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.
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
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.
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.
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
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.