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The global lighting market size stood at USD 115.44 Billion in 2018 and is projected to reach USD 161.58 Billion by 2026, exhibiting a CAGR of 4.4% during the forecast period.
Light plays a very vital role in every sector. Nowadays, lighting technology is so important in daily life that nowadays it is helping in the production of plants, artificially. According to the European Commission, lighting holds 15% - 18% of electricity consumption, globally. Furthermore, over the past few decades, the lighting industry has experienced continuous technology transformation.
This technology transformation allows light manufacturing companies to develop new and innovative products. For instance, LEDs are the new technology, which has been adopted by light manufacturing companies for the past decade. Also, scientists have discovered the usage of LEDs in growing plants. Additionally, scientists say that LED light plays an important role and an essential product in plant growth and development.
LEDs will hold the largest market share in the global lighting industry, owing to their multiple beneficial features. Moreover, the overall market will grow moderately in the coming future. This moderate growth is attributed to the less adoption of traditional lamps as compared with CFLs and LEDs. Moreover, light manufacturing companies are more focused on increasing their market share by producing and providing LEDs to their customers.
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The demand for lighting is increasing in developing countries, owing to the increasing population. Governments of developing countries with huge populations, such as India and China are working continuously on developing new houses for homeless people, which, in turn, is driving the lighting market growth. Moreover, the light manufacturing companies are more focused on producing and selling lights (LEDs and CFLs) at minimum rates, so that people can afford and use it for a long period.
Asia Pacific holds the largest lighting market share, owing to the increasing regional population and the demand for lighting equipment in residential, commercial, and industrial sectors. Furthermore, this region is also expected to grow substantially in the forecasted period because of continuously increasing demand for innovative, durable, and affordable lighting equipment.
“New Constructions are demanding for New Lighting Installations.”
The increasing growth rate of the construction industry is driving the global lighting market. This growth is attributed to the government initiatives, across the world, to provide accommodation to the homeless people, which, in turn, will require lighting equipment. Moreover, the construction industry is growing gradually in developed countries, such as in North America and Europe. Additionally, the construction industry is growing significantly in developing regions, such as Asia Pacific, Latin America, and Middle East and Africa. Moreover, luminaire and lighting control systems are predominantly driven by new installations. Besides, the luminaire and lighting control systems market is directly linked with the growing construction industry and the GDP of each country.
“The LED segment is projected to hold the highest market share in the forecast period”
In the lighting type segment, the market is bifurcated into LEDs, CFLs, LFLs, HIDs, Halogens, and Incandescent, whereas the LEDs segment is expected to grow at a higher rate, owing to its multiple application, costs, and durability. The people around the world are adopting LEDs at a faster rate because it provides more lighting as compared with other lighting equipment. LEDs reduce the rate of emission rates and offer bright light with less consumption of electricity.
Moreover, several manufacturers have shifted their light manufacturing technology from CFLs to LEDs over the past decade. The price of LEDs is also low as compared with other lights, owing to its low maintenance costs and processes.
“General Lighting is anticipated to dominate the global lighting market in the coming period.”
General lighting segment is expected to hold the largest market share in terms of value, with total market value revenue of USD 91.86 Billion in 2018. The general lighting segment represents almost 80% of the total market, followed by the automotive lighting segment. Moreover, the market is further segmented into automotive lighting, backlighting, and others.
Furthermore, in the automotive sector, car manufacturing companies are focused on deploying LEDs and halogens in the headlights, on providing better visual quality to the driver. Therefore, the adoption of innovative lighting technology in the automotive sector is driving the growth of the automotive lighting segment.
Additionally, by application segment, the market is further segmented into general lighting, automotive lighting, backlighting, and others.
“Residential sector is expected to hold the largest market share, owing to the adoption of smart LED lightings.”
In the End User segment, the residential sector is anticipated to dominate the lighting market, owing to the continuous demand for lights in every two-three years. However, the light manufacturing companies are more focused on developing new LED lightings that consume less electricity and provides maximum output with long durability.
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Furthermore, the commercial sector may hold the second largest market share followed by the industrial sector. Factors such as the increasing number of commercial buildings, public infrastructure, and others are influencing the growth of the commercial sector.
Regionally, the global lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market size was projected at USD 54.51 Billion in 2018 and is expected to be a dominating region in the global market, in the coming future. There are multiple registered and unregistered players that are manufacturing and providing lights to customers. In Asia Pacific, China will hold the largest market share, owing to the fragmentation of the market by several vendors. Additionally, China also exports its lighting products to other countries. Moreover, a growing population is also another factor that is driving the lighting market growth in the region. Therefore, Asia Pacific will dominate the market in the forecast period, followed by Europe and North America.
Asia Pacific Lighting Market Size, 2018
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In the Middle East and Africa, the governments of countries, such as Saudi Arabia, the UAE, and Qatar are working continuously in improving their infrastructure by making huge investments. This strategy of these governments is allowing light manufacturing companies to offer their products with reasonable pricing and durability to the customers. Also, this is allowing to grab the government contracts for developing commercial and public sectors.
Furthermore, Latin America is expected to grow moderately, owing to the slow adoption of lighting technologies in the region. Moreover, there are fewer light manufacturing companies present in Latin America, which is also influencing the market growth in the region.
“Market Players like GE Lighting, Koninklijke Philips N.V., Panasonic Corporation, and Cree, Inc. are more focused on increasing their regional presence.”
GE Lighting holds the largest market share in the global lighting market, followed by Koninklijke Philips N.V. and Cree, Inc. Production of various lighting products with innovative technology is the primary reason behind holding a large market share among the other light manufacturing companies. Furthermore, companies such as Panasonic Corporation, OSRAM Licht SE, and Schneider Electric SE are working continuously on developing new products. Also, light manufacturing companies are investing more in their research and development departments to develop innovative products that consume less electricity.
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The report provides an elaborative analysis of the global Lighting market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.
Value (USD Billion)
By Lighting Type
Fortune Business Insights says that the value of the global lighting market was USD 115.44 Billion in 2018
The market is expected to reach USD 115.58 Billion by 2026.
The market will grow moderately at a CAGR of 4.4% over the forecasted period
Asia Pacific is expected to hold the largest market share in the global lighting market.
The LED segment is projected to be the leading segment in lighting market during the forecast period.
New constructions demanding for new lighting installations is driving the Market
GE Lighting, Koninklijke Philips N.V., OSRAM Licht AG and Cree, Inc. are the top players in Lighting Market.
Increasing adoption of the IoT LED lights in the residential sector for better visual quality and comfort.
Residential sub-segment is anticipated to dominate the market, owing to the increasing installation of lights in newly constructed homes.
The global lighting market will grow at 4.4% in the coming future, owing to the adoption of innovated lightings in daily purposes in both residential and as well as commercial sectors.