NEW YORK, Nov. 25, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global lighting market size is estimated to grow by USD 54.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. Growing number of developments and lighting product launches is driving market growth, with a trend towards advances in automotive lighting systems. However, sustainability issue in the lighting industry poses a challenge.Key market players include Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
Lighting Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
Market growth 2024-2028 |
USD 54.76 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
6.45 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, Germany, and UK |
Key companies profiled |
Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd. |
Market Driver
The lighting market is witnessing significant trends in various sectors including interior designing, photography, and scientific research. LED lights are leading the charge with their energy efficiency and long life span, replacing traditional incandescent, CFL, LFL, HID, and halogen bulbs. Scientists are also exploring the use of LEDs for growing plants and in developing countries for off-grid solar solutions. In the automotive sector, LED lighting is becoming standard in headlamps and taillights, while solar is powering outdoor lighting in urban cities and commercial buildings. Effective manufacturers like Signify are launching energy-efficient luminaires and smart lighting systems, reducing electricity consumption and operating costs. The Biden Harris Administration is promoting energy efficiency and environmental sustainability initiatives, driving demand for cost-effective, energy-saving solutions. Smart lighting solutions are also being integrated into HVAC, security, and building automation systems, improving urban infrastructure and reducing logistics inefficiency. The horticulture sector is using LEDs for growing plants, and smart LED bulbs are being used in advertising, aviation, medical devices, and camera flashes. The market for LED lights in residential sector, retail, and commercial buildings is expected to grow significantly due to their cost-effectiveness and life expectancy. The semiconductor industry is also investing in research and development to improve the performance and affordability of LEDs. However, environmental degradation and energy problems remain challenges that need to be addressed, making energy efficiency and environmental sustainability key priorities. The CEA systems and EcoLink range are also gaining popularity for their smart outdoor lighting solutions. The market for LED fixtures in real estate, parking lots, and smart cities initiatives is expected to grow significantly in the coming years.
Adaptive lighting systems are gaining popularity in both commercial and automotive industries due to their enhanced safety and comfort features. These systems are designed to improve visibility during nighttime and low-light conditions, particularly around curves and hills. Traditional headlights illuminate the road directly ahead, leaving the sides unlit. In contrast, adaptive headlamps adjust their beams according to steering input, ensuring the vehicle's path is illuminated. Additionally, when climbing a hill, conventional headlights may point upward, reducing visibility. Adaptive lighting systems address these issues, providing a safer and more comfortable driving experience.
Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!
Market Challenges
Discover how AI is revolutionizing market trends- Get your access now!
This lighting market report extensively covers market segmentation by
1.1 General lighting- The general lighting market encompasses various lighting solutions including lamps, electronics, consumer luminaires, systems, and professional luminaires and systems. This segment is the most widely used in residential, commercial, and industrial applications such as homes, offices, factories, streets, stadiums, and theaters. Market leaders like Signify NV, OSRAM, and IDEAL INDUSTRIES Inc's Cree dominate this segment. The introduction of LED technology has significantly boosted the general lighting market. LEDs offer several advantages over traditional lighting sources, including low maintenance cost, long lifespan, energy efficiency, and eco-friendliness. The continuous price reduction of LEDs further enhances their appeal. Developed countries are witnessing the trend of connected lighting, where lighting fixtures can be controlled via smartphones. Although not yet mainstream, this innovation will add a new dimension to the general lighting segment, contributing to the growth of the global lighting market.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
The lighting market encompasses various applications of light for interior designing, photography, and scientific research. LED lights have revolutionized the industry with their energy efficiency and long lifespan, replacing traditional incandescent bulbs and Compact Fluorescent Lights (CFLs). Scientists continue to explore the properties of white light, impacting electricity consumption and energy costs. Metals play a crucial role in lighting production, while electricity is the primary power source. LEDs are not just limited to residential and commercial use but also extend to automotive headlamps, aviation, advertising, and traffic signals. The Biden Harris Administration's focus on energy efficiency and sustainability further boosts the market growth. The Color Rendering Index (CRI) is a critical factor in evaluating the quality of light for various industries, including horticulture and medical devices. Building automation systems, HVAC, security, and smart lighting solutions are integral components of modern infrastructure. LED lighting and CEA systems are at the forefront of innovation, offering advanced features and energy savings. Camera flashes and lighted wallpapers cater to niche markets, while the horticulture sector benefits from specialized grow lights.
Market Research Overview
The lighting market encompasses various applications, from interior designing and photography to scientific research and automotive industries. Lighting solutions range from LEDs to traditional incandescent, CFL, LFL, HID, and halogen bulbs. Scientists continue to innovate, developing energy-efficient luminaires and light control systems. Plants and urban cities benefit from LEDs, while developing and under-developing nations explore off-grid solar sector solutions. Effective manufacturers produce cost-effective, energy-efficient LED fixtures for residential and commercial sectors, including houses, malls, stores, restaurants, hospitals, schools, parking lots, and real estate. Solar and semiconductor industries play crucial roles in reducing electricity consumption and environmental degradation. Smart LED bulbs and outdoor lighting systems, along with building automation systems, HVAC, and security, contribute to energy efficiency and environmental sustainability initiatives. The Biden Harris Administration smart cities, energy efficiency, and environmental sustainability, while various industries, including aviation, advertising, and medical devices, utilize specialized lighting solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/lighting-market-to-expand-by-usd-54-76-billion-2024-2028-driven-by-new-product-launches-and-developments-market--evolution-powered-by-ai---technavio-302314004.html
SOURCE Technavio