Lighting Products Market Size to Reach USD 179.81 billion by 2031, at 3.7% CAGR | By TMR (Analysis, Outlook, Forecast)
The ongoing research and development activities in lighting products is driving the global lighting products market.
Wilmington, Delaware, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global lighting products market is projected to flourish at a CAGR of 3.7% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 179.81 billion is anticipated for the market in 2031. As of 2023, the demand for lighting products is expected to close at US$ 134.9 billion.
Growing environmental awareness has led consumers and businesses to seek out lighting products that have a lower environmental impact. LED and CFL bulbs contain fewer toxic materials and produce less greenhouse gas emissions compared to traditional incandescent bulbs.
The integration of lighting products with IoT technology has opened up new possibilities for automated and intelligent lighting solutions. Smart lighting systems can adjust brightness, color, and timing based on sensors, user preferences, and environmental conditions, enhancing convenience and energy efficiency.
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Key players operating in the global lighting products market include
- GE lighting
- Philips NV.
- Panasonic Corporation
- OSRAM Licht AG
- Schneider Electric
- Cree INC.
- Citizen Electronics
- Havells India Pvt
- LEDtronics, Inc.
- Patriot LED
- Acuity Brands
As older lighting technologies become obsolete or less efficient, there is a continuous need for replacing and upgrading existing lighting systems in homes, businesses, and public spaces. This replacement market ensures a steady demand for lighting products. Rising applications of lighting products in various end-use industries is also creating value-grab opportunities.
The global lighting products market is gaining traction from the increasing use of LEDs at outdoor places over the past few years. Advanced lighting bulbs and lamps are increasingly installed across parking areas and for traffic lights in emerging countries.
Key Takeaways from the Market Study
- As of 2022, the lighting products market was valued at US$130.16 billion.
- Based on end-use, the residential segment dominated the global lighting products market during the forecast period.
- By application, the automotive lighting segment accounts for high revenue in the market.
Lighting Products Market: Key Trends and Opportunistic Frontiers
- Ongoing advancements in lighting technology have expanded the range of lighting products available. Smart lighting systems, which can be controlled remotely and integrated with other smart home devices, have gained popularity. These innovations drive market growth by offering new functionalities and improving user experiences.
- Connected systems or intelligent lighting products are also gaining popularity and saving more of the energy used by lighting sources
- Smart lighting products are also gaining attention from all over the world and saving more of the energy used by lighting sources.
- Advantages of LED, such as low energy consumption, high durability, and enhanced technology are driving the global lighting product market.
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Lighting Products Market – Regional Analysis
- A strong focus on energy efficiency and sustainability characterizes the lighting products market in North America. LED adoption is widespread due to government regulations promoting energy-efficient lighting. Intelligent lighting systems are gaining popularity in residential and commercial sectors in the region.
- Asia Pacific is expected to account for a significant share in the global lighting products market. The presence of significant manufacturer and consumer of lighting products drive the market demand in the region. The growing urbanization, infrastructure development, and government initiatives to promote energy-efficient lighting in countries like India and China boost the market demand. The market includes a mix of traditional and LED lighting products.
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Companies in the global lighting products market are accelerating their product development and unlocking revenue opportunities for competitive benefit.
Key Developments in the Lighting Products Market
- Philips Lighting, now known as Signify, is a major player in the lighting industry. They are known for their energy-efficient LED lighting products, smart lighting solutions, and a strong focus on sustainability and innovation.
- Osram is a well-established global lighting company offering a wide range of lighting products, including LED lights, traditional lighting, automotive lighting, and optoelectronic semiconductors.
- General Electric GE Lighting, a subsidiary of General Electric, has a long history in the lighting industry. They provide a variety of lighting solutions, including LED bulbs, smart lighting, and commercial lighting systems.
Lighting Products Market – Key Segments
- General Lighting
- Automotive Lighting
- North America
- Asia Pacific
- Middle East & Africa
- South America
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