior energy efficiency, longer lifespan, and a wide range of customizable options. LED bulbs and fixtures are replacing incandescent and fluorescent lighting in various applications due to their cost-effectiveness and environmental benefits. Moreover, ongoing technological advancements are expected to further induce the product adoption.
Residential application segment will generate significant revenues for the market by 2032, driven by a growing demand for lighting products that enhance comfort, ambiance, and functionality in homes. Consumers are investing in smart lighting systems that offer remote control, dimming capabilities, and customizable lighting scenes to create personalized environments. Additionally, the growing trend of home automation and connected devices has fueled demand for smart lighting solutions that integrate seamlessly with other smart home devices, favoring product usage in residential sector.
Asia Pacific lighting product market is anticipated to showcase a decent growth trajectory during 2024 and 2032, attributed to rapid urbanization, infrastructure development, and growing consumer spending power. The government initiatives promoting energy efficiency and the adoption of LED lighting technologies, in consort with a large population base, and increasing urbanization are expected to enhance the regional industry dynamics.
Lighting Product Market Share
Some of the prominent companies operating in the global lighting product market space are:
- LSI Industries Inc.
- Signify
- Bajaj Group
- Acuity Brands
- Hubbell Incorporated
These conglomerates have been employing strategic initiatives like mergers, acquisitions, partnerships, and more, to gain a competitive edge in the market.
Lighting Product Industry News
- In February 2024, Signify launched the Philips Smart Light Hub (SLH) in New Delhi, India, designed as an experience center for customers. The 2000-square-foot store offers over 300 lighting SKUs, catering to diverse lighting needs.
- In March 2024, CommercialLEDLights.com announced partnership with Solera Solar Lighting, enhancing the range of high-quality solar lighting solutions for businesses. This collaboration caters to the growing demand for sustainable lighting options in commercial settings.
- In November 2023, Halonix Technologies, a rapidly expanding electrical firm in India, unveiled its newest offering, 'Wall De-light', which establishes new standards in aesthetic design. This innovative product boasts a sleekness six times greater than traditional LED bulbs and eliminates the need for additional fixtures.