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The global lighting market size is projected to reach USD 163.72 billion by the end of 2027. The increasing applications of the product will bode well for market growth. According to a report published by Fortune Business Insights, titled “Lighting Market Size, Share & COVID-19 Impact Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General, Automotive, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2020-2027”, the market was worth USD 118.33 billion and will exhibit a CAGR of 4.3% during the forecast period, 2020-2027.
Lighting is the concept of illuminating surfaces to attain visually appealing aesthetic effects. The concept can be used for a variety of and used reasons including production of plants in a controlled environment as well as places where there is no or inadequate natural light. Lighting holds a significant role in our day to day life and is an integral part of residential as well as commercial interiors. Variations in lighting tools over the years are a primary reason why several large scale companies have been able to operate seamlessly at the same time. More variation gives customers several choices which in turn will emerge in favour of the companies operating in the world. Recent technological advances in the field of lighting and lighting tools will have a positive impact on the growth of the Global market in the foreseeable future. The presence of several large scale companies will subsequently contribute to the growth of the market in the coming years.
Massive Investments have Yielded Constant Product Innovations; GE Lightings’ ‘Smart Plugs’ are a Recent Example of a Major Innovation
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. The demand for lighting tools is evidently high across the world. The presence of several large scale companies is consequential to the increasing demand and has resulted in a fragmented marketplace. Accounting to the increasing demand for lighting, there have been several product innovations in recent times. The growing product innovations are one of the primary factors that have influenced the growth of the market in recent years. In May 2019, GE Lighting announced the launch of a new product in the lighting space. The company added smart plugs, smart switches, and white bulbs to its portfolio of lighting tools. The company stated that the latest products will be integrated with the Google Assistant control. This step is taken to cater to a global audience. Given that consumers are demanding innovative products, GE Lighting's latest concept will not just help the company grow but will also have a positive impact on the growth of the market in the coming years.
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Increasing Product Demand in the Construction Industry will Emerge in Favor of Market Growth
The concept of lighting is almost essential in all industries across the world. Although the increasing demand gives companies a platform, it is difficult to operate seamlessly in an otherwise competitive space. The rising adoption of lighting and lighting tools in the construction industry is a primary factor that has contributed to the growth of the market in recent years.
Major Companies are Focused on Improving their Regional Presence
The global market is fragmented in nature, with the presence of several large scale companies influencing the growth of the market based on the region they are operating in. As a result, companies are more inclined towards enhancing their regional presence over global operations, owing to the fact there already are several companies in other regions.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD billion)
By Lighting Type
By End User