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Lighting Product Market (Product Type - CFL, LED, LFL, halogens, incandescent, and HID; Application - Indoor Lighting, Outdoor Lighting, Emergency Lighting, and Others; End Use - Commercial, Residential, Industrial, Agriculture, Architectural, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : March, 2022

  • Rep Id : ICT003081

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report ongoing study by Infinium Global Research on the lighting product market provides in-depth analysis of segments and sub-segments in the global as well as regional lighting product market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional lighting product market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global lighting product market. According to the report, the global lighting product market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

 

Market Insight

Lighting has become an inseparable part of human life, in the absence of which it will be difficult for the world to function once the sunsets. From the preliminary bulb design of Thomas Edison, lighting products have evolved over a period of time with a diverse set of applications. Nowadays, lighting products are used depending upon the requirements of the surroundings, conditions, and needs of the consumer. Different lighting products are used in indoor lighting, emergency lighting, and outdoor lighting. From illuminating a house to guiding an aircraft on the runway, lighting products are used everywhere and in every activity of humans. The design of lighting products is becoming more advanced and new materials are being used to increase their sustainability. Market players are focusing on offering lighting products that consume less energy and give optimal output. Due to the simplified nature of production and design, lighting products can be easily produced.

 

According to the World Bank, the valuation of the construction industry around the world was USD 22 trillion in 2020. According to the AGC Association, structures worth USD 1.4 trillion are built in the United States alone each year. Construction projects are being widely undertaken around the world on a large scale. A large amount of investment is being poured into these construction projects. These newly created structures need to have an efficient and functioning lighting system. Thus, the demand for lighting products is expected to grow, which will boost the growth of the market. People around the world are focusing on the renovation of their houses and decorating them with smart lighting products. Economic prosperity around the world has increased the per capita income of people around the world. The increase in disposable income has greatly increased the spending power of consumers, which, when coupled with the increasing affordability of lighting products, has increased the demand for the products in the market. The affordability of lighting products is increasing due to the increasing scale of production and the growing number of market players offering lighting products at competitive prices. These two factors are majorly driving the market. The growth of the market may be restrained due to volatile raw material prices. Nevertheless, new growth opportunities are in foresight as innovative and smart lighting products are being offered by the market players.

 

The adoption of lighting products has been growing exponentially in the Asia-Pacific region. Smart cities are being developed on a war footing in developing countries such as India, China, Indonesia, Vietnam, and others. The national smart city mission of India, in which importance has been given to the adoption of smart and sustainable lighting, will help in the conservation of energy. Due to depleting energy resources, the adoption of lighting products such as LED bulbs is being actively promoted by the government through various schemes. UJALA scheme by the government of India is one such scheme that focused on providing LED bulbs at affordable prices to common people. The growing construction of commercial, industrial, and residential buildings is also expected to increase the demand for lighting products. Furthermore, the production of lighting products at the local level in Asia-Pacific is rapidly growing, and many regional players have emerged in recent times in Asia-Pacific. North America is expected to be the second-largest region in the market. The adoption of smart lighting is expected to be the major driver of the market in North America.     

 

Segment Covered

The report on the global lighting product market covers segments such as product type, application, and end use. On the basis of product type, the sub-markets include  CFL, LED, LFL, halogens, incandescent, and HID. On the basis of application, the sub-markets include indoor lighting, outdoor lighting, emergency lighting, and others. On the basis of end use, the sub-markets include commercial, residential, industrial, agriculture, architectural, and others.


Lighting Product Market

 

Companies Profiled:

The report provides profiles of the companies in the market such as Signify NV., Hubbell Lighting, Inc., GE Lighting, LLC, Panasonic Corporation, OSRAM Licht AG, Eaton Corporation, Acuity Brands Lighting, Inc, Havells India Pvt, Schneider Electric, and D. Kichler Co.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the lighting product market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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