Lighting Market Size to Surpass USD 169.44 Billion by 2030, exhibiting a CAGR of 4.4 %

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As per the report by Fortune Business Insights, the global Lighting Market size is projected to reach USD 169.44 billion by 2030 at a CAGR of 4.4% during the forecast period.

Lighting Market

Forecast, 2023-2030
Forecast, 2023-2030

Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global lighting market size was valued at USD 122.03 billion in 2022 and is projected to reach USD 169.44 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period. Fortune Business Insights™ presents this information in their latest research report titled “Lighting Market Forecast, 2023-2030.”

Light is a critical factor in various industries, playing a pivotal role in activities such as interior design and photography. Through the integration of cutting-edge technologies, such as artificial intelligence and the Internet of Things (IoT), light manufacturing companies have been able to push the boundaries of innovation and develop groundbreaking products.

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Key Industry Development:

Signify, a global prominent player in lights, and Upciti, a proficient specialist in artificial intelligence and edge computing, have declared their intention to form a partnership. The objective of this collaboration is to assist cities and utilities in the U.S. and Canada in obtaining supplementary benefits, extending far beyond mere illumination, from their lights infrastructure.

Key Takeaways:

  • Rising Adoption of Solar in Developing and Under-Developing Nations to Aid Market Growth
  • Demand for Artificial Lightings in the Construction Industry is Driving Market Growth
  • General Lighting Segment to Dominate the Lights Industry Owing to Surge in Construction Projects
  • Residential Segment is Expected to Hold the Largest Market Share Owing to the Adoption of Smart LED Lights

Discover the Leading Players Featured in the Report:

“Companies leading the Lighting Market Sanmina Corporation (U.S.), Hon Hai Precision Industry Co. Ltd (Foxconn) (Taiwan), Benchmark Electronics Inc. (U.S.), Flex Ltd (Singapore), Jabil Inc. (U.S.), Celestica Inc. (Canada), Wistron Corporation (Taiwan), Plexus Corporation (U.S.), Fabrinet (Thailand), COMPAL Inc. (Taiwan)”

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 4.4%
2030 Value Projection USD 169.44 Billion
Base Year 2022
Lighting Market Size in 2022 USD 122.03 Billion
Historical Data for 2019 to 2021
No. of Pages 120
Segments covered Type,  End User, and  Geography


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Drivers and Restraints:

Construction Industry Presents Enormous Potential to Propel LED Lighting Market Growth

The burgeoning construction industry has emerged as a major catalyst for driving the growth of the market. This upward trajectory can be attributed to the increasing government initiatives globally aimed at providing accommodation for homeless individuals, a crucial undertaking that necessitates the use of light equipment.

However, investors facing significant hurdles, primarily attributed to strict government policies related to environmental actions may impede the lighting market growth.

Segmentation:

By Lighting Type

  • LED
  • CFL
  • LFL
  • HID
  • Halogen
  • Incandescent

By Application

  • General Lighting
  • Automotive Lighting
  • Backlighting
  • Others

By End User

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa


Regional Insights

China’s Dominance in Light Production Drives Asia Pacific Market Growth

Asia Pacific has emerged as the leading market in the light manufacturing industry, with China playing a pivotal role in this growth. China’s abundance of factories specializing in light production has propelled it to become a global manufacturing hub, contributing significantly to the region’s dominance.

North America is anticipated to experience a moderate growth trajectory, primarily due to the presence of several large-scale companies operating in the region.

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Competitive Landscape

Innovative Technology and Product Range by Big Players Secure Largest Market Share

GE Lighting, closely followed by Koninklijke Philips N.V. and Cree, Inc., holds the largest lighting market share in the global lights industry. This market dominance can be attributed to their production of various light products incorporating innovative technologies.

FAQ’s

How big is the Lighting Market?

Lighting Market size was USD 122.03 billion in 2022

How fast is the Lighting Market growing?

The Lighting Market will exhibit a CAGR of 4.4% during the forecast period, 2023-2030

Related Reports:

Smart Street Lighting Market: Size, Trends, Growth 2030

LED Lighting MarketSize, Share, Trends, Forecast 2030

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

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