Latest News- General Lighting Market: LED lighting is expected to lead the Product segment during 2025-2029

The General Lighting Market is being driven by Declining manufacturing cost of LEDs

The General Lighting Market is expected to grow at a CAGR of 8.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 68.9 billion. The global general lighting market is experiencing significant growth due to the increasing urbanization and expanding household numbers, particularly in emerging economies. The residential segment is a major driver of this trend, as the rise in urban populations leads to an increasing demand for new lighting installations. This demand is expected to result in increased unit shipments and revenue for general lighting products. Notably, the Chinese market is poised for high growth, fueled by the increasing demand for luxury homes and high-end residential communities. This trend is anticipated to significantly boost the demand for advanced lighting solutions, such as LED lamps and luminaires. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • LED lighting
  • Traditional lighting
• Application
  • Residential
  • Commercial
  • Outdoor
  • Industrial
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Declining manufacturing cost of LEDs
• Growing adoption of energy-efficient lighting technologies
• Growing demand for LEDs from the automotive sector

However, the market also witnesses some limitations, which are as follows:

• High average cost per LED fixture
• Ban on incandescent bulbs in several countries
• High import duties

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Market Scope in General Lighting Market Research Report

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Research Analysis Overview

The General Lighting Market encompasses various components and services, including Light Fixtures and Lighting Fixtures, LED Drivers, Power Consumption, Lumens per Watt, Light Distribution, Light Diffusion, Glare Control, Light Pollution, Light Harvesting, Light Therapy, Human Centric Lighting, Circadian Rhythm, Mood Lighting, Retail Lighting, Hospitality Lighting, Healthcare Lighting, Educational Lighting, Office Lighting, Factory Lighting, Warehouse Lighting, Sports Lighting, Landscape Lighting, Security Lighting, Emergency Lighting, Sign Lighting, Decorative Lighting, Lighting Accessories, Lighting Components, Lighting Software, Lighting Simulation, Lighting Engineering, Lighting Consultancy, and Lighting Standards Compliance. These elements work together to provide optimal lighting solutions for various applications, ensuring energy efficiency, comfort, safety, and aesthetics.

Market Research Overview

The global electrical components and equipment market encompasses businesses involved in the production of electrical cables and wires, electrical components, and lighting equipment, including LED lighting, smart lighting, lighting control systems, and energy-efficient lighting for both indoor and outdoor applications. This market's size is determined by Technavio based on the consolidated revenue generated from manufacturers of various electrical sub-segments, such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, rental and leasing of electrical components and equipment to industrial, commercial, and residential sectors are also taken into account when estimating the market size.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/