General Lighting Market Analysis 2023-2027: Growing Number of Households and Urbanization will Fuel the Market Growth 

The general lighting market is segmented by product (LED lighting and traditional lighting), application (residential, commercial, outdoor, industrial, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The growing number of households and urbanization is the major general lighting market trend which will positively influence the market value. 

General Lighting Market Outlook 2027 

• The general lighting market share will value over USD 50.7 billion by 2027 

• It is estimated to expand at a CAGR of 6.97% from 2022 to 2027 

• The general lighting market size will witness a YOY growth rate of 6.71% in 2023 

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Growing Number of Households and Urbanization will fuel the market growth  

Urbanization, particularly in emerging economies, is driving up demand for lighting systems from an expanding number of households. The increase in urbanization will result in growing number of residential and commercial buildings, such as shopping malls and office spaces, thereby contributing to the growth of residential and commercial lighting.

Declining Manufacturing Cost of LEDs to Drive Market Growth 

LED lighting product manufacturers have increased their LED production capacity, owing to the declined cost due to the government subsidies for the procurement of semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD) equipment. The declining ASP of LEDs will accelerate the adoption of LED lighting across all application segments. 

General Lighting Market Vendors 

Some of the major general lighting market vendors are: 

• Acuity Brands Inc.
• Advanced Lighting Technologies LLC
• Bridgelux Inc.
• Citizen Watch Co. of America Inc.
• Cree Lighting
• Delta Electronics Inc.
• Dialight Plc
• Eaton Corp. Plc
• General Electric Co.
• Hafele America Co.
• Hubbell Inc.
• Lumens Co. Ltd
• OSRAM GmbH
• Panasonic Holdings Corp.
• Philips International BV
• Schneider Electric SE
• Selux AG
• Wipro Ltd.
• Zumtobel Group AG

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Key Takeaways 

• The high average cost per LED fixture are the major hindrance for market players 

• The general lighting market structure is fragmented in nature. 

• 44% of general lighting market growth will develop from APAC. 

• The market growth by the LED Lighting segment will be significant during 2023-2027 owing to the increase in the global demand for the general lighting industry.