Global Lighting Market to Grow at a CAGR of 7.3% During 2024-2032, Bolstered by the Rising Demand for Energy-Efficient Lighting Solutions

The global lighting industry is being aided by the growing demand for energy-efficient lighting technology and rapid urbanisation. The rising urbanisation trend in the developing nations is leading to a rise in the construction and infrastructure activities, thus, generating enhanced demand for energy. The governments in these nations are offering incentives and rebates upon the replacement of conventional lamps with LED products, leading to customers increasingly preferring energy-efficient products. For instance, in India, the government has announced a ban on the sale of CFL and incandescent bulbs in Kerala from November 2021 as a part of the region’s sustainable energy policy. This is expected to promote the use of LED lighting within the region’s residential as well as commercial sectors, thus, aiding the market growth.

Some of the major players in the lighting industry include Signify NV (AMS: LIGHT) and Osram Licht AG (OTCMKTS: OSAGY). The growing demand for lighting in outdoor settings to enhance the commercial value of buildings is also fuelling the industry growth. In May 2021, Osram announced that its subsidiary, Traxon e:cue and LK Technology, recently illuminated the tallest skyscraper in Southeast Asia, namely, Landmark 81. This smart, dynamic lighting system on the facade of Landmark 81 has been developed by Traxon e:cue by incorporating several products, including customised LED dots and monochrome tubes, among others, to meet a wide range of lighting requirements while considerably reducing operating and maintenance costs. Such developments are expected to aid the industry growth in the forecast period.

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Market Breakup by Type, Product, Application, End Use, Distribution Channel, and Region:

• By type, the market can be divided into LED, fluorescent, halogen, and incandescent.
• On the basis of product type, the industry can be categorised into bulbs, streetlights, downlights, tube lights, and flood lights, among others.
• Based on application, the industry can be bifurcated into indoor, and outdoor segments.
• On the basis of end-use, the industry is divided into residential, commercial, industrial, agricultural, and hospital, among others.
• By distribution channel, the market is categorised into supermarkets and hypermarkets, convenience stores, specialty stores, and online, among others.
• Region-wise, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by rapid urbanisation, rising construction activities, and the growing demand for energy.
• The growing awareness regarding the benefits of LED and rising environmental concerns among consumers are also accelerating the market growth.
• The favourable government initiatives, particularly in the developing nations, is significantly contributing to the market growth.
• The growing living standards and increasing focus on aesthetics are further aiding the growth of the overall market.

Key Offerings of the Report:

• The EMR report gives an overview of the market for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for types, products, applications, end uses, distribution channels, and regional markets of lighting.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global lighting market are Signify Holding, OSRAM GmbH, Eaton Corporation, Cree Lighting, Nichia Corporation, GE Lighting, Seoul Semiconductor Co., Ltd., Everlight Electronics Co., Ltd., Hubbell Incorporated, Zumtobel Group, Siteco GmbH, Panasonic Holdings Corporation, and Havells India Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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